According to Mark Bonchek CEO of Shift Thinking there are three critical elements to owned media Keyword Owned Media HBR sees three critical factors for Owned Media: Content, Community, and Context HBR.org Google this term communications:
- Content: Owned channels should provide content that is relevant and valuable to the customer. Ideally, they should use available data to personalize the experience to present the most engaging content.
- Community: Allowing customers to engage with each other. Potentially with the help and support of employees.
- Context: Using owned channels as a way of learning more about the customers and their needs, as well as collecting relevant data about them (e.g. for generating email lists).
Owned channels can include physical assets such as vehicles, buildings, packaging, product inserts. Each of them can be carefully designed to reflect the values of the brand. Digital channels have become increasingly crucial for a brand’s success.
A brand’s website is a very important owned digital channel. While there is a cost for developing and maintaining a website, it is a very cost-effective way to present a virtually unlimited amount of information to customers. More importantly, it can serve as an online channel for sales and service, allowing customers to transact and engage directly with the brand online. A website is also a place where marketers can tell the story of the brand including the mission, vision, and values. Websites can include several other communication relevant features such as blogs, sign up for newsletters, loyalty programs, information about promotions, rewards and discounts.
Social media has emerged as a powerful owned communication channel. Brands can create Facebook pages, and Twitter feeds and the like to engage directly with customers in the hopes of converting them into fans of the brand. But these communications channels need to be carefully managed because they can easily be used by unhappy customers to vent about an unsatisfactory experience.
Online communities are a way of generating interest in brands. They involve providing a space for discussion between customers and may also allow employees to get involved. Companies can create forums for their brands or leverage existing social media platforms. One example is the Lego Ideas Community Web source LEGO® IDEAS (@LEGOIdeas) | Twitter Article LEGO Ideas Twitter page on Twitter which lets customers talk about creative ways of using Lego and come up with new products. It also serves as a platform for competitions, and members are encouraged to vote for their favorite new designs.