What's the difference between a Google review, an OTT video ad, and a new blog post on your website? Thankfully, this isn't the set-up to a (very bad) joke, these are all types of media.
A blend of media you buy (OTT ad), you own (blog post) and you earn (review) results in a comprehensive marketing strategy.
Paid, earned, and owned media each play a unique role in helping amplify your brand's voice and achieve your marketing goals, so let's take a look at their differences.
Paid media refers to any form of advertising that you pay for, such as television commercials, print ads, and sponsored posts on social media. Paid media is an effective tool for reaching a large audience quickly and efficiently. However, depending on the type of paid media, it can be expensive and may not always be the most cost-effective option. It is also not guaranteed to drive engagement and conversions.
Earned media, on the other hand, is media coverage that you don't have to pay for, like news stories, reviews, and word-of-mouth recommendations. People often consider earned media to be the most credible type of media because it's not influenced by a financial transaction. However, earned media can be harder to come by and is not always in your control - think negative press or reviews.
Owned media refers to any assets you control, such as your website, blog, email list, or social media accounts. Owned media provides an opportunity for you to create a direct relationship with your audience. It's also less expensive than paid and can be more effective in driving conversions. The downside is that it may take longer to build an audience and you are dependent on your audience to engage with the content.
It's essential to consider the strengths and weaknesses of each type of media and how they can be used to achieve your goals. Paid media is great for quick reach, earned media for credibility, and owned media for building a direct relationship with your audience. A combination of all three types of media can help to create a well-rounded, effective marketing strategy.
At Left Hand Agency many of us were marketing directors or worked for in-house marketing departments. As a result, our work focuses on helping our clients activate paid strategies that take into account their owned media channels and earned media opportunities. Maximizing your marketing efforts requires nothing less! If you're thinking about developing a comprehensive plan, reach out to see how we can help.