Marketing Redefined: The Seven Principles of Modern Marketing

Traditional marketing is broken. It’s broken, and, what’s more, it’s been eclipsed by modern methods with which old-school techniques simply cannot compete. To that end, in this first installment of a seven-part series, we’ll discuss the Seven Principles of Modern Marketing, beginning with the foundation: Redefining Marketing.

What Is Modern Marketing?
Modern marketing activities fall into three categories: Paid, Owned, and Earned. Think of each as a bucket you need to fill for your efforts to carry enough weight to be successful with the public. As with traditional marketing tools, each has advantages and weaknesses. However, when these three “buckets” are properly combined, they are synergistic. That is, the total package is greater than the sum of its parts.

Paid media is the simplest to define of the three modern marketing categories. It is the forms of marketing businesses pay to utilize. This includes traditional avenues such as radio and television advertising, print ads in magazines or newspapers, and large scale ads on billboards. It also includes more modern methods such as the many forms of Internet advertising. In short, paid media is marketing by paying others to use their media.

Owned media may appear similar to paid media in that both may take place online. However, the key difference here is that with owned media, the company doing the marketing actually owns the avenue through which the message is sent. For example, a company’s own website is a form of owned media. You might use your company blog to direct traffic to a specific product or service, and that’s a form of owned media.

Earned media is less tangible than paid or owned media. It’s more about reputation and word-of-mouth recommendations, both online and off. By conducting business properly, maintaining strong community ties, providing outstanding customer service, and standing behind your product, you do the work that earns you things such as positive website comments, good ratings on review sites, and social media shares by “brand ambassadors” (consumers who recommend your company without incentive).

What Comes Next?
The concepts of paid, owned, and earned media may be new to some, but they’re fundamental in understanding modern marketing. Up next, we’ll discuss methods for integrating marketing into every facet of your business and take a look at the Second Principle: Finding Balance. Stay tuned!