Most businesses consider marketing a cost center. Determining ROI seems difficult when it comes to traditional methods, leaving some small business owners to put it on the backburner. Performance marketing offers businesses a chance to save on financial costs by paying only for results.
In this article:
- With performance marketing, advertisers display online ads and only pay for the results these platforms yield. In traditional marketing, payments are usually done upfront with the business shouldering most of the risk.
- Companies can reach and potentially convert more specific leads through cookie and IP targeting.
- A/B testing will help you monitor which content works best for your marketing plan. By using an automation platform that offers you full control, you will understand which type of content style or approach is more effective.
What Is Performance Marketing?
Performance marketing is a digital marketing strategy that only pays advertisers once a specific action is completed by the target audience. These actions may include a download for an app, a subscription to a service, or even a click on a link.
It doesn’t rely on just one advertising channel as well. Instead, it allows for more targeted campaigns to run on multiple platforms for better results. Businesses can publish ads on Google, Facebook, YouTube, or Instagram and only pay for desired actions.
Benefits for Business Growth
Performance marketing is a safer option for marketers since businesses can control their advertising spending costs. In more traditional forms of advertising, companies need to pay advertisers upfront and are not responsible for how the campaign will turn out. With performance marketing, businesses can actually measure ROI in real-time. This gives the marketing team enough data to create more informed decisions to pass on to key decision-makers within the organization.
Companies can now create more niche-centered content to target specific consumers. The method also allows businesses to adapt more easily to the evolving world of marketing. And as the economic repercussions of the pandemic have shown, the ability to adapt has become an essential part of business growth.
How to Create an Effective Performance Marketing Program
Developing a performance marketing program that will work for your business still needs to be carefully laid out to come up with exceptional results. Here are some tips to consider when creating and implementing your performance marketing plans.
Determine Your Target Analytics
Before actually diving into target advertisements for your business, make sure you know what kind of metrics you want to hit. Whether it’s the number of clicks, subscriptions, or views, determine what kind of targets you need for your goals. You may want to focus on sales or add in demand generation for your product or service. Whatever end result you want to get, make sure your goals are clear for you and your advertiser.
Make sure these metrics are measurable and reachable key performance indicators. There’s nothing more discouraging for a team than exerting effort for a KPI that’s impossible to reach.
Explore Various Platforms
Once you know what you’re aiming for, it’s time to start publishing your online campaign on several platforms. Social media pages and Google ads will help you position your brand to targeted people online.
Remember to make relevant content for your target audience. Leads won’t click on the material they don’t find any value in. That’s why you need to know your ideal audience and what catches their attention.
Exploring marketing platforms will also help you gather reliable customer data. While IP targeting can yield valuable results, cookie matching will help you gain more specific information about your targeted lead. There are pros and cons to using either method. But by using a marketing platform that can utilize both, you can gather more accurate data and hone your attention to those with a higher chance of converting.
You can target both IP and cookie matches with N.Rich’s ABM software. You get full control of your advertising programs with no additional cost for the platform.
Make Your Landing Page Enticing
Catching your target audience’s attention doesn’t end with a click-through to your landing page. True success can only be noted once the lead is converted and a sale is completed. Your landing page’s overall design plays a huge role in this process.
Your landing page should contain details about your product or service plus an irresistible offer that can solve the problem faced by your prospect. The potential client should look at your landing page and get excited about having a deal with you.
Test Ads and Find Out Which Ones Work
Your content should contain clear solutions to your potential clients’ problems but sometimes, the content you put out may not get as much attention as you hoped it would. That’s where testing becomes vital. Setting up A/B tests for your ads will help you understand which type of content style or approach is more effective.
Then, once you figure out which ones work, you can start optimizing your content based on the ads that worked best for your campaign.
Those using the N.Rich platform for their advertising campaigns will note a lower CPC and CPA cost. That’s because getting full control of the platform allows you to identify specific channels that work well and focus on them instead. That way, you get better results at a lesser rate.
Monitor Your Data
Last but not least, keep track of your performance marketing program’s data. Knowing which adverts worked and fell short will help you create more compelling future campaigns. Investing in automation software like N.Rich’s account-based marketing platform allows you to customize your ad campaigns and monitor the results gained from various channels. With it, you can pre-set your metrics and run your performance marketing program smoothly. Automating your data will save you a ton of future costs as well as time.
There are various ways to get your brand known to the people that matter, but you need to figure out which method works best for your enterprise. With performance marketing, you can hit your marketing targets at a more controlled cost and develop more enticing content more efficiently.