Paid, Owned and Earned -- The three main types of brand media
Paid media, at times, can be confusing; how do brands and businesses use paid media to grow their business? In an effort to explain how paid media drives new customers, we thought it was important to discuss the various forms of media that play a role in today's marketing mix.
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To put it simply, paid media encompasses all of the “paid” investments a brand or business makes to drive growth.
Types of paid media:
- Online banner ads
- Pay-per-click (PPC)
- Search engine marketing
- Targeted social media ads
- Mobile ads
Often, pay-per-click (PPC) campaigns and paid media get confused, but PPC is just one part of the overall paid media efforts a brand or business will initiate. PPC campaigns are excellent ways to drive traffic and get in front of new customers, but combining additional paid media initiatives into your advertising and marketing efforts will be far more effective than just one plan. Today, you have to be agile and advertise through multiple channels. Integrating online and offline paid media into your business's advertising goals can be one of the most successful ways to grow your customer base.
According to Google, 89 percent of traffic generated by search ads is new traffic. Google also recently stated that 50 percent of all mobile searches are local. This means that a combination of paid search ads for both mobile and desktop, plus an offline traditional advertising effort, can be a highly effective approach to finding new customers.
To learn more about how an online paid media campaign can get your business in front of new customers from social media sites to major search engines almost immediately, contact one of our paid media specialists today.
A Yahoo/BBDO study said paid media is the primary source for brand information and creating awareness, with 73% of consumers reporting having seen, heard or read information about brands.
These are the easiest to explain. It’s anything owned by the brand or business.
Types of owned media include:
- Retail stores
- Company website
- Microsites or landing pages
- Social media accounts
By combining a paid media effort with the already owned property of the brand or business, new customers are created. Strangers to the brand will encounter an advertisement or marketing initiative, which leads them to visiting the physical store or website and eventually becoming a paying customer.
As a result of your paid and owned efforts, you generate earned media.
97% of consumers want to know the price, product attributes and proof points. -Yahoo/BBDO 2011
Earned media are created by influencers such as satisfied customers, friends and family. This is the relationship stage where brands and businesses build trust through reviews, news articles and social media.
Types of earned media include:
- Word of mouth
- Facebook fans
- Twitter followers
- Reviews on sites such as Yelp, Foursquare and Google
- Magazine and newspaper reviews
Today, social media, mobile apps and review sites are generating earned media that can either catapult a business, or crush their chances with potential customers. Apps like Yelp and Foursquare, and now Google's Local Pages, have helped local consumers find new restaurants, services and businesses in the palm of their hand. Businesses not actively monitoring and engaging on these sites can potentially lose local customers.
However, this is the most difficult type of media to analyze for effectiveness and success. Relationships with happy, satisfied customers can go beyond any advertising campaign your business is investing in because, as consumers, we trust recommendations from our friends, co-workers and family. These recommendations, testimonials, reviews, shares, likes and word-of-mouth conversations are priceless, but they are “earned” through well-developed paid and owned media efforts.
With the advancement and popularity of social media and review sites, we have become very familiar with earned media. We have all seen friends recommend brands, businesses and products, and we’ve all seen people whom we trust not recommend a business or product, too. As consumers, we highly value these recommendations because they are open, transparent and honest. Brands and businesses that are building relationships, investing in marketing and advertising efforts in every corner consumers are today, have a better chance at growing earned media because they are available and active with their customers.
77% said they want brands to be responsive and engaging and 59% say brands should be "more empathetic." - Yahoo/BBDO 2011
Mixing Media—balance your efforts, grow your business
The most important thing to remember is that combining these three media initiatives and doing them well, will grow your business.
By targeting and advertising to potential customers, creating brand advocates and return customers, and focusing on your business, you will create a well-balanced and integrated marketing plan.
Combining the online and offline message, whether with paid advertisements, blogging or a sign in front of a store is the basis of integrated marketing. Consumers are not just watching TV, they’re not just reading the newspaper and they’re not just on Facebook. They are in all of these places and more every day--for hours on end. With the growth of smartphones, tablets, laptops and Internet-ready devices, the online and offline worlds are beginning to overlap and converge. That’s why today, successful businesses are mixing their efforts through a range of advertising and marketing channels.
We recently wrote a FREE informative guide about integrated marketing and how it can save your budget and your mind, follow this link and download it to learn more. Or, feel free to speak with one of our digital marketing specialists about how they can help you reach new local customers today.
By Mike Hines