The world of marketing is constantly evolving as traditional types of marketing are transformed into new techniques, such as performance marketing, that elevate brands. Performance marketing can create valuable campaigns that take your business to new heights. Learn how to implement this style of marketing into your strategy today.
What is performance marketing?
Performance marketing is a combination of paid advertising and brand marketing; however, it’s only paid out when the desired action occurs. These desired actions can include anything from clicks and conversions to lead generation. By doing this, the power is put back into the hands of the advertiser and allows them to have peace of mind that the money being spent is driving results.
Performance marketing differs from traditional marketing because the advertiser no longer pays a fee upfront for ad space regardless of how the ad performs. This is beneficial to businesses because it ensures that advertisers aren’t spending money on a campaign or activity that doesn’t generate tangible results like a click or sale.
|Short-term conversation||Long-term value|
|Lead generation||Customer loyalty|
Getting started with performance marketing
Before you dive in, take some time to sit down and lay out your campaign goals. Your goals will determine the desired action, and ultimately your results. Once you decide what you want your business to get out of the campaign, determine what digital channels you’ll advertise on. When narrowing down your digital channels, it’s important to keep in mind what your target audience responds to and interacts with to bring the most value to your audience.
How to measure success
With any marketing strategy, it’s vital to track your success through measurements. A key element of performance marketing is measuring the return on investment (ROI), which is when every activity and action is measured, reported, and analyzed against pre-defined KPIs. Regularly tracking ROI through performance optimization tools is critical because the more data you have, the more effective and accurate your results will be. Some key metrics commonly used in performance marketing include:
- CPI (Cost per Impression)
- CPC (Cost per Conversion)
- CPA (Cost per Action)
Whether your goal is to increase website traffic or boost brand awareness, this marketing strategy is beneficial to your company. Performance marketing is easy to track, low risk, and ROI focused so your business is continually reaching new heights.
Ready to take your marketing strategy to the next level? Connect with the GROWL Team today!