Managing a growing business — whether a start-up venture or a 10-year-old enterprise looking at improving services or introducing new products — is never a walk in the park. If it was, we would all have the surplus cash available in the world.
We engage in promotional and marketing services in an effort to make our products and services known to the greater public. We set aside a specific budget for this endeavor but in the process, we tend to incur a higher cost than what was allocated. Worse, despite the amount of money that we have spent, we still do not see the results of these efforts because we have not hit our target goals.
If you are in this boat, then you are not alone. Many businesses are faced with this dilemma. The solution to this problem is not an easy one; but one that can be resolved by understanding how digital marketing works to your advantage.
Digital Marketing demystified
Demystifying the platform that is digital marketing is the first step towards maintaining a strong online presence for your business. It has to start with an understanding of the three categories of digital marketing namely: owned, paid, and earned media.
Owned media are the channels you maintain and control. You own these channels so you have the free hand to decide on what the content will be, how they will look like, or how they will sound. These channels are your website, email, blogs and social media accounts. Content is king in the channels that you own because you control them so make sure that the development and distribution of content is varied and diverse. This means videos, infographics, press releases, blog posts and other social media campaigns. This is to bring traffic to your channels and inform potential clients of what you can offer.
On the other hand, earned media takes the shape of a popular blog or news site which features your product or service. Think of earned media in the form of testimonials and reviews by blogs or influencers which you do not own or control. Often, earned media is a result of a successful marketing initiative in the channels that you own. It is publicity that you earn based on your promotional efforts. It happens when your content is recognized organically and earn a following either through word of mouth or via your social media channels. Unlike owned media, you do not have control of earned media channels. It cannot be bought or owned. It is an integral part of the marketing mix because it tells your company’s story on a third-party platform without shelling out huge amount of money. PR and influences, SEO, reviews and ratings, and customer referrals are some examples of earned media.
The third category in digital marketing is paid media. These are promotions from a third party because you paid for them. Why are these a need when you can have owned media channels that you can control and earned media platforms that you can maximize? Because paid media channels mean fast customer acquisition speed. The moment you start paying for this service, your product or service is automatically placed in front of your customers, which means that your effort is transformed into customer awareness. Because your brand is prioritized as a result of paying for presence in this platform, your brand is amplified and communicated to a wider and bigger audience to create more impact. It gives you the much needed boost to “spread the word.” Some examples of paid media are sponsored influencers, sponsored content, Google advertisements, conferences or events, and Facebook advertisements. As the name suggests, you would need to pay for visibility in these channels so be ready to set aside a budget for this.
What can Invesso do for you?
Digital marketing has proven itself to be a potent ingredient in the success of many marketing efforts. It is a complex web of terms, processes, and categories which you need to familiarize and use to your advantage.
It is important to note, after learning about these digital marketing categories, that there is no such thing as a superior channel or media platform. Note that these categories have an impact on your budget, customer acquisition cost, and customer acquisition speed so it is best to consider your presence in all these three platforms.
In the age of a highly discriminating audience, a good mix of these digital marketing channels is a proven success blanket that can reach your intended audience and convert marketing efforts into customer awareness and brand recall.
We are confident that our collective experience in digital marketing can help you manage and maintain your owned media, maximize paid media and eventually, bring in earned media exposure for you and your company.
Allow us to help you analyze your business and provide solutions to bring your company to greater heights within the shortest possible time here.