What is your POEM?
Strategic understanding of your marketing POEM can give your business significant reach at a fraction of the cost of simply hammering one channel without any strategic direction. POEM is actually a marketing acronym which stands for Paid Owned and Earned Media. It is used to refer to a marketing framework which helps marketers to develop omni-channel / converged media marketing strategies.
What are Paid, Owned, and Earned Media?
Paid Media – a channel which you must pay to leverage (e.g. display advertising, search engine marketing, social media marketing, directories, etc.)
Owned Media – a channel which is freely leveraged by the entity that creates/controls it (e.g. website, blog, YouTube channel, social media profiles, etc.)
Earned Media – earned media is the voluntary buzz generated by your other channels (e.g. word of mouth, reviews, social media shares and mentions, etc.)
Each channel has its benefits and its drawbacks and how the channels are employed really comes down to the marketing goals and budget. Budget matters because no matter which channel is leveraged there is a cost whether it be time or money.
The omnichannel marketing strategy is beneficial because it allows us to leverage budget allocated towards one channel to grow another. For example, when launching a new web presence we’ll often allocate a greater portion of the budget towards paid media which will be leveraged to grow the earned and owned media channels. Over time, we will see our owned/earned media develop some critical mass which will create the option to wean our paid media budgets off slightly or completely depending on the marketing strategy and how aggressive we’re being.
You should always be working your POEM in one way or another to avoid losing ground and your reach waning. A sound digital strategy will take your POEM into account and offer creative strategies to adapt to POEM environmental changes and continually drive POEM growth.