When it comes to the trio – paid, owned, and earned media, the most frequent question I am asked is: “Can you explain paid vs. owned vs. earned media? Which is ‘the one’ for my business?” While the knowledge of paid, owned, and earned media is critical for digital marketing success, most B2B marketers treat them as individual animals and pursue them as independent marketing streams. So what? They are three different critters, right? Not really. Digital marketing is no longer a single-strategy game. As such, the importance of a well-balanced marketing mix can’t be overstated. But, more on that later. First, let me give you a brief overview of each of them – paid, owned, and earned.
Simply stated, you pay for this type of media – tools like Google Google AdWords, or different types of search and display advertising, SEO and PPC campaigns, and so on. While this strategy calls for an extremely well-thought out plan and execution, it also needs to have compelling call-to-actions driven largely by customer benefits.
There used to be time when digital marketing was synonymous with paid media. Not anymore. While paid media has its place, times have changed and people have gone beyond responding to promo pitches and clever commercials. Now they are more interested in building relationships with brands they trust and they are seeking involvement with those brands regularly.
This is the media channel created by your business – the content that you own, in entirety. Think of it as the content featured on your website: your blog posts, the free whitepapers or eBooks that you offer, and any content that you are giving away in the hopes of winning new leads for your business. It also includes the content that you share on your company’s behalf across various social media sites.
To nail this part of the game, you need to have a strong content marketing strategy, and an equally strong social strategy to back it up. Typically, good content is a highly misunderstood term among B2B marketers, who are valuing the opinions of peers and industry organizations to judge their content trustworthiness, a recent study from the CMO Council and NetLine reveals. According to Donovan Neale-May, executive director of the CMO Council, “Buyers are not happy with vendors. Their content [tends to be] over technical, product-centric, and self-serving.” That’s too bad, considering marketing content is directed at buyers and prospects. Ignoring them altogether is inviting failure.