Performance marketing has completely revolutionised the way companies and organisations are advertising and targeting relevant audience. It gives businesses the ability to track and measure everything from brand reach, conversion rate, and relevant statistics even for a single advertisement. The foremost advantage of performance marketing is that the businesses pay only when some desired action takes place.
Performance marketing is essentially an intelligently chalked down combination of marketing, innovation, communication and advertising by someone selling a product/service to a potential consumer who might be interested in it. This also focuses on tracing the customers of the competitors and what is the force driving it to them. It is thus creating an amalgamation of marketing and advertising campaign to demonstrate measurable progress.
Here are a few suggestions on how performance marketing can create an opportunity for business.
- Know your market: Analyzing your consumers, market and competition carefully, on multiple levels, will help businesses to evaluate the existing demand for the products. This will also provide you an insight if there is a potential new market that the business can expand profitably. In-depth market research will help the venture to gain knowledge about the existing trends and what can be done in order to cope up with other players in the industry. Decide the consumer segment you primarily want to focus on and the one that resonates with your products and services. The common characteristics such as age, gender, occupation, income, geographical location will help you devise a plan that will turn out to be more fertile. Along with knowing your potential consumers, it is crucial to know your competitors, their strategy and their customers. Assessing their strength and weaknesses can help you design a specific growth strategy.
- Set your goals right: What sets the base for any campaign is knowing what the expectations from it are. Start the process from what you want to do and why you want to do it. Having an answer to your five W’s and one H, beforehand will help you build a roadmap that is measurable and will help you assess the areas of improvement.
- Track and evaluate frequently: Conversions, attributions, mobile and desktop bounce rates etc., can provide important statistics, to give you a better understanding of what all portals and campaigns are working in your favour and helping you drive business. This will help and guide you while investing in a campaign and its conversion rate.
- Use the available tools to ensure better efficiency: Bid management tools can reduce the human effort required and can get better output from the advertising activities. These tools help selecting keywords in such a way that the cost per click / pay per click automatically reduces without actually compromising on the traffic. Besides this, it provides details of the keywords that are capable of generating higher profits.
- Cannot afford to skip on to social media: Incorporating social media marketing amplifies your marketing game by multiple folds. It results in reaching to a much wider group of audience and thus allows the brand/organisation to get added exposure and traction. Additionally, social media attracts the majority of the audience today, and it provides a better understanding of the consumers’ interests, preferences and tastes. The performance in social media marketing is measured around engagement, likes, clicks and conversions.
- Search Engine Marketing intensify the efforts: Search engine marketing provides two alternatives – paid and organic. Paid is when the advertisers pay per click when the advertisement flashes on the search engines. For organic marketing, it depends upon the methods like search engine optimization.
Performance marketing is now an essential ingredient to aid a business to grow and intensify its visibility online. Along with building the brand and reaching to the audiences, helping you conduct market research, driving traffic in a way that is measurable and traceable with maximum return on investment. Thus, organisations can identify where the investment can yield maximum results and where it is not worthwhile to invest time and money. Also, since performance marketing operates on the business model wherein the payments are done post the desired action is taken, the return on the investment made is satisfactory.