Under the big umbrella of digital marketing, there is a term called The Digital Marketing Trifecta, which encompasses the 3 critical channels: Owned, Paid, and Earned Media.
Well, just as straightforward as it sounds, owned media simply means the channels and assets a company owns. Company websites, social media pages, blogs, infographics, ebooks, or any other sorts of content a company creates are all categorized as owned media.
Owned media is remarkably valuable to every business as it symbolizes the presence of the company’s brand. With owned media, a company has its full control over conversion. That means the greater the presence, the more attention from the audience the business attracts. In other words, the more owned media the better. However, you should keep in mind that managing owned media is an ongoing task; it requires commitment, intention, and effort. It showcases a company’s characteristics and attitude, and therefore, any information or content shared on owned media should drive a positive value to the audience.
Paid Media is when you put money on a third-party platform to gain leverage for your own brand or to generate traffic to your owned media. Any channel or asset that involves a monetized value can be defined as paid media, like Facebook Ads, commercials, or paid search ads. Sponsorship-related or influencer-related actions can also be described as paid media.
Paid Media can be impactful to a company when implemented strategically, as it helps a company reach a certain targeted audience. That being said, paid media can be tricky in the present day as more people are learning ways to block unwanted advertisements. As paid media is counted as a cost, a company should ensure that the money invested on the paid platform is worthy and practical to support the overall marketing goals of the business.
If there is one thing that distinguishes among earned media and the other two, it’s that earned media is solely based on customers. That is, customers are the company’s advertising channel – through reviews, comments, referrals, or sharing on social media pages, these actions are word-of-mouth recommendations. When a positive brand is established, there is even a chance that a company can attract potential online influencers to promote its products or services voluntarily.
Earned Media is a dignified asset to any company as it is merely built up by the brand’s supportive and loyal customers. Yet, when a company exposes itself on the internet, it also implies that negative comments or backfires might result. But don’t panic! This is exactly the time for you to show your extraordinary customer service skills – turning a “nay” into a “yay” by resolving disputes and convincing the customers that they should stay!