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5 Current Technologies Bringing Us Closer to True AI

Artificial intelligence is quickly taking shape in different aspects of our lives. Many companies are working on ways to replace human labor with artificial intelligence.

It is believed that a few years from now robots will be performing most of the work being done by human beings. What does that mean for most people who rely on formal employment to earn a living?

Well, some technology experts argue that it is impossible to completely replace human labor with artificial intelligence (AI). Others believe that a time is coming when robots will be doing everything that’s currently being done by humans.

Whatever the case, the truth is that the race towards artificial intelligence is gaining momentum every day.

Below are 5 technologies that are bringing us closer to True AI:

1. Ridesharing apps like Lyft and Uber

This is one of the technologies that is driving us closer and closer to true artificial intelligence. Have you ever asked yourself how Uber or Lyft determine the price of each ride? Or how they minimize time as soon as you board the car? How about matching you with other passengers to reduce detours?

Well, the answer is machine learning (ML) software designed to predict the demand of riders in order to push up the prices. The head of machine learning at Uber admitted that the company uses different forms of artificial intelligence technology to perform various activities. He added that Uber is investing in different other technologies related to AI.

2. Chatbots

Chatbots are another form of modern technology that’s taking us closer to AI. The best chatbot examples include those used by Emirates vacation, World Health Organization COVID-19, National Geographic, Hipmunk, Civilized Caveman Duolingo, Amtrak among others. 

A chatbot feature is software designed to trigger conversations with human beings on the internet. Many companies use chatbots as part of cutting down operation costs such as communications and customer service.

3. Alexa

When Alexa was first introduced to the market by Amazon, many people around the world were taken by surprise. The software has proved to be a revolutionary product considering its usefulness in the voice industry.

Amazon has been improving the technology ever since it was launched. Several features have been added that make it easy for users to customize its use.

4. Cogito

This artificial intelligence software was originally developed by Dr. Sandy Pentland and Joshua Feast. It is one of the most powerful forms of behavioral adaptation to improve the emotional intelligence of customer representatives.

Cogito is a combination of behavioral science and machine learning designed to improve phone interaction of customer representatives in the market today. The software is used for millions of voice calls happening every day.

5. Netflix

This is another revolutionary software service that’s giving the true meaning of artificial intelligence. Netflix software offers accurate predictions with regard to a consumer’s reaction to various films. This feature is part of why the popular streaming service has given traditional telecom services a run for their money.

The software assesses billions of films based on a customer’s previous reactions to film choices. This technology is still undergoing several improvements. No one knows what it will be capable of doing in the coming years.

In general, there are a lot of technologies that are bringing as much closer to AI reality. It will be a matter of time before the world experiences the real power of artificial intelligence.

Insights

Understand How Personalized Content Drives Sales

Content is an element that shapes perceptions about your company and the values. If you take adequate care to implement a strategic content strategy, you can build trust in the readers, and that could turn them into lifelong brand loyalists. If you can send the right content with the right message to the right audience, it will not be difficult for you to see your sales grow.

Personalization is a great content strategy. Did you know that personalized emails are opened at a 26% higher rate? Personalized content is an excellent way of showing that you value people and care for them.

If you are implementing a sales enablement  to drive more sales, then make sure you focus your efforts on content personalization that drives sales in the following ways:

Adding Value

Most of the web pages on the web contain generic information that does not provide any value for the readers. There is no one-size-fits-all strategy for content creation. To grab the attention of your target audience, you should create and publish informative, engaging, and relevant content. You need to identify as well as address the specific needs of potential customers. And that is what personalized content means.

Standing Apart

Today, the competition is the business circuit has become stiffer than ever. And prospects are becoming harder to win. If your content does not provide any value, then there are no chances for you to draw their attention to your brand. You need to take help of the personalization strategy to survive in the stiff competition. So, add a personalized title to every blog you publish or email you send.

