Measuring PR performance has always been a delicate and complex process. Since it refers to the effectiveness of achieving the predefined goals through a public relations campaign, it may vary depending on your specific objectives. So, what are the key PR performance metrics for MedTech companies, and how to analyze them?
We will highlight and explain the most important key performance indicators, their use, meaning, and the insights they give you regarding your company’s performance. We will also elaborate on some of the most common challenges you may face when measuring your PR success and the most effective strategies to combat them.
Continue reading to discover how to measure PR success in the industry through the most important MedTech PR KPIs!
What Are the Key PR Performance Metrics for MedTech Companies?
MedTech companies focus on producing and distributing medical technology meant to improve healthcare. They develop the latest medical solutions for diagnosis, monitoring, treatment, and patient care and are tasked with advancing medical research.
Since these companies are often indirectly responsible for the lives and well-being of patients, having a spotless record and positive public perception is necessary for the company to grow and thrive. As experts, we concur that a well-thought-out PR strategy can directly influence the success of MedTech companies by building credibility, trust, and reputation.
These organizations use PR to influence stakeholders, gain their trust, communicate innovation, and navigate media coverage because they operate in a highly regulated and competitive market. So, how can MedTech companies track PR effectiveness?
As with any marketing efforts, a MedTech company can quickly assess its success by tracking and analyzing KPIs, or key performance indicators. That being said, the most important medical industry PR metrics that a healthcare PR agency should use are the following:
- Media coverage and reach
- Share of voice (SOV)
- Sentiment analysis
- Media engagement
- Crisis management and response metrics
Media coverage and reach
The first essential PR performance metric revolves around media coverage and reach. These metrics measure how frequently a MedTech company is mentioned across various media platforms.
Media coverage and reach focus on tracking the number and quality of media mentions across relevant channels, such as trade publications, general news, and online media. The main metrics you should familiarize yourself with are the following:
- Number of mentions: The total amount of time the MedTech company has been mentioned on media platforms within a given timeframe. The higher the number of mentions, the more visibility the organization gets.
- Audience reach: Used to measure how many unique individuals have viewed the PR-related content. These metrics can also be utilized to assess your target audience, such as their demographics and job positions, so you can further personalize your messaging based on their needs and expectations.
- Impressions: The total amount of time the PR-related content has been viewed. The main difference from the reach is that these numbers also include repeated views by the same individual.
Share of voice (SOV)
The second KPI in measuring PR success is known as Share of Voice, commonly referred to as SOV. These metrics focus on comparing the MedTech company’s presence in the media to that of its competitors. This includes all mentions or discussions related to the companies in question.
To find the exact percentage of your SOV, you need to divide your brand metrics by the total market metrics and multiply it by a hundred. Once you’ve calculated your SOV, you can use this metric to understand how much attention the company is getting in the market and improve your positioning against the competitors.
Sentiment analysis
Sentiment analysis is one of the most popular metrics companies in various industries use to enhance customer understanding. This practice originates from the use of algorithms, natural language processing, and machine learning to analyze written content and determine its emotional tone.
Sentiment analysis measures the tone of media coverage and social mentions and divides it into positive, negative, or neutral classifications. This allows you to evaluate the public perception of the company’s products, leadership, or regulatory developments and make data-driven decisions about potential changes. The main metrics associated with it are the following:
- Sentiment scores: Numerical values assigned to each media mention that reflects its emotional tone.
- Percentages of positive or negative mentions: Calculates how much positive or negative feedback the company has received from the media mentions.
Media engagement
Media engagement is another important metric you should track to determine your PR success. These KPIs describe the level of interest the MedTech company has received from journalists and publications in its news and expertise.
The main goal behind these calculations is to measure the effectiveness of media outreach and relationships with healthcare journalists. Some of the most common metric types used for media engagement are the following:
- Media inquiries: Requests for information received from journalists, bloggers, and other media outlets.
- Interview requests: Interview opportunities received from journalists and media outlets.
- Quotes in articles: The number of times your company or company representatives have been quoted or mentioned in media articles.
- Press release pickups: The number of times media outlets have published or mentioned your press releases.
Crisis management and response metrics
The last batch of KPIs we want to highlight are the crisis management and response metrics. This practice involves assessing PR effectiveness during a crisis, such as product recalls, regulatory issues, or legal actions.
Furthermore, it helps in evaluating how well PR efforts mitigated negative coverage or preserved the company’s reputation during the crisis. The main KPIs used for such evaluation are the following:
- Response time: Describes how quickly your company responds to a specific crisis. This can include corrective actions, responding to media inquiries, and publishing public statements.
- Media coverage of crisis: Used to track and monitor the volume and tone of the media coverage related to a specific crisis. These metrics will give you insights into how your company is portrayed in the media by analyzing articles, news reports, or social media posts that focus on the crisis.
- Sentiment during and after the crisis: Focuses on the emotional tone of the public and media responses regarding the crisis.
Challenges in Measuring PR Metrics in MedTech
Now that you’ve gained insights into the most important MedTech PR KPIs, we also want to highlight some common challenges you may encounter when measuring your PR success in MedTech. The ones that have the biggest impact on your overall operations are the following:
- Navigating complex regulatory landscapes: MedTech companies must comply with FDA and HIPAA regulations, which restrict how they communicate certain technology and medical devices.
- Limitations of qualitative data in measuring long-term reputation and trust: When assessing insights from customer feedback and media sentiment, you should always remember that such qualitative data can be intertwined with subjective views, making it difficult to get a clear overview of your PR success.
- Balancing quantitative metrics with the nuanced nature of healthcare communication: If you heavily rely on quantitative data, you should always be mindful that it doesn’t clearly reflect the complexity of how the messages are received. Since your audience may be divided into the general public and healthcare professionals, their views don’t always align.
Conclusion
After discovering what are the key PR performance metrics for Medtech companies, remember that these KPIs can be used to analyze your PR success, identify areas of improvement, and address common pain points. By frequently monitoring your results, you can make data-driven decisions to further optimize your PR and marketing efforts, slowly building trust and credibility within your community.
Since the success of MedTech companies heavily relies on their public perception, adopting some of these practices can help your business grow. So, if you require assistance, our team at Golden Arrow will support you in expanding your audience reach with our services!
