Have you ever stopped to think about how much media monitoring costs your company?
Your PR department has been collecting clips for your company for a while and you’ve even managed to come up with some metrics to trend for tone. But how do you know you’re capturing all the coverage that’s meaningful to your business? How many sources do you examine?
Have you ever really considered the cost of doing this kind of thing manually?
Well, we did.
We made a few assumptions, adjusted for inflation, and voila! We figured out what a North American company spends on average per year on monitoring its media coverage. When trying to justify a monitoring service, consider these figures.
How much time would it take to compile a clipbook manually?
This depends on the size of the company but, on a regular day (no issue to be managed or crisis to quell), let’s assume (if you’ve had your morning coffee)…it takes:
- ~ 2 hours every morning to scan the news sites, broadcast sites, video sites, RSS feeds, and collect news clips
- ~ 1 hour to manually generate a clipbook
- ~ 1 hour converting the information into manipulate-able data…if you’re an Excel wiz
- A few hours for tone analysis and reporting brings you to your full 8-hour work day
Some days will be worse than others. You might be sluggish because it’s a Monday or maybe your company recently released its earnings and there are a higher volume of mentions.
Now let’s talk money. According to the American Bureau of Labor Statistics in 2012, the mean hourly wage for a Public Relations Specialist is about $33.50.
Let’s say that he/she spends about 95% of their time working on media monitoring-related things. So, based on the 40-hour work week, your company pays about $1,200.00 per week towards manual media monitoring – which rings you in at about $65,000.00 per year.
Now, if yours is a larger company, you could be paying 2 or 3 staff members to share that work. Or consider if your PR pro is at the higher end of the pay scale and makes closer to $40.00 per hour – now it’s costing your company about $80,000 yearly.
Either way, media monitoring may already represent a large resource drain and hidden spend for your group. If that’s the case, it might be time to consider a full service media monitoring service, like our very own MediaVantage.