Build Deeper Relationships

With personalized content, your leads, as well as customers, will tend to believe that you specially treat them. They will feel valued as they will think that you are doing your best to meet their expectations. So, they will develop a deeper relationship with your brand, and that is something that also brings in sales.

Please refer to the infographic in this post to know what all content types exist in sales enablement.

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Infographic about Understanding How Personalized Content Drives Sales

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How to Build Your Own A-Team

So you’ve got your hardware all sorted out, and the Xerox c75 shipping notification just made your cell phone vibrate. Now it’s time to assemble a dynamite team. When you’re trying to do so, you could do worse than look to the popular 1980s television show called The A-Team. While you will want to give focus to diversity in your actual hiring practices, let’s take a look at what each member of the NBC show brought to the table.

The Leader

Lieutenant Colonel John “Hannibal” Smith, played by George Peppard, was the leader of the team. Chances are, this is your character, too. You’re the leader of a startup team hoping to take over the world–or at least save it. As you well know, a startup company is different from an established one, and the rules of play are different. Hannibal knew this; he was in your shoes. The A-Team operated outside the box, and Hannibal’s strategies were unconventional. So you, too, might benefit from thinking outside the box. Leadership is crucial, especially when managing a group willing to take on an enormous challenge.

The Smooth-Talking Second

Next up is Lieutenant Templeton Peck. He was characterized in the TV show as a smooth-talking con man, and as a result, he was the one sent out to gather supplies for the missions. How does this translate to your team? Your second-in-command should have a gift for talking to people; perhaps a background in sales or management should be a priority. They should be able to give presentations, resolve conflicts, convince investors to stay, and convince customers to come aboard. This may sound like a tall order, but it is. 

The Pilot

Thirdly, the pilot. In the A-Team, this was Captain “Howling Mad” Murdock. This is someone who was written off by the establishment. In the case of the TV show, Murdock had been declared unfit for duty and clinically insane. Hannibal, the team’s leader, saw something in Murdock, though. One of the things to remember is that there are gifted and talented individuals out there, but sometimes they don’t do so well in a traditional corporate environment. These employees thrive in a startup but may bounce after your IPO. They start to flounder once there are regular policy emails and the beer kegerator gets taken away. But they’re willing to take risks–all the while taking the safety of their team members seriously. The person you’re looking for wants the team to succeed. They won’t take the kinds of risks that put you out of business, but they’ll work harder and longer than anyone else to see that you make it. It’s not the ego that drives someone like “Howling Mad” Murdock. It’s something else. It’s the need to do something extraordinary with their lives, to seek adventure, to overcome adversity. Eventually, you’ll want to promote your Murdock, but your Murdock won’t want the promotion. They’re a doer, not a leader.

The Strong People

Last but not least: the rest of the team. Probably the first person you think of when you think of the A-Team is Sergeant First Class Bosco, a.k.a. “Bad Attitude.” This guy was played by Mr. T. Now you ask: Who is the equivalent of Mr. T in your modern workforce? These are the rest of your team members, and they’re important. We’re not suggesting you find a bunch of people who are looking to create anarchy in your office. Instead, they’re bad to the bone. They work hard–harder than they have to work. They like to be part of the David vs. Goliath struggles and they’re not afraid of Goliath. They’re fearless. and you want them on your team.

Assemble a dynamite team and your startup will have a fighting chance.

DevelopmentInsightsMartechProductsSEO

Digital Products and Services That Drive Marketing

Technology has transformed almost every aspect of our lives including marketing. For example, before the advent of the internet, most companies relied solely on print and electronic media to market their products and services.

However, the introduction of the internet has opened a myriad of opportunities – that have taken marketing and advertising to another level.

A good example is social media. It is hard to find a business or company today that doesn’t use social media to market products and services.

Below are some of the digital products and services that are driving the market:

1. Search Engine Optimization (SEO)

This is one of the popular digital services used by companies and individuals to drive marketing. It is considered one of the most effective marketing strategies today.

What is SEO?

Search engine optimization is a technique used to optimize the content of a website so that it can easily be found on popular search engines. The objective is to create keywords that are commonly frequently searched by internet users and drive them to your website.

