Marketing Podcast

"Marketing Guide To Grow Your Business"

#8 Paid, earned, or owned media -- find out what's best for your business

Most marketers know these terms very well: earned, paid, and owned. But most small business owners wear many hats and marketing is just one of the very many things you have to do, you might not be familiar with these industry terms.  

No matter what size business you have, earned, paid and owned media is essential for creating marketing strategies that reach your audience. 

 

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Transcript:

Hi there! We are almost done with our 10 podcast episodes in 10 days. After that I will be doing these weekly. This is episode 8 and it’s all about earned, paid and owned media. I’m your host, Andrea Palten.

 

Most marketers know these terms very well: earned, paid, and owned. But most small business owners wear many hats and marketing is just one of the very many things you have to do, you might not be familiar with these industry terms. That’s ok, I’m here to teach you. That’s why my podcast and I are here, we are your marketing guide.

 

No matter what size business you have, earned, paid and owned media is essential for creating marketing strategies that reach your audience.

 

Let’s start with the easiest one that we are all familiar with. That is paid media.

 

Paid media is when you pay for advertising or sponsorship or some kind of placement on third party sites. So, this could be paid search on Google. Display banner ads. Or paid sponsored articles.

 

What’s great about paid media is that it’s awesome for getting in front of the right people at the time when you want to. With paid media, you can easily target the exact audience you want to go after. And if you want more people, just crank up the amount of money that you are spending. If you need those leads in two days, place the ads at a high dollar amount for the next two days.

 

What is a challenge with paid media is of course that it can get expensive. If you have a small budget, this might not be something you can easily do. Also, we’ve seen as marketers there’s been a declining response rate, especially on display ads. And it’s also a very cluttered space now-a-days, it seems like everyone is doing Facebook ads.

 

Then there is owned media. This is the stuff that you own, that you create yourself and that you have control over. This is your website, your blog, your podcast, your YouTube channel, your organic posts on Instagram and Facebook. I realize you don’t own Facebook and YouTube but you own the free work you put on there. You can control the videos and posts you put on these channels.

 

Benefits for owned media is that you have full control over them. And they are cost efficient. This is mostly just your time that goes into them. Owned media is also more of a long game, it can be blog post that lives forever on your website or a video that you use for years.

 

Challenges with owned media is that it’s a lot of work. And unlike paid media where you immediately see a return, this content takes much longer to scale.

 

And last there is earned media. This is when your clients or customers talk favorably about you through testimonials, reviews and referrals. Earned media is also when you get the press to talk about you. Any way that others discuss your brand and talk about your company without being paid for it.

 

A good example to get some free earned media is subscribing to a site called HARO. H A R O. It stands for Help A Reporter Out. You can look for your niche and answer reporters questions in your industry in the hopes they like what you have to say and cover you. I’ve seen huge publications using HARO, definitely look into that for your business.

 

What’s great about earned media is that it’s the most credible media out there. When your customers talk favorably about you, others will listen. When the press covers you in a good light, it speaks volumes. Also, earned media is free, so that is always nice.

 

What’s hard about earned media is to get people to talk about you. That’s usually a lot of outreach from you the business owner. Or you sell a product or service so awesome that people just can’t help themselves and tell everyone they know. This can also be a bad thing. You have no control over this. What if they hated your service or product, customers can easily go out there and trash your brand. Same with a reporter, if they have a bad angle on your company, you know they will mention it. Earned media can also be a bit harder to measure.

 

As a small business owner, you should have a mix of all three. Owned media is important because it’s yours, but it’s hard to get a wide amount of people to your stuff without the earned and the paid. That’s why having all three is the perfect mix for your business.

 

Combining the three looks something like this. For example you create a podcast episode which is owned. Then you post it on Instagram and your audience shares it, that is earned. Then you sponsor that post, which is an advertising and of course paid media. Doing all three is the best way to reach the most people.

 

Ok guys, that’s it for me today.

 

Thanks for listening!

 

 

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