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By 2027, it’s predicted that the revenue from global advertising will surpass one trillion billion dollars. That being said, it's clear that the concept of paid, owned, and earned media is becoming increasingly important for businesses.
As a business owner or marketer, understanding these three concepts is critical in determining which type of media you should use to reach your desired audience.
Let's take a look at what each type of media entails and how they are used to maximize the success of your organization.
A Brief Overview of Paid, Owned, and Earned Media
Paid, owned, and earned media each have unique characteristics and are used to accomplish different goals in marketing. Understanding these distinctions helps businesses create effective campaigns that reach their target audiences in the most cost-efficient way possible.
Paid media refers to any advertising or promotional material that a business pays for such as banner ads, sponsored posts on social media platforms like Facebook or Twitter, Google Ads, radio advertisements, etc.
Owned media is the content a business produces and distributes, such as its website or blog, videos they produce, newsletters they send out to customers, etc.
Earned media refers to any publicity or coverage that a company receives from external sources, like news outlets or influencers, without having to pay for it. This could be in the form of an article written about the company in a newspaper, a video created by an influencer featuring the company’s products, or a review of their services posted online.
Now that you know the basics, let’s dive deeper into each of these forms of media to decide which is best for you.
Paid Media
Paid media is any form of advertising or promotion that requires a monetary investment. The main purpose of paid media is to reach a large audience and drive engagement, leads, and conversions.
Different Types of Paid Media
There are several different types of paid media that you should utilize for different goals, such as:
1. Television Ads
Advertising on television is one of the most expensive forms of paid media; it costs about $105,000 to advertise on national TV for 30 seconds. It is also one of the most effective in terms of reach and engagement, as it allows advertisers to target specific audiences with creative campaigns.
2. Radio Ads
Radio ads are a cost-effective way to reach large audiences and are used to create an emotional connection with listeners. They are often used for brand awareness or product promotion campaigns.
3. Print Ads
Print ads are still a popular form of advertising, especially among local businesses. They offer high visibility and the ability to showcase creative campaigns.
4. Digital Ads
Digital ads are an effective way to reach a wide audience and are used for brand awareness, lead generation, or product promotion campaigns. They include sponsored posts on social media, search engine marketing (SEM), display ads, pay-per-click (PPC) campaigns, and more.
5. Influencer Marketing
Influencers have become increasingly popular in recent years as a form of paid media due to their ability to engage with audiences that traditional methods may not reach. And they reach many: producer, artist, and influencer DJ Khaled garners 3 million views per Snapchat, which was utilized for the Stride “Mad Intense Gum” campaign. They help build trust and credibility for brands through content creation or endorsement deals.
Achieving Your Marketing Goals With Paid Media
Paid media is an effective way to reach your desired audience and achieve specific marketing goals. For example, a PPC campaign helps you increase website traffic, while sponsored posts on social media help you increase brand visibility and engagement. Advertisers also use paid media to test different messages and target audiences before investing in larger campaigns or initiatives.
Measuring the Success of Paid Media
Paid media campaigns are often measured by the number of impressions and clicks they generate, as well as the cost per action (CPA). However, more sophisticated metrics are also used to evaluate how successful a campaign is based on its return on investment (ROI) and overall performance.
Owned Media
Owned media consists of any type of content and channels owned by a company. Owned media gives organizations the most control over their message since they are in charge of creating what is published. Companies use owned media to communicate messaging that aligns with their brand identity and strengthen relationships with customers.
Different Types of Owned Media
Here are the most popular types of owned media that you should use to skyrocket your business’ success:
1. Websites
A website is a great tool for companies to share information about their products and services as well as educate customers about their industry. Websites must be optimized for search engines so they are found easily when potential customers are searching online.
2. Corporate Blogs
Corporate blogs allow companies to publish deeper content such as company news, product updates, and thought leadership pieces that help engage customers in meaningful conversations.
3. Social Media Accounts
Having an active presence on social media helps brands build relationships with fans, increase visibility across digital platforms, and drive traffic back to their website. Lush Cosmetics has found a fanbase of 4.4 million on Instagram alone through promoting conservation efforts and eco-friendly products.
4. Newsletters
Many companies use newsletters to keep customers updated on products, sales, and other company news.
5. Physical Store Locations
Having physical stores also falls under owned media as it’s a way for companies to create an interactive experience with customers and show off their brand in the real world.