The effectiveness of SEO depends on who is implementing it. Most marketing companies hire professionals to optimize their business websites.

2. Digital Product Development Agencies

This is another digital service that is driving the marketing industry. There are many digital product development agencies whose focus is to market products and services for other companies. They are responsible for identifying what marketing strategy suits your need and implementing them.

A digital product development agency can analyze your business and recommend an appropriate marketing strategy. If you implement a marketing strategy and you can’t see the results a few months down the line, then it means you are missing something. You need a professional to analyze and recommend something that will work for you.

3. Email marketing

Email marketing strategy is as old as the internet. It is another digital service that is being employed by many companies to market products and services. It is also considered one of the most online marketing strategies after SEO.

How does email marketing work? Email marketing focuses on maintaining existing clients or customers and attracting new ones. It is a perfect strategy for those who want to build brand awareness as well as encourage repeat clients.

4. Social media marketing (SMM)

Social media has proved to be a powerful marketing strategy in the modern-day. Most companies have taken into social media to market their products and services. This is because social media platforms have the power to reach a large audience within a short time.

As a result, most companies have opted to hire professional marketers to run their social media pages. This has led to an increase in competition in different sectors.

5. Pay-per-click (PPC)

PPC is also another major service that is driving the marketing and advertising industry. Pay-per-click service works very simply – a client bids for words that they want their ads to show up for. That means when a user clicks on one of the keywords, their ad is automatically triggered.

The good thing about PPC is that you don’t pay for space to advertise, but rather for the results you get.

In general, there are several digital products and services that drive marketing. All you need to do is identify a strategy that works for your business.

DevelopmentMartechProductsSaaSSEO

The Tech Your Employees Need for Peak Performance

Technology has helped to simplify tasks and improve performance. However, the market is filled with all kinds of equipment and software claiming to be the best at managing employees. The availability of numerous options can make it difficult to choose. That’s why we’ve prepared this list of the best tech for your employees.

1. Virtual Reality

Your employees need to undergo training at least once every year. The training familiarizes them with the latest issues in their work environment and teaches them how to cope with such scenarios. Traditionally, employees had to handle real-life scenarios as part of the training. Some of those situations were risky for the employees. Instead of hiring someone to train your employees, use virtual reality for learning purposes. This technology introduces the employee to a virtual environment without putting them in harm’s way. It also offers a variety of scenarios for better problem-solving.

2. Multiple Monitors

Have you ever tried to use multiple programs on a single computer at the same time? It’s a lot of work. That’s why you should consider installing multiple screens in the workstation. You can use an adjustable monitor arm or mount for the extra screen. That way, your employees don’t have to keep switching between different windows. With two screens, the worker can use two programs simultaneously and be more productive.

3. Wireless Laser Printers and Copiers

Your staff has to print documents for record-keeping purposes. The workers also have to print documents for meetings and customers. If you want your employees to be more productive, invest in high-speed wireless laser printers. That way, they can print bulk documents within a short time. Wireless printers will also keep the work environment free from wires, which can be a hazard – somebody can trip on those wires and hurt themselves badly. Also, anyone can connect to the wireless printer from their computer. As a result, printing becomes more efficient.

4. Cloud Service

Today’s workers want flexibility. Your workers don’t have to come to the office every weekday. You can give them some days off to work from home. That change in environment helps the worker become more creative and focused. Invest in cloud services so that employees can share and access files through the platform. It will make remote work easier and safer.

5. Virtual Assistant Software

How many times during the day does an employee respond to a customer query? How many times does the employee give the same response over and over again? If your answer to these questions is multiple times, that employee is wasting time. You should invest in a virtual assistant software to get rid of repetitive tasks in the workplace. It will allow employees to make better use of their time.

6. Network Security

You should also invest in better network security so that employees can use their devices without putting the business at risk. According to experts, bring your own device or BYOD policies improve productivity. Employees feel more at ease when using their devices at work. It motivates them to be more productive. You can only allow employees to use their laptops if the system has been secured. Since you have no control over what the employee keeps on their computer, you have to protect the office network from malware and dangerous programs.

