In today’s market, every business that wants to succeed and have a competitive edge needs to identify effective marketing strategies. They help you connect with your target audience, build brand recognition, and influence consumer behaviour. Basically, it is a map that guides business owners to achieve their goals and grow their business. In addition to content marketing, SEO or other strategies, performance marketing is changing the game because of how it impacts the way companies operate.

But what is performance marketing?

Performance marketing refers to online marketing where service providers get paid only when business goals are met. These goals or actions that are desired include a click, sale, lead, booking or download. It is a win-win opportunity for both parties to target campaigns strategically, all based on performance. This strategy brings many benefits to the table for your business.

●      You can track the performance of your ads. Since this marketing concentrates on boosting performance levels for a specific business, it is essential to know which metrics to measure and analyze. Marketers have different digital tools that help them monitor and adjust the campaigns to reach goals better.

●      You achieve a good return on investment. It is not as risky as other strategies, and you can watch results in real-time. This means that you have complete control of your campaigns and the budget you want to spend.

●      You have a more versatile marketing approach. You can quickly pivot to channels that bring you the best results and generate the sales volume you need. There is no need for you to continue spending on ineffective tactics since you have a sure-fire way to generate revenue.

●      You get additional exposure at no extra cost. A good performance marketing plan can help you tap new and hard-to-reach audiences that wouldn’t otherwise be possible with traditional advertising.

However, lately, there is a trend that blurs the lines between performance marketing and brand marketing into creating what is called “performance branding”. These types of marketing have always been kept separate in two different silos. However, marketers are pivoting to a new approach to brand building that takes advantage of the innovations of digital performance marketing. To put it simply, performance marketing provides marketers with the tools needed to modernize and elevate brand marketing.

This is the future: since all marketing is going digital and all digital is measurable, then all marketing will become performance. The COVID-19 pandemic has only proved how crucial it is to measure results, stay flexible and make every dollar count.

How can you create your performance branding strategies?

➔     Set your goals and find objective ways to measure the impact of the campaigns. Surveys are no longer helpful in a data-driven world. Instead, you can use share or like metrics on your videos. You need real-time data on your upper-funnel campaigns, and you can get this data by leveraging performance marketing KPIs.

➔     Replace your older campaigns. After you set the tracking framework in place, it is time to launch new initiatives that replace your old and ineffective campaigns. You have to systematically supplement digital proxies that mirror traditional media such as podcasts or digital out-of-home.

➔     Personalize the customer journey for your target audience. With the massive amounts of data you are tracking and your new automation capabilities, you can customize at scale in real-time with intelligent inputs. You can now easily connect with your audience at critical moments.