Five Effective Performance Marketing Tactics
01-Dec-2022 | Digital Trends
The world is connected more than ever thanks to the social and commercial digital channels we use to stay in touch with each other and the world. From its inception, the internet has redefined how we connect with each other, therefore, changing our behavioural patterns. That’s why a business must use an omnichannel digital marketing strategy across digital social strata to tap into different audiences. It has changed how we look at advertisements and our psychological triggers that make people go out and experience products in a different light. Hence, the era of digital marketing techniques needs your business to have a robust branding strategy to increase visibility and drive engagement. Here comes the concept of performance marketing that addresses the gaps of technological shift.
Marketing: Then and Now
Traditional marketing channels have methods like billboards, posters or print ads to connect to the audience, hoping that it would generate desired results. But digital marketing channels have a deeper access to the lives of their audiences. It's simply how we use our digital presence that matters to marketers while making digital marketing strategies. Therefrom comes the concept of interactive advertising on the web, where marketers do not pay any fixed price for displaying ads but generate revenue once an audience clicks on an ad shown on websites, text links or an email and takes action on it.
Here are five digital marketing strategy that falls under the ambit of performance marketing
- Cost per (Click/Impression/Sales/Leads and Acquisition) strategy
- Cost per click is a generic way to drive traffic to a website where advertisers get paid on the number of times their ad is clicked on.
- Cost per impression means that advertisers are getting paid on every thousand views of your ad.
- Cost on sales means that you are paying on every sale generated by an ad. The system is also used in affiliate marketing.
- Cost per lead is calculated by dividing the campaign spending by the number of new leads acquired.
- Cost Per Acquisition is a marketing metric that measures the aggregate cost of acquiring one customer on a specific campaign or channel level.
It is re-imagining a tried and tested idea of pushing a brand through popular personalities adopted into modern social media marketing. In the most cost-effective and relatable way of advertising, and influencer marketing targets relevant groups instead of reaching out to larger audiences. However, it is difficult to measure any conversion in the case of influencer marketing because the likes and comments cannot be converted into meaningful metrics. To get around this problem, social media platforms are focusing on audience engagement more than ‘likes’ which gels well with a performance-based approach that brands want to see.
In a new way, the audience can turn their cameras into a visual discovery tool. With the feature integrated into almost all the eCommerce and social media platforms, audiences can accurately search what kinds of products they want, thus giving businesses a broad idea of consumer needs with accurate and reliable data.
Another ingenious way to drive sales and generate online revenue is affiliate marketing. Here, the affiliate can be any external entity that refers to or promotes a product in focus and earns a piece of the profit on every sale. The metric is generated via the sales tracking affiliate links from one site to another.
It is the ability to use data efficiently to give audiences a personalised experience. For instance, if a customer adds a product to their cart but refrains from purchasing, the retailer can then change the ad creative to influence the customer to make that purchase. This works better than standard acquisition campaigns since the customer already demonstrated their interest in the product before seeing any ad.
Final Thoughts: Empowering brands with performance marketing
Enabling brands to collect and analyse real-time data lets brands target relevant customers and achieve desired results with specially tailored marketing strategies on the web. As every strategy works on different segments of audiences and offers unique opportunities to marketers, performance marketing has become the go-to technique since the number of online users is slowly growing compared to brands. Hence, marketers will need novel approaches to penetrate a dynamic stagnant user base. Here comes Digitale, one of the award-winning best digital marketing companies based in Kolkata that uses notable channels of performance marketing strategy like Google Adword websites or social media sites like Facebook, Instagram, Twitter etc., to carve out the brand presence in a competitive & congested market.
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