Performance marketing is an all-encompassing, result-oriented digital strategy. In this model, businesses/advertisers only pay for particular actions or results. The advertisers pay when the publishers meet marketing objectives such as cost per conversion/click, leads, and impressions.
It’s tedious to get the attention of the right audience. Performance marketing is a short-term strategy, giving you granularity and precision that drives revenue growth and is measurable. With this article, you’ll explore fresh ways to move the needle!
The Channels and the Strategy
The channels you use for performance marketing must have an engaged audience matching your ICP. Each medium displays relevant ads to relevant customer segments- this is where your bidding strategy comes into the picture. Native advertising is gaining momentum as many people have begun using ad blockers, and your digital ads don’t reach them as intended.
Consumer buying behavior has shifted tremendously.
Performance marketing allows you to track marketing progress in real-time and optimize your campaigns for the best results.
Most digital advertisers are now heavily relying on programmatic advertising. Humans add creativity, and AI takes care of the bidding.
Social is paying a massive role for performance marketers. But in the B2B space, most marketers are not tracking the right metrics. Firstly, it’s imperative to be clear with business objectives- what do you want to achieve from social media marketing? Do you want to create a more engaged audience base, drive traffic to your website or generate more leads/sales? Once you have the vision in sight, you can choose social media channels and platforms that align. Things you may want to consider would be the organic traffic you’ve seen so far on these channels and the ROI.
Search with intent data will increase visibility and traction for your brand. SEM is a bit of both science and art. Choose the right keywords according to the search volume and intent, and be creative enough to stand out and catch your audience’s eye. Ideally, your budget shouldn’t be over 30 percent of your Customer Lifetime Value. Performance marketing is giving brands such quality results that they created a whole new marketing model out of it- affiliate marketing.
Performance marketing will intersect with other marketing strategies in the future. The digital marketing landscape is worth billions now, and it only makes sense to design marketing for performance. Modern marketers are already combining performance marketing with email marketing and content marketing to enhance overall performance.
The industry believed for a long time that brands couldn’t measure marketing success, and performance marketing is changing that worldview. There are, of course, some marketing results you can observe only in the long-term, but you need to fuel marketing with short-term goals and tie it with impact.
The Editors’ Note
Modern marketing is all about performance. Keep experimenting to see what sticks and what doesn’t. You must also never stop exploring better ways of doing what’s already working well for you and not be afraid to take it a notch higher.
Trust is crucial to consumers, and it’s best to make your marketing compliant with all privacy laws out there. Performance marketing is here, and the show has already begun!