Performance Marketing: An Ultimate Guide
Performance marketing is a money-savvy marketing technique, especially for businesses that are starting out. It involves aiming for the performance of the marketing campaigns in terms of measurable metrics that are set as the objectives of a campaign, like clicks, leads and conversions from online ads.
Also, businesses are able to collect more data on traffic and other criteria that determine the success of the company in long term. They can use these to fi their future marketing and advertising to drive their advertising in a more successful direction.
Performance-based marketing is the present and the future until something better is found. Unlike traditional advertising in which you pay estimating a certain reach or success, in performance marketing, you pay only if your advertising ticks the objectives of your campaign.
Performance Marketing Vs Digital Marketing
What are you looking for from an advertising or marketing campaign for your business? Is it more sales, leads and conversions or do you just want to create brand awareness and audience for a startup? It’s important to pinpoint your goal when it comes to choosing a marketing plan.
Performance marketing evolved from digital marketing and uses its tools and largely remains as one of the popular online marketing techniques. It’s normal to be confused which to use for your business. Let’s discuss a few points to distinguish between performance-based marketing and traditional digital marketing.
In performance marketing, as we mentioned already, you pay for the performance of the marketing team or advertising agency. You have a set goal for your ad campaigning, like getting leads, sales, clicks or conversions, depending on the ad you put out. The performance marketing agency gets paid only if they give results that count towards your preset goal through multiple channels. If you are running an ad campaign on Facebook, for example, with the objective of more number of clicks or conversions in the given time, you pay only if that is attained.
Traditional digital marketing is driven by long-term success as the goal and consistently works towards growing in that direction through a strategy that works best for the business concerned. With this, you will be paying for an estimated success. You will have the final say in what you want to be done for your company in digital marketing. Whereas, when you hire a performance marketing agency, you trust them to work out the best plans and strategies through multiple channels to hit the goal and ensure ROI and more.
Performance marketing is more budget-friendly if you are running on limited funds and you can be in control of the spend on advertising. Digital marketing is the way to go if you are more strategically planned and looking to play the long term game.
Performance Marketing Strategy
Like any marketing, performance marketing must have a strategy, too. Here, we will guide you on how to create an effective performance marketing strategy or plan.
1. Set a Specific Goal
Are you trying to increase traffic to your website? Do you have a landing page that could use more attention? Do you want to grow an email list that is well-defined and ideal? Define your goal with clarity. This is the prerequisite to any performance marketing strategy.
2. Opt for the Optimal Channel
There are several types of marketing channels in performance marketing. For the optimal results, you have to choose the right channel and to make the right choice of marketing channel, you have to understand your goal well as well as have a clear idea about how your target audience behaves. The wrong channel will not only waste your money but will also gain you irrelevant audiences.
3. Create the Best, Suitable Content
Each marketing channel uses different types of content. Content is not a one-size-fits-all matter. Which platform do you wish to advertise on? Are you aware of the type of content the audience on that particular platform are attracted towards? You need to find the answers to these questions and then work accordingly. Adapt the content to each platform as per requirement. The content for advertising includes copywriting and graphics or videos. Do you have appropriate content needed for your advertising goals? It is uncompromisable.
4. Keep Track of the Events
With performance marketing, a lot is trial and error. But this is completely justifiable as finding the right stroke for advertising is a work-in-progress. Performance marketing is a work in progress. This is also what makes it immensely flexible and reliable. You get to watch it as it grows. Whenever a campaign is running, keep track of the performance, analyze the data and observe how the traffic is moving. Stay tuned to the variations and make notes about what works and what doesn’t. Then, improvise as per your findings.
Plan to Hit Again Before the Dust Settles.
5. Review and Optimize the Campaign
Once a campaign is over, pull out the analysis and evaluate the pros and cons against your goals. How much has it helped you steer towards your goal? Was the channel used the best one? Is your target audience well-defined enough? If you were to keep at this campaign, would there be any ROI or would there be loss? Analyze critically and seek help where you feel technically challenged.
People like us live to give you a hand at things like the above. Also, find more at The new era of performance marketing
Benefits of Performance Marketing
Performance marketing has many perks compared to other online marketing methods. The main advantages of performance marketing are:
- It sports low risk for the business in most plans since you are not paying up front.
- It focuses on increasing return of investment.
- Performance can be tracked easily. You get to see where you are heading with a performance marketing plan. It is almost instantaneous in giving you an overview of performance.
- It is 100% measurable. Performance marketing metrics like impressions, clicks, leads, conversions, awareness etc are completely trackable and measurable.
- Transparency in expense, since payment is not upfront and is only for completed actions.
- Better manageability of campaign budgets.
- Wider reach in advertising.
- Creative contributions from advertising partners.
Why Us for Performance Marketing?
With the ever-growing trend of online advertising, it’s time that you considered incorporating performance-based marketing to your marketing campaigns. It is as much an opportunity to study the industry and learn more about your niche and potential audience, as it is a cost-effective and result-oriented advertising technique with low risk.
A good performance marketing agency can help you make the transition smoothly and that is half the job done.
We are a team of passionate professionals with our expertise invested in all the areas of traditional digital marketing including performance marketing. Strategy is crucial and we create them without compromises for our clients. Once you decide what you want to achieve for your business, we will take it from there, working diligently alongside you.
So what are your marketing and advertising goals? Do you have an effective marketing plan in place? Is performance marketing the right fit for your business model?
To know more about performance marketing and its potential in your business, contact us for a chat!