Thursday, April 20, 2017

Looking for Inspiration: Excerpts About Paid Owned Earned Media (P.O.E.M)

Marketing has changed more in the last years, than it has in more than half a century before.

"The game has changed. The world of marketing has evolved alongside new media, and what has resulted is a system which would have been completely unrecognizable – and, perhaps, wholly absurd – to a marketing professional just a few short decades ago. Just as new media has changed the consumer, it’s also changed the professional – and the way those professionals communicate", stated Nicholas Greene.
  1. A Whole New Toolkit
  2. Power to the People
  3. Interactivity
  4. Competition has Kicked into Overdrive
  5. A Narrowing of Niches
  6. More Marketing Freedom
  7. Time is Money is Effort
  8. The Sales Funnel is Broken
  9. From Ideas to Experiences
  10. A Business-Wide Effort
"Advertising should no longer be a task left solely to the marketing division. Instead, to pull off a successful advertising campaign is a company-wide effort. In order to accommodate the new technologies that go hand-in-hand with new media, an organization needs to reshape its entire infrastructure, and rethink the way it operates", Nicholas Greene concluded.

"We’re engulfed in a digital revolution, which is the equivalent of the Industrial Revolution of the 19th century. And it’s not just the marketing industry, it’s every industry involved in this. Retail is having to evolve to the online model very quickly; banking is already moving most of its stuff into an online space. So that’s driving a lot of this… There are new tools and they’re really interesting, but what’s more interesting is how we use them, and even more interesting is what are the things that we shouldn’t be changing? What are the principles of return in terms of engaging people? We’re still talking about human beings here. And I think there’s a temptation to have change drive the work that you do, as opposed to the work that you do driving the change that you want to see
(...)We're all in the entertainment industry now (...) and it's not a matter of interrupting people the way that we used to, it's actually how we get them to come to us willingly and voluntarily", said Dan Gregory.

Paid Owned Earned Media (P.O.E.M) is a framework that marketers use which incorporates a blended approach of traditional marketing, digital media and engagement as a more holistic marketing strategy.

Nokia was an early pioneer in this space. "Earned Media is where the action is. This is where you have done something so cool or interesting that people want to use their own media to tell others about it, and hence you earn media", said Dan Goodall.

"The terms "earned, owned and paid (aka bought) media" have become very popular in the interactive marketing space today. In fact, taken together they can be applied as a simple way for interactive marketers to categorize and ultimately prioritize all of the media options they have today", said Sean Corcoran 

"There are still a lot of marketers out there buying their media when they could earn it, and earn it a lot less expensively", said Fred Wilson.
Wilson suggests the media universe comes down to a blend of paid media and earned media, the latter of which is becoming increasingly important in this age of consumer expression and conversation.

"We need to think about platforms like Facebook, (...) and Twitter as "context" that enables earned media, not an end in and of itself
Earned media could include the media brands cultivated via Twitter, Facebook, blogs, viral marketing campaigns and much more (...but) this isn't easy, and, at least in the short term, it may not necessarily be cheaper (...) For instance, I have repeatedly argued that customer service is a form of advertising -- classic earned media, in fact -- but getting it right is far from easy and requires upfront investment and expertise that's well out of the scope of most media planners", said Pete Blackshaw.
"The vast majority of earned media (...or "consumer-generated media") comes from brand experiences (...) For certain sectors like travel or hospitality, the employee interaction is the No. 1 incubator of earned media (...) Increasingly, just showing evidence that you care about what the consumer says incubates earned media", noted Pete Blackshaw.

"Earning digital media doesn't mean it's free. It's not. It's just that instead of paying directly for a placement or making arrangements with a partner—you are paying for the time and resources of people who will investigate what's being said about your brand and engage on your behalf (...) The people talking about your products and services are never compensated by an agency or network—however they can be set into action by triggers you've put in place. This could mean establishing a relationship, sharing news, seeding content, talking to, and in general interacting with the people who actually care about your product or even better the topics associated around them", said David Armano.

Paid media

"Simply stated, you pay for this type of media – tools like Google AdWords, or different types of search and display advertising, SEO and PPC campaigns, and so on (...) There used to be time when digital marketing was synonymous with paid media. Not anymore. While paid media has its place, times have changed and people have gone beyond responding to promo pitches and clever commercials. Now they are more interested in building relationships with brands they trust and they are seeking involvement with those brands regularly",  said Daniel Newman

Owned media

"This is the media channel created by your business – the content that you own, in entirety. Think of it as the content featured on your website: your blog posts, the free whitepapers or eBooks that you offer, and any content that you are giving away in the hopes of winning new leads for your business. It also includes the content that you share on your company’s behalf across various social media sites. To nail this part of the game, you need to have a strong content marketing strategy, and an equally strong social strategy to back it up", noted Daniel Newman.

Earned media

"Earned media places customer into your media channel. The need for customer engagement reaches its pinnacle with earned media. It draws the attention of your prospects and customers, turns them into brand advocates and influencers, who will in turn push your brand before the eyes of more customers and potential brand advocates. You can even consider this the return of good-old “word-of-mouth marketing,” albeit with a modern twist.
Earned media, however, hardly ever works alone. You have to make it a part of your marketing ecosystem along with paid and owned media. The truth is: in today’s digital landscape, they either work together or they don’t work at all
", explained Daniel Newman.