What’s the Difference in Owned, Paid, and Earned Marketing Strategy?
When you are choosing different marketing strategies to implement when marketing your business, it’s important to understand the choices you have and how they differ. You essentially have three choices when it comes to marketing, namely “owned,” “paid” and “earned” media. You’ll more than likely use a combination of all strategies for the very best results.
This consists of your own website, blog posts, social media accounts, and articles you write and own.
Owned media is very important for business owners because it is something that you can control and use the easiest. Your content on your website needs to be top-notch, taking into consideration search engine optimization. Your content on your blog needs to be updated often with relevant content directed toward your audience. Engage often on your social media accounts.
This consists of promoted posts, PPC campaigns and anything that you pay for play.
One good use of paid media is to engage in a remarketing campaign. For instance, if someone has come to your website to view a page and then leave, you can use remarketing (also known as retargeting) to bring the viewer back to your website.
Sponsored articles, advertisements, email marketing, paid search, promoted video are all examples of paid media. This is another important element for most marketers and it’s important for you to use these opportunities. Start small with using promoted posts on Facebook.
This consists of information about your business that is owned by a third party and not controlled by you.
Whether you want earned media or not, you’re going to have it. It can be both good and bad, and it’s still earned media if a third party put it out there without your permission and without payment from you. You can have some measure of control over earned media by providing the best customer service you can, having top-notch products and services, and keeping your ear to the ground to make the most of any positive third party earned media.
Sometimes there can be cross-overs with owned and paid media, as well as owned and earned media. For example, if you own a blog post and you pay to promote it. Or if you created a video that happened to go viral that is both owned and earned -because once it goes viral you essentially lose control of it and what is said about it. Take advantage of those opportunities when you can.
All business owners should use a combination of all three forms of media in their marketing efforts for the very best results. With today’s crowded marketplace, the old ways of just relying on search engine optimization and your own social media promotions are over. You need to find a way to stand out from the crowd to become a force to be reckoned with.