Owned, Earned and Paid Media
Internet and social media advertisement is very different from our traditional marketing tactics, they come in three forms Owned, Earned and Paid Media. While we look at the differences between the different types of media, we can also think about what type of media would be most beneficial for our businesses dependent upon its type, industry and nature.
Paid Media- Ever seen banders on top of a website page, more or less like a virtual bill board inviting you in big letters to check out a product or what exciting deal you shouldn’t be missing? That is an old fashion example of paid media which has fortunately become smarter and subtler in these last few years. Paid media isa great way to drive consumer attraction and traffic to your website that is if you content is attractive enough!
But remember only because its paid media doesn’t mean that it would be utterly successful, for example NIVEA pays Facebook to display their ad on a little bar beside the homepage, would everyone viewing that ad be interested? Maybe not, however it would be beneficial if the provider (i.e. Facebook) is technologically sophisticated to help their clients reach to their target audience better, as a matter of fact when businesses go through the process of putting virtual ads on Facebook, it helps them choose important trades that would be related to their idea consumers like age, demography, interests and other factors that users provide to these providers. Facebook would get paid for displaying these ads which compensates them for providing a free service to their users. Another form of paid media would be to have bloggers, experts or even celebrities illustrate interest in your product by tweeting about the positive sides of your product/service and sharing your links which would impact your target audience perspective. Other forms of paid media maybe Pay Per Click and display ads that would potentially drive traffic to your website and increase conversions.
Owned Media- “is any web property that you can control”, it also provides an easy platform for your business to maintain long-term relationship with existing and potential new consumers and would be financially more affordable and is easier to control. Owned media would be unique to your brand, examples of owned media is social media pages of brands, websites and blog sites. Although owned Media may be hard to manage, may take a long time to scale and basically has no grantee of success.
Earned Media- Earned Media- is basically virtual WOM (word of mouth) and third party content. Just like when we are satisfied with a service we get in a local store and we refer it to our friends and family, consumers online as well give their viewpoint about the experience they have with particular products/brands and services. Virtual WOM are seen in forms of comments, shares, likes, recommendations, retweets and now with the latest features stars, stars describe what majority of consumers say and feel about their experience while for example staying a particular hotel or shopping from a website online.
Here is a more detailed diagram in relation to Paid and Earned digital media.