Combining the right balance of paid media, earned media and owned media can take your business from zero to turbo pretty fast when combined with a solid content marketing and social marketing program. All three forms of media are important for your business, but understanding the differences is key to success in achieving your goals and a positive return on your investment.
The truth is traditional marketing and media aren't working like they use to. Marketers have no guarantee of reaching their ideal and target customer on any medium - organic reach on social platforms, specifically, is slowly declining down to zero. Although brands invested hundreds, thousands and even millions of dollars on growing their communities, it's now a pay to play world. The glory days of massive organic reach on social, without a solid content and conversion plan, are dead and gone.
Remember the days of simple media and mass communication? The days marketers would simply buy an ad, tv commercial slot, throw out some direct mail, a few magazine ads, radio spots, measure the response and get on with their day job of herding cats and taming elephants? I'm joking but you get my point.
Media is becoming more complex. It's not just the explosion of social media, but the fact that, according to a Nielsen study, the most trusted source of information in all countries surveyed world wide is earned media - also described as what used to be known as 'word of mouth'. Given that 74% of people are visiting the social networks seeking helpful advice and information, this creates incredible opportunity for brands to leverage differing forms of media to increase the odds of their content actually reaching the eyeballs, ears and minds of the people who need and want it.
The problem is that many are confusing 'earned media' with 'paid media' and 'owned media'. They're blurring them all together, and as a result, wasting millions of dollars, ticking off their audiences, ruining relationships with thought leaders and influencers, and the list goes on.
This blog post and podcast is part of one of our "in a nutshell" mini-series of the Social Zoom Factor podcast. It'll provide you a quick summary and understanding (in simple English) of the three types of media you must understand if you want to be successful in the online world and with digital marketing.
Take a listen to the 138th episode of the Social Zoom Factor podcast to get an overview and understanding of paid, earned and owned media. Be sure to subscribe to the entire series on iTunes, Stitcher or SoundCloud.
In this 15 minute podcast you will learn:
- Overview of paid media, earned media and owned media
- The difference between 'paid', 'earned' and 'owned' media
- How to avoid blurring earned and paid media
- Why you must be careful in not confusing how and when to use these types of media
- Why your blog and website is critical to success as a home base and your most important owned media
- Top 10 Mistakes Brands Make with Influencer Marketing and How to Fix Them (episode 121)
- Influencer Marketing in a Nutshell (episode 96)
- Influence the Influencer -Co-Created Content in a Nutshell (Episode 97)
- Are You as Influential as You Think? (episode 98)
- How to Develop a Content Marketing Framework and Plan (episode 7)
- Social media and Influencer Marketing Launch Strategies (episode 35)
- 8 Steps to Develop a Social Business Plan (white paper)
- How to Build a Social Business Strategy & Plan (episode 14)
- You Are the Media: 10 Reasons You Need a Blog (episode 111)
How to Subscribe to Social Zoom Factor Podcast