To conclude, most of the tech on this list is easy to use. That means you won’t have to waste time training employees. Make sure you tell the employees about the new equipment so they can be prepared.

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Development

Custom Software Development: What Is The Importance?

Owing to globalization, new tools and technologies are evolving continuously. And naturally, businesses must keep pace with the same to maintain their presence in the industry. Now, businesses keep investigating new strategies to streamline the way of their profit and popularity. And digital solutions are one of them.

Nonetheless, digital solutions do not always mean ready-made tools, which are available in the market nowadays. Rather, it is somewhat significant to find out an individual, customized solution for a company. Fortunately, custom software development in Melbourne is there to cater to these requirements.

A company needs to make a proper investment when it comes to custom software development. It is an expensive matter though. However, it is a much better solution than ready-to-use software. A customized business software will help to fulfil the business goals as it is personalized to the business needs only.

Now, it is time to talk about the importance of custom software development for a business.

Importance of Custom Software Development

Alleviates Complications in Business System Integration:

There is no denying that different segments of a business’s operation may call for tools from various vendors. Nonetheless, these tools can come with individual sets of technical requirements.

The same goes well for various development procedures, architectural variations and implementation differences. However, it poses a big challenge to the respective company to handle and maintain all these tools to operate the business.

Being a company, the whole technology framework must operate as an efficient single unit. Thus, a business owner can expect to extract the maximum benefits from the technology ecosystem. However, the efforts and time in integrating various tools can surpass the benefits.

Then, what can be the solution?

The simple answer is a custom software development.

It is a customized suite to cater to specific business goals. As a result, such software works on a particular set of rules for development as well as implementation. Thus, a business will get loads of advantages when it is about managing operational business applications. Moreover, it can also generate an easy-to-handle & interoperable enterprise technology infrastructure.

Addresses Scalability Restrictions:

Ready-made enterprise pieces software may come specified as a scalable solution. However, a company often has some unique needs, which calls for flexibility in application. Unfortunately, ready to use solutions may not help a company by stretching its limits. And it is where custom software comes to the picture.

Such software comes with specific business objectives in mind. Since these are flexible by nature, a business would get tremendous help in the technology domain.

So, during the changing scalability needs, customized business software can handle a business and its workflows with the ace. Thus, it eliminates the probability of arising new technical challenges for the team and continues the growth. It is essential to fulfilling specific business goals.

Now, it is clear how much custom enterprise software is mandatory to cater to the needs of scalable technology.

Helps in Excellent Innovation:

Innovations are the key to progress, is not it? So, a business owner must think about some unique solutions for the business to make a prominent presence in the competitive industry. As a result, the business owner can increase the odds of catering to the needs of more and more customers.

When it comes to opting for ready to deploy business solutions, a business cannot discover new innovative strategies with them. It is because these solutions do come with a specific strategy. So, a business may need to invest in a new solution if it is looking for something unique and innovative.

But the best solution in this regard is custom enterprise software. Thus, it becomes easier to experiment with new strategies and figure out innovative methodologies with the ace and ease. Thus, a business can appear like a tough yet competent competitor in the industry. It will attract more customers to a business.

Ensures A Great Support:

Businesses often look for the latest digital solutions to keep pace with the new market trends. However, it may demand a few modifications in the existing operational system. Nonetheless, opting for a wholly new ecosystem can pose challenges in terms of integration, time and efforts.

The solution is the support of custom software. It can expand the capability of the existing ecosystem. Thus, it is possible to use saved time and efforts in figuring out new business strategies.

Moreover, the team would also find it easier to work on the existing system rather than executing completely new software. Thus, it is possible to prevent the needs of costly customization of the new ecosystem, which were otherwise needed to address the business needs and goals.

