The Battle for Consumer Trust
In today’s digital age, businesses are constantly vying for consumer attention and trust. With countless advertising messages bombarding consumers from every angle, it’s becoming increasingly difficult to stand out and establish credibility.
This is where earned media, particularly through press releases, can be a game-changer for startups and small businesses.
Earned Media vs. Advertising: Definitions
Earned media and advertising are both crucial components of a comprehensive marketing strategy, but they differ significantly in how they are obtained and perceived by the audience.
What is Earned Media?
Earned media refers to publicity that a company or individual gains organically, without paying for it. This type of media is earned through various means, such as press coverage, social media mentions, word-of-mouth, and customer reviews.
It is often considered more credible and trustworthy by the public because it is not directly controlled by the brand. Earned media can significantly enhance a company’s reputation and visibility, as it comes from third-party endorsements and genuine customer interactions.
What is Advertising?
On the other hand, advertising is a form of paid media where a company directly purchases space or time to promote its products or services.
This can include traditional formats like television commercials, radio ads, print advertisements, as well as digital formats such as online banner ads, social media ads, and sponsored content.
Advertising allows a company to have full control over the message, timing, and placement, making it a powerful tool for targeting specific audiences and driving immediate results.
However, because it is paid for by the company, advertising may be perceived as less authentic compared to earned media.
While advertising offers control and precision, earned media provides credibility and organic reach, making both essential but distinct elements in a marketing mix.
The Power of Third-Party Corroboration
As the founder of eReleases, I’ve seen firsthand the impact that earned media can have on a business’s success.
When a journalist writes about your company, it carries a level of credibility and authority that simply cannot be achieved through advertising alone. This third-party corroboration acts as an implied endorsement, establishing trust and encouraging consumers to take action.
In fact, a client of ours recently shared that they had a 50% conversion rate from people who clicked through to their website from an earned media article.
This is a testament to the power of third-party credibility – when people read about a company in a trusted publication, they are more likely to make a purchase or take the desired action.
Earned Media Beats Advertising: A Tale of Two Approaches
To illustrate the difference between earned media and advertising, let’s consider two hypothetical companies: Company A and Company B.
Company A invests heavily in traditional advertising, purchasing billboard space, TV commercials, and social media ads. While these efforts may generate some buzz, consumers are often skeptical of advertising claims and may tune out the messages altogether.
On the other hand, Company B focuses on earned media, crafting compelling press releases and pitching stories to journalists in their industry. When a respected publication writes a glowing article about Company B’s innovative products or exceptional customer service, it carries far more weight than any advertisement could. Consumers are more likely to trust the opinions of unbiased third parties, and this trust translates into increased brand awareness, credibility, and ultimately, sales.
Case Study: The Dining Bond Initiative
During the pandemic, we worked with the Dining Bond Initiative, a program designed to support restaurants affected by lockdowns. We sent out a single press release about the initiative, and the response was astounding. The release was picked up by over 150 publications, generating more than $10 million in revenue for struggling restaurants.
This case study perfectly encapsulates the value of earned media. The press release resonated with people’s emotions and offered a timely solution, capturing the attention of journalists and the public alike. The resulting media coverage provided invaluable exposure and credibility for the initiative, driving unprecedented success that would have been difficult to achieve through advertising alone.
Leveraging Earned Media for Small Business Success
For startups and small businesses with limited marketing budgets, earned media can be a cost-effective way to build credibility and generate buzz. By crafting newsworthy stories and pitching them to relevant publications, companies can gain valuable exposure and establish themselves as industry leaders.
However, it’s important to approach earned media strategically. This means understanding your target audience, identifying the publications they trust, and tailoring your press releases to capture journalists’ attention. By consistently delivering valuable, newsworthy content, startups can cultivate relationships with journalists and increase their chances of securing earned media coverage.
Embracing the Power of Earned Media
In the battle for consumer trust and attention, earned media is a powerful weapon that startups and small businesses cannot afford to overlook. By leveraging the credibility and authority of third-party endorsements, companies can establish trust, build brand awareness, and drive meaningful results.
As the founder of eReleases, I’ve seen countless businesses transform their trajectories through strategic press release campaigns. If you’re a startup looking to make your mark in your industry, I encourage you to embrace the power of earned media and start crafting your own success story today.