Agree with pretty much every word of Bob's cautionary tale below. Whether we're in-house or agency-side, we've got to close the gap between the marketing resources we request and the results we deliver, or face the figurative axe.
Two minor points to add ...
One, the squishiness of measuring marketing investment overall (often including PR) further exacerbates the insidiousness of advertising-value equivalencies as proxies for earned media coverage. Not only is the "equivalence" false, it's not clear that the actual value is demonstrably a good spend.
Of course, we're all good at whining about AVE, without actually proposing a valid alternative that works within wider marketing-mix models, but that's a different story for another day.
Second point: to deliver business-first results, we need to work against better briefs. Way too many objectives are vague and fuzzy. "Increase buzz. Generate awareness. Create brand excitement."
These produce creative-led solutions that, occasionally, change business outcomes. Usually, though, they earn awards trophies and justify next year's budget - neither, as pointed below, sustainable in today's marketing environment.
If you’re a CMO or CCO, this probably looks scary, but I assure you that it’s really the big break that you’ve been waiting for.