Leveraging Owned Media to Build Your Brand and Customer Base
Owned media is the perfect platform to promote your brand and engage with your customers. It allows you to have full control over the content, messaging, and visuals that are shared. You should use owned media to share updates about products or services, provide helpful tips and advice, or even give behind-the-scenes glimpses into your company culture. This type of engagement helps build relationships with potential as well as existing customers.
Measuring the Success of Owned Media
Organizations measure the success of their owned media by tracking website traffic and engagement on social media accounts. For example, if a company has an online store, it tracks how many visitors come to the site and if those visitors purchase any items.
Social media analytics provide insights into how customers are interacting with posts and what kind of content resonates best with followers. Organizations should also use customer surveys to gauge satisfaction levels and understand customer preferences for product offerings or services.
Earned Media
Earned media is any type of publicity or coverage gained through unpaid efforts. Earned media helps to build trust and credibility within a target market. Companies that use earned media as part of their marketing strategy will benefit from increased brand awareness and higher levels of trust among potential customers.
Different Types of Earned Media
1. Word-Of-Mouth Advertising
Word-of-mouth refers to the passing along of information about a product or service through oral communication. This is anything from a customer giving an enthusiastic recommendation to their friends, family, and peers to someone writing a positive review on social media.
Companies use word-of-mouth marketing tactics such as offering discounts and free samples to encourage customers to spread the word about their products or services.
2. Reviews
Reviews are another form of earned media that companies should actively seek out and respond to build trust with potential customers. Positive online reviews help to increase brand awareness and encourage customers to purchase products or services.
Companies should actively monitor online reviews to respond quickly and address any customer complaints. Forbes even writes a list of “Customer Experience All-Stars” each year to highlight the best-reviewed businesses around, helping these businesses find even more customers.
3. Press Mentions
Positive press mentions are also a major factor when it comes to building trust with potential customers. Companies reach out to journalists, bloggers, and other influencers to gain coverage for their business and its products or services.
This type of earned media is often more powerful than paid media as it has the added benefit of being seen by an audience that may already have a positive impression of the company due to its past successes or achievements.
Getting Media Coverage and Social Proof through Earned Media
Earned media is an effective way to get attention and gain news coverage. Companies that have successfully leveraged earned media include Apple, Nike, Starbucks, and many more. When done right, it provides valuable social proof for businesses by building trust with consumers and providing a greater level of visibility in the marketplace.
Measuring the Success of Earned Media
When it comes to measuring the success of earned media, there are a few helpful metrics. The first is reach – how many people have seen or heard about your message? Reach is measured with tools such as Google Analytics and other analytics platforms.
You can also measure engagement, which looks at how much people interacted with your content, including shares, likes, comments, and more. Finally, you should measure sentiment – whether people had positive or negative reactions to your message.
Strategies for Integration
The success of any comprehensive marketing plan depends largely on the ability to effectively integrate paid, owned, and earned media. Integrating these three types of media is complex, but it doesn’t have to be complicated.
Here are some tips and strategies for integrating paid, owned, and earned media into your comprehensive marketing plan.
1. Start with Paid Media
Paid media is an important part of any comprehensive marketing strategy since it drives traffic to your website or social media channels where potential customers learn more about your brand or products/services.
It’s also the best way to reach a large audience quickly and efficiently. When planning out your paid campaigns, be sure to focus on targeting the right audience for maximum impact.
2. Leverage Owned Media
Owned media provides brands with an opportunity to connect with current and potential customers on an ongoing basis. When using owned media, make sure to post content that is valuable, informative, and entertaining. Also, be sure to engage with followers by responding promptly to questions or comments.
3. Take Advantage of Earned Media
Earned media provides a powerful boost to any brand’s reputation since it comes from people who already know the company or product/service well enough to form an opinion about it.
Encourage customer reviews through social media channels and online review sites like Yelp or Google My Business, as these greatly impact consumer behavior when making purchase decisions.
Integrating paid, owned, and earned media into your comprehensive marketing plan seems daunting, but with the right strategy, it doesn’t have to be. By following these tips and strategies, you will maximize your results while reaching the right audience at the same time.
Closing
Paid, owned, and earned media are three core types of media utilized by digital marketers to reach their target audience. Each media has its strengths and weaknesses, but when used together in a strategic and coordinated way, these three types of media provide maximum reach for any content marketing campaign.
By understanding the power of each type of media and how to leverage them together, marketers create an effective online presence that will help their brand stand out from the competition.
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