What is owned media?
Owned media refers to the media channels a company or organization has complete control over and operates on its own. It acts as a direct platform to share content and engage with its audience. Examples of owned media include a company's mobile app, website, blog, email list, and social media accounts.
Owned media vs. paid media
Paid media refers to any marketing channel that requires payment to access. Some examples of paid media include online ads and television commercials. Compared to owned media, paid media offers a broad reach, as it can be seen by anyone exposed to the channel. It also provides immediate impact and the ability to measure results in terms of impressions, clicks, and conversions. However, paid media can be expensive and may not always provide the level of targeting and control that a company desires.
Owned media vs. earned media
Earned media refers to the marketing channels that is generated by a third party. Word-of-mouth recommendations, media coverage, and customer reviews can all be an example of earned media. In comparison with owned media, earned media has a higher level of credibility and trust, as it comes from a trusted source independent of the company. Earned media also offers an extensive reach, as it can be spread through social networks and shared by others. However, earned media can be difficult to control and may be subject to negative reviews and comments that can harm a company's reputation.
Pros and cons of owned media
Pros of owned media
- Full control over message and image: One of the most significant advantages of owned media is that you have complete control over the branding aspects you present to your audience. Having full control enables you to shape and reinforce your brand identity and ensure that your target audience receives consistent and accurate information about your products or services.
- Direct engagement: Owned media channels provide a direct platform to engage with your target audience. You can respond to customer questions, solicit feedback, and build relationships through two-way communication.
- Ability to gather data and insights: By tracking the behavior of your audience on your owned media channels, you can gather valuable data and insights about your customers, such as their interests, preferences, and pain points. Data gained through owned media can help you tailor your marketing efforts and improve the effectiveness of your campaigns.
- Cost-effective: Compared to paid media, owning your own media channels can be a cost-effective choice to engage with your target audience.
Cons of owned media
- Time and resources: Creating, maintaining, and updating your owned media channels can be a time-consuming and resource-intensive job. You'll need to allocate time, money, and personnel to ensure that your channels are regularly updated and engaging to your target audience.
- Lack of reach: While owning your own media channels can offer a cost-effective way to reach your target audience, the reach may be limited compared to other types of media channels.