Wrapping Up All the aforementioned factors are enough to comprehend the needs of custom software development Melbourne. Different businesses come with different business goals. So, they need a tailored solution to stand out from their competitors. Remember to go for a top-notch custom software development solution always.

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Phone Apps for Fitness

Over the past few years, fitness apps have become popular, especially among the younger generation. One of the biggest reasons for the surge is the convenience they provide. Using an app, a person can work out at any time, from anywhere. 

The Demand for Apps

Apps are a part of nearly every adult’s life. People use them for things like finding food, entertainment, retail supplies, and for social media. The new technology lets you access almost anything with a push of a button. 

Apps for Exercising

Maintaining physical fitness is important. Until recently, you needed to go to a gym or fitness center in order to attend classes. Nowadays, all you need to do is select an app and your workout begins. Smart TVs and iPhones make it easier than ever to have a virtual instructor directly in front of you, allowing you to mimic the movements and keep in time. You can find Pilates and yoga classes, floor exercise sessions, and dance routines and apps for performing on workout bikes and cross-trainers. Of course, you will need to have the equipment as necessary on hand to take part. 

Apps to Track Weight Loss

A big part of achieving your fitness goals is maintaining a healthy weight. Thankfully, along with workout apps, there are apps that allow you to monitor your calorie intake daily versus the number of calories required to sustain your desired weight. This lets you slowly reduce your intake of calories while also developing better eating habits and smaller portions. Nutrition apps can help you remain motivated to achieve goals. 

Fitness tracking Apps

Ever wonder if you are working out too often or not enough? Today, you can remove the guesswork with an app that tracks fitness. Some of the features on these apps include a count of steps, the number of stairs you climb, and how long you run. Many of them also have the ability to save daily results as well as your routines for convenient monitoring of your progress. Devices that you wear often work in conjunction with the apps. One such app, the Runkeeper, lets users track activities, monitor progress, and offer training tips prior to an event. 

Benefits of Fitness Apps

Not everyone has time to attend the local gym two to three times each week. With fitness apps, you can get in an extreme workout while at home or on vacation. Fitness apps will help you burn more calories, target areas of the body that need improvement, build lean muscles, and achieve a fit physique. Nutrition apps help you learn the right foods to eat, the number of calories you consume, and the recommended number of calories you need to consume to sustain your desired weight. 

Getting the Most Out of Your Fitness App

Of course, if you don’t use the app, you won’t reap its benefits. Just like having a gym membership, you have to go and workout in order to lose weight and tone your body. The good news is that they are convenient, so accessing it when you have free time is easy. The key to your success is to remain motivated. It’s also beneficial to switch up workouts. For instance, one day do aerobics and the next session does cardio dance. This way your workouts will remain invigorating instead of stale, keeping you interested, and performing at your best. 

Maintaining a healthy body is something that’s easier than ever to achieve. There are hundreds of fitness apps available. Select a few that provide the features you want, and then see which ones work best for you.

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8 Reasons Social Media Can Help a Small Business Grow Better and Faster

Are you still not convinced of the power of social media? What benefits does it bring to your small business?

Social media has approximately 2 billion users worldwide, and chances are, most of your target users are already there. That’s what makes it a crucial part of the marketing strategy of your brand.

So, while your business should be on social media, sometimes, this is easier said than done.

In this post, we’ll walk you through the eight reasons how social media can help you grow business.

1. Social media is the most cost-effective way

Social media is one of the most cost-effective ways to put your brand out there. Signing up and creating a business account on major social media platforms is easy. Now, if you decide to tap into paid marketing, you can start small, to get a better idea of what to expect.

Being cost-effective with your business is important, as it helps you have a greater ROI (return on investment) and make you have a bigger budget for your other marketing initiatives.

By investing a little money and time in it, you can increase your conversions and eventually get the return of investment on the money that you’ve invested.

2. It helps in promoting your business

When using advanced options like targeting and remarketing, it easier to address your message to your audience that is interested in your products and services.

In social media platforms like Twitter and Facebook, paid advertising here is relatively cheap, and with a solid social media strategy, all your efforts will eventually pay off.

