Earned Media Vs. Paid Media.
A good publicity story is undoubtedly more effective than a front page ad. Anyone can “buy attention” in today’s world of digital ads and paid influencers. While the cost of entry of paid media is increasing, with Google and Facebook taking up most of the digital marketing space, earned media's barriers to entry have remained the same. If your story is interesting, it gets printed. Earned media is just that – media coverage is earned when journalists, editors, or reporters decide that your story is thought-provoking and newsworthy.
If you're still a bit foggy on the difference between earned media versus paid media, here's the breakdown in simplest terms:
Earned Media – you have to earn it, you can't just buy your way in. When you've earned media coverage, you've earned the placement by convincing the editorial team that your story or announcement is worthy enough for them to share it with their audience. This is executed by pitching yourself or sending a press release to the editorial team of a publication or media outlet. There are zero guarantees that you will earn a spot in the publication, and this is why earned media is often consumed with more trust and respect than paid media.
Paid Media is exactly what it sounds like. You're paying "x" amount of money to be featured in a specific location, using a specific image or video, using copy that you came up with and are in control of, and it is guaranteed that your placement will run through a particular period of time. You're exchanging money for the opportunity to place yourself in front of a particular audience, and control how you're being positioned in front of them. Does it work? Sure it does. Is it better at establishing brand credibility and trust between a business and its consumer than earned media? Not at all.
What's the R.O.I. of Earned Media?
The answer to this popular question is the same as the answer to the following question: How valuable is it to have your target market know your name, trust your brand, and want to willingly do business with you because of what you stand for?
The answer: It's priceless. You can't put a price tag on how valuable this is, or what the exact R.O.I. of this is for any company. However, not having this, will cost your brand and business more than it can ever afford to lose.
The Need for Public Relations (Earned Media) in the Cannabis and CBD Industry
Public relations done the right way supports your brand, creates and maintains your
public image, and positions you as a leader in your industry – exactly what you want
and need in the evergrowing cannabis and CBD space.