Hi readers!
Welcome back.
Paid Media
It includes sponsored advertisements in several channels of
digital marketing like search engines, websites, Facebook, LinkedIn and
Twitter. It includes campaigns run through various platforms like Google Ads
and Campaign Manager of Facebook, LinkedIn and Twitter. As well as it includes
campaigns run through ad networks or Demand Side Platforms.
- Owned Media
Owned media is like an asset of the corporate i.e. the
company has the ownership of this media. It includes company's official
website, microsite, social media pages such as Facebook page, LinkedIn page,
Youtube channel and Twitter handle. It includes mobile apps or blogs. It also
includes original content created by the company such as videos, images,
infographics and posts.
- Earned Media
Earned media is organic and unpaid. It includes publicity
i.e. generated through recommendations and word of mouth. It also includes
social media engagement like likes, shares, comments, replies, retweets,
favourites, etc. Earned media is generated by users and hence is more credible
and has the ability to offer exponential reach to the marketer. Earned media
succeeds only when users like the content and engage with it.
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| The P-O-E-M Framework |
The combination of "paid, owned, earned media" is
considered one among the most effective practices in digital marketing. There
should be a balance among all media, it should not be lopsided towards one. It
means as a you should not focus only on one media and ignore others. For
example, it is not a good strategy to depend largely on paid ads and not focus
on earned media. Focus is related to budget allocation. A simple thumb rule is
to divide the budget between paid and owned or earned media. This is a best
practice, which means you must allocate 50% of your digital marketing budget to
create content for your digital assets and getting engagements and the
remaining 50% to run paid ads. While owned and earned media are organic, hence
are more credible and supply higher quality traffic, they take longer time to
indicate results. Hence owned and earned media should be a part of your long
term strategy.
Paid media, on the other hand, will increase your reach and impressions in the short term but once you stop running paid ads, you may not get repeated engagements or tractions. Hence, the best practice is to maintain a balance between long term and short term mediums. Moreover, while marketers won’t have control on whether fans will engage with content or not organically, paid media guarantees certain reach and impressions. The distribution of budget is also a function of the brand stage in its life cycle. If the brand is within the introduction stage, it needs more awareness, which needs more reach and impressions which too within a brief period because the brand cannot wait for long for awareness building. Hence, more budget is allocated at the introduction stage to paid media. However, if the brand is already known and is within the maturity or growth stage, it'll have already got a gentle stream of consumers engaging and buying, and hence need not rely on paid ads to that extent. Thus, more budget is allocated to owned or earned media to drive engagement and loyalty.
See you until next time:)
Regards,
Hritik Wahi
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