3. It helps in driving website traffic

A strong social media presence is vital in attracting traffic to your site. Not only this helps drive traffic to your page but it enhances your search engine rankings as well. That’s how important social media for small businesses.

As you’re probably aware by now, SEO is an enduring process that lets you stay on top of Google’s search results.

The total number of visits, keywords you’ve chosen, external links, and your website content has a significant impact on how you’ll measure up against your competitors on search engines.

Social media helps you improve these factors, not only with the direct traffic that you’re getting but with shared links as well through the social media profiles of other users.

4. It helps generate more conversion

With increases visibility on social media, this will provide your business more opportunities for conversion.

Every video, image, blog post, or comment will lead more viewers to your site and boost your traffic. Social media helps your business create a more positive impression because it humanizes your brand.

When you share content, comment, or post updates on social media it helps personify your brand. The thing is, a lot of people would want to do business with other people, and not just companies or organizations.

So, taking the time to develop relationships on social media helps bring positive results on your conversion, and overall sales. The better impression you’re creating for visitors, the more they’ll think of your business when the need for a particular product or service arises.

5. Social media induces loyalty

According to a report, brands that regularly engage with their audience on social media has increased brand loyalty.

When your brand is visible and active on social media sites, you tend to be more approachable and credible in the eyes of your customers.

So, if you can build on creating more personal and genuine relationships with your customers, customers are likely to switch to other brands or with your competitors.

 Showing them that you’re human will make you feel more approachable and friendly, rather than just another business that sells goods, and is easily replaceable. It’s because it’s easier to switch to another brand or company, but it’s hard to dump something that is already close to you.

6. It helps improve your sales

A good and solid social media strategy requires a lot of investment. Your return on investment (ROI) needs to be considered. An excellent social media strategy can have a positive impact on your sales, as it helps boost your brand exposure, allows more people to talk about your brand or service, and exposes your business to a much wider audience.

The end goal here, of course, is to convert users into a paying customer and boost your sales. When you interact with your customers, you can form a certain degree of trust in them, and which could translate to more sales in the future.

7. It boosts your business’s search engine visibility

Now, let’s talk more about SEO. Search engine optimization, or SEO, helps boost your brand’s visibility organically. More often than not, SEO plays a key role in your current marketing plan. After all, the majority of search traffic falls on the first page of search engines.

So, if you’re not on the first page, the majority of your buyers wouldn’t come across your page. What they’ll find- is your competitors instead.

Now, that’s where social media comes in. It isn’t just your presence on social media that would help you rank better on search engines. The better the content you share on these platforms, the more linking relationships are created as users share and engage with your posts.

That could be a huge boost in your business on organic search results. That’s precisely why you couldn’t afford to forget all about social media, for SEO purposes.

8. It helps you track your competition

Social media allows you to keep your finger on the pulse, not just for the sake of marketing practices, but also with the strategies used by your competitors.

You can always learn a lot from your competition. What their strengths and weaknesses are, and how you can apply it to your own strategy and improve on it.

Final Thoughts

Hopefully, you’ll have a better understanding of how social media could help your small business. Test the types of content and strategies that work on you, learn from it, and constantly make improvements. 

DevelopmentInsightsStartups

Optimizing Your Small Business Office

Implementing minor changes in the office can boost your output levels. Focus on the office environment and its effect on your workers. What can you do to make them comfortable and more productive?

Just use the following techniques:

1. Technology Upgrades

Why should your employees continue to use old outdated computers when there are better versions in the market? You might think that you’re minimizing costs by using older equipment, but you’re actually losing a lot of money due to inefficiencies. Today’s typical worker bee workload requires computers with high processing power. With this in mind, it’s imperative for small business owners to use new technology to their advantage. Doing so boosts productivity, improves employee performance, and minimizes the hassles associated with using outdated tech.

