Driving Better Business Performance with Strategic Measurement

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Driving Better Business Performance with
Strategic Measurement
Debra A. Miller, APR Fellow PRSA Former Vice
President Corporate Marketing and
Communications Bank of America
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• Senior practitioner with more than 20 years of
  experience

• PR Week One of 50 Most Powerful Women in PR

• PR Hall of Fame

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• Why not measuring is not an option
• What to measure and how to measure
• Measurement Bank of America style

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• 53 of companies budget for measurement
• -Of this, 59 is asked to this by upper mgmt
• How is this done?
• --Internal staff member 73
• --Media analysis software 18
• --Manual measurement company 26
• --PR agency 33
• --Other 14
• PRSAs International Conference 2002
• -- 11.5 of presentations were directly related
  to measurement, up from 3.8 the previous year.
• PRWeek Measurement is top editorial focus of
  2003
• PRNews Two issues planned on measurement this
  year

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Bank of America

• A leading financial services company

• 4,400 domestic offices and 13,000 ATMs

• 30 offices serving clients in over 150 countries

• A Web site providing access to 4.6 million users

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Enhancing Corporate Reputation

• Aggressive goals to advance corporate status --
  The World's Most Admired Company

• First choice among customers

• Employer of choice

• Investment of choice for stockholders

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Accurately Measuring Success

• Six Sigma Initiative intense focus on
  measurement to improve operating results

• Brand goals

• Customer satisfaction

• Associate satisfaction

• Shareholder enthusiasm

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Media Reputation Index

• Ranks the reputation of the 100 largest
  U.S.-based companies

• Analyzes media for categories such as emotional
  appeal, social responsibility, vision, leadership
  and workplace environment

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Media Reputation Index
Bank of Americas ranking was 28 out of 100.
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Needs Assessment

• Primary Measurement Needs
• Secondary Measurement Needs
• Media Effectiveness Criteria
• Customization Factors
• Cutting Edge Solution

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Requirements

• An effective measurement system will

• Track projected outcomes

• Determine if activities are delivering results,
  value and profitability/savings

• Determine if processes are functioning as planned

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Customization Factors

• Multiple Competitors
• Multiple Business Lines
• Multiple Users
• Customized Analysis
• Real Time Data Access
• Simple Reports

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• Our communication activities
• Messages we send
• Processes or channels we use

• Audience reception, retention and acceptance of
  our communication activities

• Audience actions

• Organization goals

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• Do they clearly describe the end result?

• Are they understandable to everyone in the
  organization?

• Do they list a firm completion date?

• Are they consistent with managements objectives?

• Are they realistic, attainable, and measurable?

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Bank of America

• Drive media coverage that shows Bank of America
  differentiates itself through innovative products
  and customer-friendly processes

• Build a reputation as one of the worlds Most
  Admired Companies.

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Media Goals
Increase 10
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Media Goals
Increase targeted publications by 10
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Media Goals
Increase positive by 10
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Media Goals

• 45 relationship building

• 20 reactive

• 10 avoidance of negative coverage

• 25 proactive

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• Used Market360, an automated media analysis
  application from Biz360 to

• Demonstrate media impact on a daily basis

• Monitor issues and campaigns

• Quickly respond to sensitive issues

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Data

• Benchmark of media impact on reputation, compared
  to competitors
• Measures of media coverage, placement and tone
• Track brand, product and services against key
  competitors against all media
• Track issues, campaigns, messages, and level of
  journalist sentiment and mindshare

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Analysis

• Compare messaging, program initiatives and
  results to the competition
• Complete analysis of Internet, broadcast and
  print media coverage vs. key competitors
• Environmental scanning, including competitive
  threats
• Determine which media/journalists should be
  targeted
• Provide continuous assessment of our media
  relations activities

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Reports

• Impressions
• Prominence/prominence over time (Issues,
  Campaigns, and Messages)
• Mentions (by Type CEO or other key words)
• Competitive Mindshare (of journalists who write
  about our competitors, and/or not us).

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• Hire experienced media research and analysis
  staff

• Build a Media Research and Analysis team by
  reassigning 4 members of the existing media team

• Purchase tools and benchmark reports designed to
  gather the targeted data, perform the needed
  analysis, and provide hard-copy and on-line
  access to the data and reports

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• We chose a media measurement tool (Market360) for
  the following reasons

• Best value for budgeted resources

• Continuous media analysis of over 50,000
  print, online and broadcast sources

• Continuous comparison of competitor media

• Clear reports for senior management

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Media Reputation Index
Bank of Americas ranking was 14 out of 100.
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Media Reputation Index
Bank of Americas ranking was 9 out of 100.
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Driving Better Business Performance with
Strategic Measurement
Debra A. Miller, APR Fellow PRSA Former Vice
President Corporate Marketing and
Communications Bank of America