Performance marketing describes advertising campaigns in which affiliates and marketing firms are only compensated once a targeted action – such as clicks, closed leads, sales, bookings, or downloads—has been achieved.
The onset of the global pandemic did something very interesting that was previously thought to be achieved only after many years. The pandemic led to another outbreak; an outbreak of online shopping and the surge of omnichannel marketing. Though online advertising and sales were never a new thing, it got accelerated by a greater multifold like never before. The possibility to engage with potential customers has enlarged to a great scale. The marketers of today have the amazing ability to collect campaign data around the clock and monitor results, in real time.
Significance of Performance Marketing
Performance marketing is used particularly to drive actions, monitor and evaluate those actions, all while attributing the ROI of each asset, campaign, or activity, in contrast to traditional and organic marketing. Giving the power back into the hands of the advertisers, performance marketing is a mighty tool for businesses to focus on the bottom line to stay profitable. You need to pay only when the determined action is completed, whether it is a click, lead, or sale.
What Makes Performance Marketing Unique?
It is unique because in contrast with traditional advertising methods the advertiser has to pay a fee upfront for ad space independent of performance, unlike Performance Marketing. The advertisers need to pay only when the required success rate is achieved, under Performance Marketing.
Benefits Of Performance Marketing In A Business
With time, Performance Marketing has helped scale up the dimensions of digital marketing by promising a better future ahead. By using Performance Marketing channels, the results of the efforts become magnified and evident that meet the needs of the businesses.
It allows businesses to diversify their audience and expand their reach creatively and effectively, all while capturing valuable data. Businesses find it easier to grow in stature when the full functionality of Performance Marketing is embraced, with native and affiliate advertising to sponsored social media content.
Performance Marketing Channels For Business Benefits
1. Display Ads (Banner Ads)
When you get online, you come across plenty of display ads. These advertisements can be seen at the top or bottom of the news website you just visited, on the side of your newsfeed, or both. A lot of businesses are still having success with display advertisements that make use of interactive information, videos, and interesting visual design. Though display ads are gradually losing their attractiveness owing to the rising prevalence of ad blockers and what experts term banner blindness, they still pack a punch.
2. Native Advertising
Here the sponsored content is promoted by taking advantage of the natural appearance of a web page. For example, sponsored videos such as “Watch Next” content on the youtube page, Facebook Marketplace, etc. It is a smart way of marketing that allows your sponsored content to live continuously beside other organic content.
3. Content Marketing
The theme of content marketing is to provide engaging content to your audience for educating them about something associated with you. It costs very less than outbound marketing and generates many times the usual leads. It is a clever way to insert your brand into context by providing, useful, informative content. They can include blog posts, case studies, e-books, etc.
4. Search Engine Marketing
Having a site optimised for Search Engine Marketing (SEM) for attracting potential customers researching on search engines. It is primarily focused on cost-per-click (CPC), for paid advertising.
5. Social Media
Besides allowing the users to drive them to your site, the users can also share your sponsored content organically. This helps in extending the reach, way beyond the original post. Platforms such as Facebook, Instagram, Twitter, etc. provide an extensive list of services for Performance Marketers.
Performance Marketing & Fegno:
Fegno indeed is your best partner of choice, for building the perfect marketing strategy. We identify effective marketing tactics that are essential to your business growth. We help you tap directly into potential consumers, build brand recognition, bolster brand attachment, and influence consumer behavior.
Performance marketing has risen up to the occasion, and Fegno has leveraged it along with other marketing stratagems to change the big game and its impact entirely. We now have a plethora of derived and customizable tactics that businesses can adopt to accelerate the sales of their products and services.