2. Change the Décor

The office can inspire or demotivate your workers. If there are things everywhere, it will just seem too crowded and unnerving. While it’s best to hire someone with knowledge and experience in workplace interior decoration, there are several things small business owners can do themselves. Remove clutter from the office space. Put all files in the organizer. Add plants to the workplace to purify the air and bring nature inside. Plants can also motivate your employees because they have a calming effect. As a result, your workers will be more relaxed and productive. You should also move the desks closer to the windows since looking outside and being exposed to natural light can reduce stress.

3. Provide Healthy Snacks

A healthy and nutritious breakfast in the morning can leave you satisfied for the rest of the day. Have an assortment of fresh fruit and other healthy foods ready in the morning and for meetings. That way, workers get a healthy start to their day and a mental boost during otherwise difficult to follow meetings. Your workers get up early in the morning to get to the office and serve customers. Some of them don’t have time for breakfast. The least you can do is provide them with healthy snacks that will give them the energy to serve your customers well.

4. Marketing Analysis

Your business cannot make money if you don’t market yourself. You don’t have to spend big. You can use paid advertising and word of mouth. Interestingly, not all of your marketing efforts will be successful. There are some that will lead to more sales than others. But how do you know them? It’s simple. Use the analysis tools provided by the search engine. Find out how customers find your business. Is it through social media or organic search? How can you improve the website layout to increase inquiries and sales? Which SEO optimization tools should you be focusing on?

5. Better Financial Management Techniques

Don’t assume that you can keep track of all the business finances because you’re a startup. Hire a professional bookkeeper from the beginning. If they’re too expensive, hire a freelancer because they are more affordable. When you keep proper records, you avoid cash flow problems. You should also keep up with the latest news in financial management because you could learn something new that could help your business.

Since your employees are still working from home, you can use this time to reorganize the office and implement the suggestions mentioned above. For example, if you take a better look at your finances, you’ll find the loopholes that make you lose money. You can optimize your business and increase your earnings by avoiding risky and wasteful financial behaviors.

DevelopmentInsightsMartech

How to Create ROI in PR and Marketing in 2020

For the layman, ROI (Return on investment) is a way to measure and evaluate the efficiency of an investment. However, it is not used to measure any form on investment on a small scale, it is looking at an investment’s and company’s long-term gains. It can be difficult to calculate ROI on that scale, so this guide will show the best ways to measure it and how to use it in your digital PR strategy.

What is ROI in PR?

It is important to understand that ROI is generally split into two categories; monetary gains like sales revenue increases and earned media gains that increase a startup’s reputation and credibility. Businesses are quite familiar with a company’s monetary gains because it has existed before social media and technology. However, nowadays it is important not to neglect earned media gains if you want your startup to be successful. If you want to achieve an accurate ROI for your PR strategy, it is important to understand both.

ROI for PR today

What is a press release and what’s its purpose?

In order to understand press releases, you can take a look at the Media Coverage press kit to get a detailed understanding and step-by-step guide to write a press release. Basically, the goal of a press release is to gain media coverage by sending it to media outlets. It is one of the main components to a well-balanced PR and media strategy. Take a more detailed look by looking at “How to pitch to journalists”. 

ROI’s can be a bit difficult to measure and while impressions and media mentions can provide a sense of efficiency in a PR campaign. However, they can be meaningless if you can’t contextualize the numbers around well-defined strategy goals. 

It is important to understand that you need to constantly be checking your metrics because things are constantly changing whether in a negative or positive way. Just judging and analyzing your initial PR gains can be a big mistake if you are only considering site sessions or publication appearances. Metrics could lead you to believe that the PR campaign is going better or worse than it actually is. 

If your site creates content designed to build social proof, looking at the metrics and amount of content impressions would be pointless because there would be another way to measure its industry credibility by lead conversion rates. 

