I've spent the last several months talking to dozens of brand managers, advertising executives, digital agencies, PR firms and publishers, and the mantra is consistent. They call it different names -- "branded content," "owned media," "content-based marketing" -- but it is essentially the same thing: the use of content to position the brand as a trusted source of information and a thought leader in its space. So, traditional advertising is out and content-based marketing is in, right? Not so fast. This stuff is harder than it looks.

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