A comprehensive marketing strategy that encompasses owned, earned, and paid media can help businesses reach their target audience, build brand awareness, and achieve their commercial goals.
In this article, we will explore the differences between these media channels and explain how to leverage each one to create a successful marketing program.
Where to start:
To create an effective marketing strategy, companies need to start with a clear understanding of their target audience. They should conduct market research, create buyer personas, and segment their audience to create tailored messaging that resonates with each.
It’s also important to recognize that different target audiences have different preferences and behaviors when it comes to media consumption. For example, younger audiences may be more likely to consume content on social media platforms, while older audiences may prefer email newsletters or traditional media channels. By understanding these preferences and behaviors, businesses can strategize accordingly, tailoring messaging and selecting the correct channels.
Owned media channels are those that a brand owns and controls, such as its website, social media accounts, blogs, and email newsletters. These channels provide a cost-effective opportunity for businesses to interact directly with their audience and cultivate a brand connection. Because businesses have full control over the content that is communicated via owned media channels, marketers can tailor messages to specific audience segments, making each communication more personalized, engaging, and relevant.
Earned media is favorable exposure that a company has not paid for or created. It can include news media coverage or mentions, reviews, social media shares, and word of mouth. While it can be challenging to garner, earned media is widely considered to be the most valuable because advocacy is coming from third-party sources, thus generating increased trust and credibility.
Earned media can be achieved by creating high-quality written and/or visual content, engaging with customers on social media, and building strong relationships with influencers or journalists.
Paid media refers to advertising or sponsored content that you pay to put in front of an audience, and as the name implies it comes with a price tag. Paid media can be traditional, like print or television ads, or digital, such as pay-per-click ads or social media ads. Paid media allows for advanced targeting capabilities and direct approaches, making it a high-impact activity that can directly support common objectives such as lead conversation and website traffic.
Understanding the differences between owned, earned, and paid media channels and leveraging them accordingly is essential for businesses looking to reach their target audience and achieve their marketing goals. By developing and continually appraising a comprehensive strategy, businesses can effectively leverage these channels to build a strong brand, reach new customers, and maintain success.
Wachsman can help companies navigate the various channels, develop a comprehensive communication strategy, and execute it successfully. Email [email protected] to learn more.