Here’s a hard truth:
Having a great product does not equate to more sales.
Although a desirable product is a key ingredient to succeed as a business, also having a clear COMMUNICATION strategy is vital to achieve consistent profits.
Of course, you could increase your ad spend and convert your cold leads through advertising.
But paid advertising is just one piece of the puzzle.
The entirety of the puzzle can be described using the PESO framework, which is an excellent model to help you plan your business communications’ strategy.
The PESO framework
There are four angles of media that a business can use to communicate:
Paid; Earned; Shared and Owned Media.
Paid media is commonly known as advertising.
A business may engage paid media by promoting their brand or products using Facebook ads, Google Search ads or even in traditional media such as newspapers.Yes, advertising in traditional media such as newspapers and television is still quite relevant today.
Fret not, as techniques such as split-testing online ads can help get your ads to the high quality leads that result in conversions.
When your audience starts speaking about your brand to others, it becomes Earned media.
For example, a satisfied customer may voluntarily write a testimonial for your product and post it on their social media.
Earned media is the most credible in the eyes of the audience.
This is because people trust others like them over corporate mumbo jumbo.
However, earned media is out of the control of a business and can swing either way.While positive reviews may build up corporate reputation, a single negative review may tarnish the business forever.
“It takes 20 years to build a reputation and 5 minutes to ruin it. If you think about that, you’ll do things differently” – Warren Buffett
Shared media functions as a blend of earned and owned media.
It is most known as social media, where audiences organically interact with your brand page.
This is the avenue where you can showcase the human side of your business.For example, you could share stories of employees or customer testimonials on Instagram.
By interacting with your post, your business and the audience can have a shared experience which improves customer relationships.
Lastly, Owned media refers to content that is independently created by your business.
For instance, blog posts and your company website would fall under owned media.
While owned media is highly controllable, it will take a while for an audience to learn to trust your brand.
Here is a handy infographic to illustrate the PESO framework:
Which Type of Media Should You Use?
It all depends on your objectives.
You could use Owned media to build up a foundation for your brand.
You could start a Shared or Earned media campaign to raise your brand’s reputation.
You could also engage Paid advertising to drive conversions.
The key here is to not lean too much towards one particular type.
Instead, consider gradually building your brand and brand reputation such that when you do start to advertise, the reputation and trust you have built will help to drive conversions.
Sounds like a lot to handle?
That’s because it probably is.
But as the saying goes, Rome was not built in a day.
Even corporate giants such as Amazon had their fair share of humble beginnings.
Every now and then, we all need a helping hand.
Here at WECOFA, we specialize in helping you build breakthrough digital marketing campaigns to fulfil your businesses' needs as part of your paid media strategy.
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