In today’s highly competitive business landscape, it’s more important than ever for companies to have a strong and effective marketing strategy.
One concept that has gained traction in recent years is the Trifecta of marketing, which involves utilizing a combination of owned, paid, and earned media.
In today’s article, we are going to explore the marketing trifecta concept including the benefits and best practices for each type of media, and how they can be effectively combined to create a winning marketing strategy.
Owned Media
Owned media refers to the channels and assets that a business or organization controls and uses to communicate with its audience.
Examples of owned media include a company’s website, social media accounts, email lists, and blog.
Businesses can use owned media to connect with their audience by creating and sharing valuable content, such as blog posts, videos, and infographics, that align with their audience’s interests and needs. They can also use owned media to promote their products or services and drive traffic to their website.
By building a strong presence on owned media channels, businesses can increase brand awareness and loyalty, establish trust with their audience, and drive conversions.
Paid Media
Paid media is a form of advertising that businesses pay for to reach a specific audience.
It includes a wide variety of media channels such as television commercials, radio ads, print ads, online ads, and social media ads.
Paid media allows businesses to target specific demographics, such as age, gender, location, interests, etc.
Businesses can use paid media to reach a specific audience by choosing the right channels. For example, if your target audience is younger, you may want to focus on social media ads, while if your target audience is older, you may want to focus on television commercials.
Earned Media
Earned media is often referred to as “free media” because it is not paid for, but it is earned through the actions of the business or its customers.
Earned media can be in the form of news articles, social media posts, blog posts, customer reviews, or any other type of coverage that is generated by a third party.
Earned media can be incredibly valuable in building a positive reputation for a business. This is because earned media is often seen as more credible and trustworthy than paid media, as it is generated by an independent third party.
Putting it all together: Creating a comprehensive marketing strategy
By utilizing all three types of media, businesses can create a comprehensive and effective marketing strategy that can help them connect with their target audience, build their brand, and drive growth.
Effectively balancing the use of owned, paid, and earned media is an essential part of creating a comprehensive and effective marketing strategy.
Here are five tips for effectively balancing the use of these three types of media:
Define your goals
Understand your audience
Use owned media to build your brand
Owned media is a great way to build your brand and establish a connection with your audience. Use your website, blog, and social media accounts to create valuable content that provides value to your audience and establishes your brand as a credible source of information.
Use paid media to reach your target audience
Paid media allows you to reach a specific audience and can be a great way to drive traffic to your website or social media accounts. Use paid advertising to target your audience and drive conversions.
Use earned media to build trust and credibility
Earned media is a powerful tool for building trust and credibility. Use public relations and influencer marketing to get your brand in front of the right people and establish yourself as a thought leader in your industry.
Conclusion
The Trifecta concept has the potential to drive business growth and success by providing a holistic approach to reach and connect with the target audience, build trust and credibility and ultimately drive conversions.
As businesses continue to navigate the ever-changing marketing landscape, the Trifecta concept provides a valuable framework for creating a successful marketing strategy.
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