Media today comes in all shapes and colours. As modern marketers we have to prevail above an ocean of competition and background noise in the world of tradition advertising. Some fifteen years it took until we have come to a world of modern advertising. Technology has evolved and with it a mass percentage of the human race has emerged online. According to internetlivestats.com growth of internet users around the world is rapidly increasing, and currently at over approximately three billion and two hundred thousand users. That is, nearly half of the worlds population.
As online consumerism has developed exponentially, so has the growth of an economical bounty on uncharted marketing territory. Companies and large organizations around the world haven’t just adopted the internet as a platform for their business, but implemented it as the backbone and essence of what they are doing. Several cash cows have already emerged, primarily by permitting internet users to develop and create both viewable and interactive content. Ann Smarty (2013) discusses content as being the most valued asset to a company on the web. Once these platforms were created, a second tier of accessibility and hectare of rich untouched marketing land emerged. Business owners and chief marketing directors could take cost efficient and highly targeted marketing efforts into not only their own hands, but put it into the hands of the consumers themselves. This ties us into the three major marketing channels for online media.
These channels include owned, earned, and paid media. All three of which play a very significant role in the trifecta that is online marketing. According to Erica Machind (2015) these channels act together as a trifecta for a “complete digital marketing strategy” and makes it more cohesive. This is because owned, earned and paid media are different facets which used together help us not only to find and direct new customers, but also earn loyal relationships.
Defining the three, owned media is any web property that the owner can control. The website this blog post is on as well as the website itself are a common example of owned media. Company’s around the world are even developing new first tier platforms for second-tier users (business owners and marketers to use) where they can specify their ideas and have a brand new applications or mobile sites specific to their exact needs designed. This applies very strongly to the grounds of a marketer who is looking to innovate and explore the outer space of online marketing.
Earned media differs from owned media in that it is actually media gained by fans or users of the service or product in question. For example, among the many major platforms available such as Facebook or Instagram, companies will have their own account for their brand. They will post things about their products or services and because they have ‘earned’ the loyalty of its consumers, those consumers will repost, share, and review those original posts. But thats not all, earned media can also come in any form of fan page or content.
Last, paid media simply is any advertising which the owner or marketer incurs cost on such as pay-per-click, display ads as well as paid content promotion and paid reviews.