Marketing is one of those great pillars behind a company’s success. You can’t just start your company or franchise without marketing or promoting it. Successful marketing strategies can attract those huge numbers of clients to get the company started. That’s the same reason that every company these days is looking for a successful marketer.
What Is Performance Marketing?
Digital marketing or social media marketing is one of the most preferred ways of marketing these days. This is why performance marketing is coming in handy now. However, before getting things started, we need to know what performance marketing is. Performance marketing is generally referred to as online marketing and advertising to improve a company’s sales.
Almost everything is done online, and the study says that we almost spend 10-12 hours of our day online. This is the same reason that marketers love online marketing. They get to reach a greater number of audiences at a particular time. It saves time and saves a lot of money too. So, companies these days rely on their advertisers and pay them for a successful sale, lead, or click.
The idea is to stay updated about the new platforms where there are chances of successful online marketing. This makes marketing quite easy to track and involves fewer risks. In addition, as there’s not much money involved in online marketing, and it has larger consumer engagement, it helps in leading sales and brand recognition. And unlike the traditional marketing methods, advertisers only need to pay after a successful transaction.
Digital marketing is all about hitting the right people at the right time. You need to strategize every one of your moves to taste success. There are some other pitfalls too that a performance marketer may encounter with like – compliance-related issues concerning regulatory rules, placement transparency, or publisher fraud. There are some tools and software which can help a performance marketer to avoid these problems. Click here to view benefits of digital marketing.
See also: The Complete Email Marketing Guide
To be a successful marketer, you need to know the performance media definition well. It is an approach to media planning, based on your performance, and you get paid only when there is a measurable result like the Cost Per Click (CPC), Cost per Sales (CPS), Cost per Acquisition (CPA), Cost per Order (CPO), Pay Per’ X’ and the Cost per Leads (CPL).
ROI or the Return of Investment is to be checked regularly by going through the conversion rates or the average order value. The lifetime value of the customers is to be considered. Considering ROI for both you and your clients, the best plan to go through. The study says, maintain a ratio of 5:1 of a lead gained income and expense of generating the lead is a stable state.
Performance Marketing Goals
The smart marketer is the one who plans everything from the very first – including the chances of success and failure. You need to oversee things and strategize accordingly to avoid panic and make the wrong decisions. There are many goals. Every performance marketer must have in mind –
- Website traffic – The first thing to keep in mind is to build optimal website traffic and maintain a good rank in every search engine. You can get help from SEOs for the same.
- Engagement – A good and successful consumer engagement is another important goal for every Performance marketing strategy.
- Repeat Visits – The more repeat visits you can get, the more successful you get. The only way to get repeat visits is through quality content and engagement.
- Sales – Increasing sales is the most important task and the goal you need to keep in mind throughout the campaign. Use your creativity and intellect to improve your company’s sales.
All of the above-mentioned campaign goals are connected.
You need to achieve all of them together and can’t just avoid one of them. Once the above goals are achieved, build a quality team, and start your marketing through affiliate marketing, content marketing, or social media marketing.
How To Start With Performance Marketing?
There are a lot of different ways you can initiate the process. Let’s learn more about them in detail.
This group involves advertisers and is termed performance advertising. Businesses look for them to promote and advertise their businesses. Consumers generally look for advertisements before they go for a product.
They trust such recommendations and reviews. Marketers who have already gained some trust from their past generally are more trusted. So it’s important to look for ways to win consumers and increase traffic.
This group involves affiliate marketing. They are considered marketing partners in the performance marketing field. Product review sites, blogs, online magazines, coupon websites, and loyalty websites are some of the fields influencers do their promotion. This is one of the best ways to increase sales of the companies.
There are many ways to improve affiliate marketing, like improving content sites, mobile apps, AIs. Publishers have got a lot of involvement in improving merchant partnerships too. They need to make sure that they are in touch with skilled merchants. Product giveaways and giving offers are other ways to improve affiliate marketing and build loyalty for both the influencers and the brand.
What is Direct response marketing? Click here to know.
You can’t improve performance marketing all by yourself. It would be best if you built strong networks with quality members. They deal with promotions, pay-outs, product feeds, and banners. These networks are like platforms for the merchants and the publisher to keep track of their performance. Pepper Jam, HasOffers, and commission junctions are some of the popular Affiliate networks in the market these days.
Making a connection and having contacts with some experienced affiliate managers, and keeping in touch with merchants and publishers are quite important. To be a good marketer, you need to have those strong connections and know people from the field.
Affiliate managers play one of the most important roles in performance marketing. They act as a bridge between the affiliates and the merchants. To manage any affiliate network, you need to have some expertise in the field and strong communication skills.
Agencies also get them involved in this group. The managers need to make sure that they take care of the partners’ requirements and the merchants.
Software For Performance Marketing
Using platforms like Facebook is a good idea to consider for every performance marketer. SEO-related tools like SEMrush, Crawling Frogs, Google Webmaster Tools are smarter ways to involve yourself in performance marketing. Research your client’s website or your competitors and try to improve website traffic.
Common Terms for Performance Marketing
Performance Marketing has different terms that they are referred to. Knowing those slightly different terms would be useful so that you don’t get confused later. Some of the other common terms are –
- Affiliate marketing
- Sponsored Content
- Native Advertising
- Search Engine Marketing
- Social Media Marketing
Performance marketing is a competitive field. And achieving success might be a bit hard. Here are some of the tips you can go through –
- A/B Test
- Optimizing revenue-driven KPIs
- Focusing on a good Landing page
- Increasing Web traffic
- Measuring SOI
- Keeping track regularly
- Have Patience as always
Even if you are a newbie or have some experience, it’s necessary to stay updated with all the news and fields regularly. Create new ideas and explore different ways. I hope the above article helps you. Also, please share with your friends and fellow marketers to help them learn.