Welcome to the NEW digital
Since 2020, digital adoption has taken a quantum leap at both the organizational and industry levels. A recent McKinsey Global Survey has found that responses to COVID-19 have sped up the adoption of digital technologies globally by several years—and that many of these changes could be here for the long haul.
Since 2020, digital adoption has taken a quantum leap at both the organizational and industry levels. A recent McKinsey Global Survey has found that responses to COVID-19 have sped up the adoption of digital technologies globally by several years—and that many of these changes could be here for the long haul.
During the pandemic, consumers have moved dramatically toward online channels, and to stay competitive, companies and industries have had to respond in turn. We definitely saw this at Ignite, with an increase in clients coming to us after a big ‘wake up’ during lockdown.
Companies taking part in the McKinsey survey reported having accelerated the digitization of their customer and supply-chain interactions by three to four years, and the share of digital or digitally enabled products in their portfolios by seven years.
This competitive business and economic environment requires fresh strategies and practices.“Out of sight, out of mind” has never been a bigger risk for brands. Consumers are still out there and hungry for brands to engage them with meaningful, relevant content (Covid fatigue is real!). In this changing landscape, consumers are finding new ways of getting information, with a lot more time being spent online.
Enter the #MediaTrifecta.
Understanding the #MediaTrifecta
Mediatracks likens media to a three-legged stool — classic in design but adaptable to changing landscapes. While the three legs – paid, earned and owned media – can often work together, sometimes one pulls more weight than the others. When they’re coordinated, media outreach can work most effectively to deliver the audience that clients seek.
Brands, now more than ever, need to embrace integrated PR & Digital Strategies that effectively combine the different media types to meet their audience where they are, and to turn an audience into a loyal, engaged, lasting customer base and grow sales. It is no longer just about reach. It is about engagement.
Whereas PAID media has historically been dominant, a convergence of all three has emerged, which offers today’s digital marketer a myriad of channels and approaches, depending on the business’s goals or the goals of a specific campaign.
Let’s explore the difference between PAID, EARNED and OWNED media, and what their value could be to businesses and brands when the #MEDIATRIFECTA is effectively applied.
PAID MEDIA:
This includes any marketing activity you cannot execute for free, such as traditional or digital ads & other paid tactics you use to promote your content & drive brand exposure. It can be used to amplify owned media and help win more earned media.
Due to the incredibly advanced targeting options, paid marketing content and advertising is a cost-effective way to reach your desired target audience in digital marketing.
EARNED MEDIA:
This refers to word-of-mouth exposure & publicity, in other words any content where other people are talking about your brand. It can be earned through customer experience, social proof, ratings & reviews & PR efforts, incl PR/press mentions, reposts, recommendations, SEO & content marketing.
Bill Gates said that he’d spend his last dollar on PR. Why? Because PR lends 3rd party credibility in an overcrowded, over-competitive space. Social proof is one of the most important ways brands can show customers that they are credible, and that their products are enjoyable or services delivered as promised. A recent Nielsen study found that 92% of people trust recommendations from friends and family over other types of media marketing or advertising. Word of mouth works!
OWNED MEDIA:
This is all the content that you create and where you control the messaging, including on your website, blog, podcast, social media channels and email marketing.
You have to put budget behind paid media, and you can’t control earned media, but you can always create content in the owned media space that can reach your audience in an organic way. Owned media is content marketing and social media marketing in a nutshell.
While content marketing can take on different forms (blogs, social media posts, emailers, white papers, etc.), the #1 goal of this type of content should be to continue providing value to your audience, and engage them whilst they move down the sales funnel towards becoming loyal customers.
HOW TO COMBINE THE #MEDIATRIFECTA
Ensuring all 3 forms of media play an effective role in your strategy takes experience, time and dedication.
While paid media is a great way to quickly build brand recognition and get leads, earned media is more likely to benefit you long term, no matter how your audience is finding you.
- Paid media marketing requires ongoing spend, monitoring & consistent management.
- Earned media, on the other hand, can be like a snowball on a hill. It tends to build itself after you get it rolling.
- Owned media sits somewhere in the middle – without hands-on, consistent management and engagement, an audience will lose touch with a brand
For a modern consumer – who tends to find information across multiple channels and platforms, multichannel marketing is key to unleashing the full power of your media content.
All three types of media — earned, owned, and paid — are important. They can be balanced and rebalanced as objectives, goals or market conditions change and it is even more important than ever before to find the right combination of approaches to achieve your goals for your business and maximize your audience.
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Why not chat to our team of Firestarters today? We’re your partners is building & executing effective #mediatrifecta strategies
https://www.nielsen.com/us/en/insights/report/2012/global-trust-in-advertising-and-brand-messages-2/
https://mediatracks.com/resources/earned-media-vs-paid-media/