Just to quickly clarify what we mean by 'media' in this instance. It can be defined as any form of marketing content, including - but not limited to - the following:
- Online ads - PPC/Banner etc
- Marketing materials - e-books, infographics etc
- Social shares/mentions
- Social ads
- Offline advertising - magazine, outdoor display etc
- Catalogues, brochures
- TV advertising
A brief overview:
When we talk about Owned Media, we are talking about media that you or your business/organisation. For example, your:
- Mobile apps
Perhaps the most obvious benefit here is that you have complete control over this form of media. You have complete autonomy over:
- How your websites/ads look
- How you market them
- What message you want to convey
The only drawback I can really think of related to Owned Media is reach. Your properties - however great - are almost invisible if you don't market them properly. Sadly, it's not just a case of 'if you build it, they will come'. You need to market your business effectively, which means Owned Media is simply not enough.
A brief overview:
This is pretty self explanatory. It's the kind of media that you wouldn't have unless you paid for it. Think of the following types of advertising:
- PPC (Pay-per-click)
- Banner advertising
- Magazine advertising
- Outdoor channel advertising
- Sponsored posts (not that you should be doing that anyway)
Just like with Owned Media, you have a lot of control with regards to what you say and how you say it. Essentially, you are paying for a service that should offer a fair amount of customisation. Over and above that, you also have the following benefit:
- Reaching potential customers through avenues you do not possess yourself
The most obvious drawback here is cost - some forms of advertising can be extremely expensive. Also, you can't always be sure that they work, which brings us onto the second drawback - potential waste. An ad campaign can go horribly wrong if not planned properly (that wont happen to you of course if you plan properly).
This type of media can't be created or paid for (no matter what a Fiverr seller may tell you) - as it's name suggests, it's earned. Earned Media covers things like:
- Blog posts about your product or service
- Newspaper articles written about you (non solicited/paid for)
The benefits of Earned Media are substantial:
- First, it's free - true earned media is just like word of mouth advertising, it's freely given
- Second, it carries more weight - potential customers trust a friends opinion/recommendation more than they do your online banner ads
- Third, they expand your reach through social networks, blog audiences etc
The only real drawback I can see here is that you can't control it. You can't tell someone what to say about your business (if you do, it's not earned media) so you lose control of the message. But maybe that's a good thing - as I said above, people will trust their friends' voice more than yours.
The 3 forms of media discussed above are all different, but they should really all exist together. In a well planned marketing strategy, you should benefit from all 3.
Here's a perfect example of them working together for you:
- You use PPC to get potential customers to your website (paid media)
- The customer then reads through your website and blog (owned media) before making a purchase
- The customer loves your product so much they tell all they're Facebook friends about it (earned media)
Got a nagging marketing question? Ask me here.
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Revenue Builder is a small business marketing strategy advice blog, written to help small business owners and startups maximise sales revenue.