Wondering how advertising can help your business? Looking for more organic traffic and/or a boost to your marketing efforts?
Any comprehensive digital marketing strategy needs to include a mix of earned, paid, and owned media. They are interrelated and overlap but are different. The experts who put together media strategies often call them different elements of a marketing pyramid.
Display ads and commercials are two examples because you pay for them. Social media sites you own and use to get the word out are owned media. A Google Review comes from a third party but helps your business. That’s an example of earned media.
This blog will go through each type and tell you how to put together a formula to attract potential customers.
Understanding the Key Components of Digital Marketing: Paid, Owned, and Earned Media
A complete digital marketing strategy takes all three into account. Each one can help you attract a target market. But together, paid, owned and earned media exceeds the sum of the parts.
Paid Media: Boosting Your Brand’s Visibility
Sponsored content, display ads, and pay-per-click advertising are all good examples. These methods and others help a small business promote content. As the name suggests, they pay for the service. The idea is to generate direct traffic and gain exposure by getting more clicks.
Drive traffic with paid media options on Facebook. This and other paid media channels offer targeted ads. Pay-per-click charges advertisers for every click on promoted results.
One of the benefits of using paid media is an increased reach. One of the challenges of using paid media strategies is the stiff competition.
Owned Media: Establishing Your Brand’s Online Presence
Social media channels, blogs, and websites are considered owned media channels. Unlike paid media, an owned media channel is one a small business has total control over. Newsletters and emails are examples of this type of content marketing.
A big benefit of these media channels is the lower cost. You create content and promote things like special offers. You can hire a freelance content marketer for this kind of media work.
One of the disadvantages of owned media is limited distribution channels.
Earned Media: Capitalizing on Your Brand’s Reputation
This is the other media option. It’s content in the digital world about your company that you haven’t created or paid for. This appeals to a wide audience. A product roundup or Tweet are just two examples.
A big advantage is this type of marketing costs nothing. So the ROI is always good. One of the challenges is you have no control over this kind of media coverage.
Crafting a Balanced Digital Marketing Strategy
Top internet marketers understand how earned and owned media works well with paid channels. A balanced approach increases brand awareness. Balance makes for excellent social media marketing.
Setting Goals and Objectives for Your Digital Marketing Campaigns
Generally speaking, paid or owned media only works with clear goals. Likewise, for quantifying earned media content. Any content marketing campaign without clear benchmarks is a waste of money.
Brand awareness can be measured by social media follower counts. Sales revenue is a metric shared with traditional advertising.
Allocating Resources and Budget Across Paid, Owned, and Earned Media
There are several things to take into account. Generally, B2B businesses should allocate 2-5% of revenue to marketing. B2C should spend 5-10%.
B2C firms should spend 18.5% on social media platforms. Twenty-five percent goes to paid media.
Measuring and Optimizing Performance Across All Media Channels
Whether you’re using owned or paid media properties doesn’t matter. Optimizing everything from a blog post to social ads means leveraging automation.
For example, HubSpot has an excellent tool for email marketing. Get more control with analytics and automation.
Real-World Examples of Successful Paid, Owned, and Earned Media Strategies
Media examples of a paid strategy include Google Ads. And ads you can buy on other owned media types like Facebook and Instagram.
Social media posts on a Facebook page you write are owned media. If the company owns the website, it can post to existing customers. That’s an owned channel.
Earned media can include public relations, like responding to a reporter’s query to quote you in press releases. Another earned media strategy is product reviews from bloggers.
Frequently Asked Questions About Paid, Owned, and Earned Media
How do I determine the right mix of paid, owned, and earned media for my business?
There are a few ways to find the balance between advertising vs marketing. Factor in your business size and target audience when considering influencer marketing ideas.
A print ad or series of paid ads could be in the mix. Make sure to consider marketing objectives before your company pays for any service.
What are the most effective paid media platforms for my industry?
Google Ads is a fast way to the most satisfied customers. This is a paid search industry leader. Facebook Ads are also effective. Social media ads are another way to drive earned results.
How can I increase my brand’s earned media exposure?
Use different types. Be a thought leader on social media. Give back to your community. Hold a web conference.
What metrics should I track to measure the success of my digital marketing strategy?
A lot of these focus on a web property. Page views and web traffic sources are important. Revenue is the most important metric. Look for business abbreviations in a domain name, like .biz. Referencing your URL can drive earned media results.
How can I optimize my owned media to improve user experience and engagement?
Analyze your goals. Build content that is optimized and promotes organic traffic. Some keyword research is a great way to get more traffic and business. Using owned media to full advantage has several advantages, like building an excellent reputation and fostering brand awareness. Be aware of the value of social proof and authentic marketing. That’s evidence a product or service has a good reputation.
An excellent digital strategy will include owned, earned, and paid media. High-quality content is required regardless of the media type. This blog can give you a head start toward a successful campaign. However, deciding what works and what doesn’t and how these three types blend is important. Deciphering your analytics and tweaking your strategy is a constant process. That’s the path to complete control over any strategy.
Image: Envato Elements
This article, “Mastering Paid, Owned, and Earned Media: Building a Balanced Digital Marketing Strategy” was first published on Small Business Trends
Originally published at Small Business Trends