Nice piece today in Forbes.com from David Edelman and Brian Salsberg on the changing world of media and how marketers should adapt their thinking when forming communication strategies.
While traditionally marketers have categorized media as “paid” (advertising), “owned” (your company Web site, e-mail blasts, etc.) and “earned” (PR story placements).
Edelman and Salsberg suggest adding two categories to the mix: “sold” (such as when other marketers purchase advertising on your Web site or blog) and “hijacked” (when social media agitators take it upon themselves to besmirch your brand’s name).
Additionally, the “earned” media category is taking on meaning beyond the traditional “advertising equivalency” measure traditionally used to evaluate public relations’ ROI.
I would suggest that “earned” and “owned” are merging, as Edelman and Salsberg observe with Starbucks‘ achieving 10 million fans on Facebook and leveraging this fan base to energize its “My Starbucks Idea” site, drive customer loyalty and sales revenues.
It’s a new world out there. Consider all avenues and evaluate how each works with the others to deliver sales, revenues and customer value over time.
Meanwhile Back at the Ranch is written by Bill Patterson, president of Kansas City, Mo.-based Nation Ranch, a strategic consulting firm specializing in brand management, public relations and crisis communications.