In order to correctly use metric, you would need to give the data obtained a framework that describes your PR strategies’ purpose. Here are some that you may use to measure the ROI of your PR campaigns

  • Page Impressions – Every time a page on your site appears on a Google ad or SERP. 
  • Page Views – Every time a page on your site is clicked on a Google ad or SERP.
  • Page Click Through Rate – The ratio of page impressions to page views
  • Social Media Likes/Shares – The amount of interactions visitors have with one of your social media posts.
  • Bounce Rate – The ratio of single-page sessions on your site to multiple page sessions.
  • Average Page View Duration – The average time visitors spent on a particular page.
  • Goal Conversions – The number of measurable goals completed, such as scheduled calls.

USE S.M.A.R.T GOALS!

How to measure PR ROI

At the moment, there are two strategies to measure ROI in PR

Barcelona Declaration of Measurement Principles

The Barcelona Declaration of Measurement Principles has shown the importance of measurable goals and places emphasis on achievements and it does it without letting go of the less attainable metrics because there are many components of success. 

It also takes into account new technology such as social media and understands its role in ROI PR and it deserves the same attention as any type of monetary ROI for PR strategy. 

However, what the principles lack is that they do not make perfect and concrete steps towards a framework for ROI calculations

In spite of their clear support for quantifying returns on PR in a meaningful way, the principles don’t enable startups with a mathematical formula to draw objective conclusions from their PR efforts.

Advertising Value Equivalency (AVE)

A more simple way to measuring all ROI activity, it multiplies the amount of ad space or “seconds” mentioned on a broadcast network by a medium’s advertising rate. 

The only problem is that it can be considered to be an outdated system of measuring ROI 

How are we measuring PR ROI?

Here are some of the factors that people use to measure ROI in their PR campaigns, You can also get a detail look at this at “The Ultimate Guide to Paid, Earned, and Owned Media” where I discuss the important types of media and how using the combined PESO model to create a successful PR campaign. 

Social Media Posts

Social media PR is key when it comes to creating a buzz around your startup.

In addition to being key to any PR campaign, social media platforms give startups: 

  • Increased organic visibility
  • Improved traffic to the website
  • Heightened brand awareness
  • Faster and easier communication

For a more detailed look at how social media can be a great help, make sure to check out “The Ultimate Guide to Social Media PR” where I discuss how important it is and how to measure it through earned media. 

How do we measure social media posts’ ROI?

If you’re posting to encourage people to sign up to a newsletter or webinar, then consider the following metrics your key indicators of success:

  • Signup conversions
  • Impression of signup conversion rate

If your posts are more focused around increasing your site’s reach and increasing your brand awareness: 

  • Impressions 
  • Click-through rate 
  • Estimated Reach
  • Social Media Mentions

How to track PR ROI long term?

There are individual measures of ROI in your PR strategy, but how does it work in the long run? 

There are three fields that can indicate real ROI in a PR campaign:

Brand awareness and loyalty

A continuous look at metrics like traffic and social media shares can show long-term increases and improvements in new business opportunities. It also shows the possibility of securing additional business.

It can also see the sales activities like blog posts, guest articles, social media interactions, and other forms of media outreach through the process of site engagement, becoming leads, and converting. 

Industry credibility

You need to be seen as somewhat of an industry expert so that consumers of your startup believe that you are reliable and trustworthy. Trying winning earned media because it will build social proof and attract new business. 

Increasingly positive reputation

Increasing your positive reputation relies on good customer experience and how that’s transmitted to the world. Getting good feedback from existing customers, for example.

You might make some short-term gains in traffic and bringing in leads, but this doesn’t necessarily convert into long-term startup prosperity. 

In terms of PR ROI, we look at the social media shares/likes on positive customer experience stories and audience engagement in press release announcements regarding customer milestones.

Conclusion

It is important to see the ROI of your startup frequently so that you know where your company stands.  Whether you are using the 2 strategies listed above or using social media and earned media, monitoring your business not only shows that you know what you are doing, but that you are interested to see what the future holds for your business. 

We at Pressfarm pride ourselves in having the ability to create an effective PR strategy and provide people with additional knowledge of the world of PR. If you are interested in having one of our PR professionals create something that can get you business visibility, check out our pricing and packages to take the headache out of something great.