The formula is still in use mind you and for small businesses the local newspaper may still hold value, and yes, there are still places in America where a three inch column newspaper ad still costs $150.
It reminds me how I was taught to place -30- at the end of my news releases, an antiquated method that you may still find on some old line company news releases. Love it when I see it.
The challenge is there are so many more ways to reach consumers with your story today than in the past. From Facebook to Instagram, Linkedin to Twitter, today’s news cycle is 24/7/365 and PR professionals are now expected to not only score major hits in mass media outlets, but also to generate engagement across multiple social platforms. New platforms like Socialba and RebelMouse pop up daily, but what is the value equation for participation? There is much more opportunity, but the opportunity cost to play must be evaluated differently for each platform and the calculations of value are non-existent and what does exist is by no means standardized.
It is an incredibly exciting time to be in digital marketing and standards will develop just like they did for banner ads and search, but it will take a while as the social Web continues to evolve.
What are your thoughts and how are you calculating paid, earned and owned media on behalf of your clients now that digital and social media are on the precipice of taking over newsprint for good?