If the marketing strategies of owned, earned and paid media have you spinning in circles, think of it this way: who controls your content, who shares your content and how much are you willing to pay (e.g., advertising, sponsorship, etc.) to leverage your content to reach target customers and clients? These strategies are not mutually exclusive – in fact many contend that earned media is an outcome and not really a strategy. A wise marketer would do well to combine (in marketing speak, that would be “converge”) all three. While paid media is self-explanatory, all come with a price tag, which underscores why having a marketing budget is extremely important. In an article for smallbiztrends.com, Anita Campbell clears up a couple of myths and provides examples of converged media in action. Here are a few highlights:
- Myth: All you need is owned media. It’s important to have channels and content you own – for sure. But they alone are not enough. What many small businesses lack with their owned channels is reach and scale. … To be successful, you need to amplify and scale your owned media channels.
- Myth: Paid media is more expensive than any other kind of media. Recognize that there’s a cost to every channel — time, money or both.
- The best practice today is to use a combination of “owned, earned, paid media.” Use one media channel to amplify or extend another type. They need to work hand in hand.
- Here are …examples of ways to combine owned, earned and paid media, in a small business context — and make for more powerful marketing:
- Create content on your blog [owned]. Share it on Facebook [to generate earned]. However, you only reach about 10% of your fan base, according to statistics. To extend your reach, make it a Sponsored Post for $40 or $60 [paid] to get wider visibility for it.
- Crowdsource some advice and tips from your customers or loyal community members, for an ebook on your website [owned]. Then share it on your company channel on Slideshare. And reach out individually by email to send a copy of the ebook to each community member who submitted a tip. Most will share the ebook with their social networks, as they will be proud of their contribution [and you generate more earned mentions].
- Create special Facebook-only discounts [paid]. To take advantage of them, people must Like your page. Studies show that discounts are a primary reason people follow and interact with brands on social media. When they Like your page, you have their attention. That also means you now have the start of a relationship with them [leading potentially to earned media].
This video, courtesy of Digital Health Daily, does a great job of breaking down the basics of owned, earned and paid media.
How do you leverage owned, earned and paid media to maximize your marketing momentum? Feel free to share your thoughts in the comments section of this post.
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