Professional Evaluation and Research (PEAR), a South African-based media monitoring, research, and analysis organisation, has created an innovative way of measuring the value of social media postings, similar to the advertising value equivalent (AVE) metric used by agencies across the world, but built on a unique methodology specifically geared for social media.
Using mathematically sound and academically proven algorithms, the tool enables individuals and brands to view, in real-time, how much an update to a social network is worth. It factors in such elements as reach, influence and trust. The company aims to give people the ability to see the monetary value of any updates posted, quickly and conveniently, irrespective of platform.
“The impact social networking has had on individuals and brands the world over has been phenomenal. Unfortunately, the biggest stumbling block for communications professionals and companies has been to understand the financial value of these engagements,” says Jaco Pienaar, chief knowledge officer at PEAR.
Even though many companies understand the benefits of social media, when it comes time for budget discussions, decision-makers have very little to use as motivation for increased digital spend. Traditionally, online advertising has benefitted from this as the metrics for value are easily shown through AVE. while those of social media updates have been more difficult.
“Justifying resources on social media campaigns have just become much easier. Now, an agency can reliably inform its clients how much a Tweet, Instagram post or the like is worth, when a brand is mentioned. In addition, because the values are determined by global financial markets, users always get a true reflection of the real-time monetary value of their social media AVE.”
In addition to benefitting agencies and corporate clients, the offering gives influencers significant bargaining power when it comes to brand ambassador roles.
“A blogger or avid Twitter user now has a way to pitch his or her services to agencies or brands using a world-class social media valuation system that is unique in the market today. We anticipate that this will change the way social media is done and how brand campaigns are developed going forward,” concludes Pienaar.
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