The definition “own, bought and earned media” has become a popular description for the different media “types” that brands operate in as well as deal with. This terminology originated from within Nokia and quickly started to pick up pace across the industry. It did a great job in illustrating the emergence and importance of brand properties that resided within as well as outside the control of the company. This form of thinking has large implications on how brands need to revisit their media mix as well as their overall planning and budgeting logic.
As the digital landscape continues to shape the way consumers and brands interact, a further evolution of this “media trinity” might be welcomed. Own/Bought/Earned (OBE) gives a good overview, but there are a few dimensions that perhaps need to be called out more prominently in order to bring a holistic view to the picture. McKinsley recently took a stab at this by introducing “sold” & “hijacked” media into the mix. I’ve been working on something similar during the last few years, with one important additional “enabler dimension” i think the McKinsey model fails to point out. Human.
Own media is the foundation of any brand. One could say that it consists of all the outlets a brand has in its control. These extend across multiple online properties, (both fixed and mobile) as well as different functional presences related to care, sales, comms/pr, marketing as well as human resources. In addition to digital channels, own media extends to physical spaces such as retail and care outlets as well as the product a brand itself is selling.
Bought media is quite self explanatory and consists of the presences/visibility a brand acquires through monetary exchanges with the media owners. These range across digital and physical spaces and are unified by the same principle: a brand pays (or bids) for having their product or marketing message displayed across a particular advertising real estate.
Earned media is a consequence of what a brand does, not something that a brand can buy or control. It is fueled by consumer satisfaction and advocacy, thus becoming a powerful vehicle to those brands that have earned their space in their advocate’s hearts. The biggest misconception I often run into, is that many marketers interpret earned media as having a Facebook page. A Facebook presence is own media, just as their .com or .mobi corporate sites are. Earned media is unprompted and driven entirely by sources that are not controlled by the brand. Brands can facilitate the dissemination of content by creating social features to their own media as well as engaging in conversations with its customers, but in the end, earned media is an end result delivered by the customer.
Just as great brands strive on the earned customer advocacy, modern digital channels make it increasingly easier for consumers to voice their negative brand experiences. Burned media consists of consumers that are voicing their frustrations about a bad experience they have had with a brand. This is also a consequence of what a brand does, not something a brand can pay to avoid. In this light, it becomes increasingly important to have the care and PR teams involved in crafting overall engagement strategies as well as frameworks that enable brands to quickly react to negative WOM as well as proper empowerment that enables community managers and care agents to solve any issues that are emerging.
In today’s age of collaboration, it becomes more and more evident that brands cannot do everything on their own. Collaboration amongst brands is needed and healthy ecosystems encourage a “you scratch my back, I’ll scratch yours” mentality. Many brands fail to leverage the value of their own media and go out paying for media, when they could achieve more through clever partnerships where media is traded, or by allowing 3rd parties with no conflicting interests to buy real estate on the brands own web sites.
Perhaps the biggest media evolution we have witnessed in the past years, has been the shift from broadcast media to conversational media. Along this chain of thought, a fundamental piece must also evolve. Conversations cannot be automated, they need a human interface that can understand the human emotions as well as cultural contexts that a particular engagement unfolds around. The earned and burned media streams unfold around conversations that need human interpretation as well as interaction to solve. The media mix that a brand evaluates, needs to start taking the core asset of any company = the people, into account. In the past, media was paid. In today’s world, it’s a combination of time and money, controlled and non-controlled spaces as well as an industry that’s still trying to find the right balance for shifting budgets (and people) accordingly.