How Newsdesk Pays for Itself – and Then Some
17 Feb 2021 12:30 pm
Yes, Nexis Newsdesk™ is an investment. But, like all smart investments, it can deliver a return - which can even be substantial. Here’s how Newsdesk can help you work smarter – not harder – and save your resources for higher priorities.
Time is Money
Before jumping into some specific ways Newsdesk pays for itself - and then some - you’ll need to assign an approximate dollar value to the time you spend media monitoring. Here’s a quick and easy equation to follow:
hours spent monitoring monthly x hourly value of staff time x 12 months =
total time investment
This is an easy calculation for agencies or institutions that already track time. You likely already know - or can quickly assess - how much time your team spends media monitoring each month, and for organizations that bill by the hour, you know the dollar value of that time.
It’s a little trickier for companies that don’t log time expended on specific tasks. If your organization falls into this category, ask your employees to estimate how much time they spend each month on media monitoring. Remember to include all time for finding, vetting, compiling, reporting and sharing media placements.
Once you can assign an approximate dollar value to your and your department’s time spent media monitoring, you’ll want to factor in the fixed cost(s) of the tool(s) you already utilize. How much are you spending on software, subscriptions, licensing and/or storage? Be sure to add those annual fees into your final line-item equation.
Finally, are there the variable costs - such as tapping a graphic designer to visualize your data in charts, graphs and reports, purchasing transcripts or broadcast segments, and the like - associated with showcasing your earned media wins to internal and external stakeholders. These softer, more nuanced expenditures can really add up.
Together, all three of these calculations will offer an accurate view into how much you are truly spending in media monitoring each year:
time + tools + support =
total annual media monitoring investment
Once you can assign an approximate dollar value to your and your department’s media monitoring line item, you’ll have a better sense of how quickly Newsdesk can pay for itself. Don’t believe us? Let’s do a little “back-of-the-napkin” math, using a public relations agency as an example.
Jane Doe is an assistant account executive at public relations agency. One of her clients is a regional quick-serve restaurant. Each month, she spends approximately five hours—billed at $100 per hour—tracking media coverage, plus another three hours per month reporting results. Her supervisor, who bills $150 per hour, spends another two hours reviewing Jane’s work and offering key insights into the results. This adds up to $1,100 in time spent media monitoring each month, an investment of over $13,000 per year,before factoring in expenditures like subscription fees and soft costs.
With Newsdesk, Jane could cut her time in half. Our search and reporting algorithms use LexisNexis® SmartIndexing Technology™ to deliver reliable and relevant results. And our charts and graphs make reports clearer, more powerful - and easier to prepare. The time Jane saves could be devoted to adding value in other ways that deepen client relationships and lead to them investing more in Jane’s agency.