How to achieve success with Performance Marketing?
Digital marketing is a vast area under which lie different kinds of marketing, and one of them is performance marketing. Through this article, we will take a look at what performance marketing is and how it impacts businesses.
What is performance marketing?
Performance marketing or digital strategy is driven by metrics. It is mostly ideal for companies trying to scale, and the payment is also based on how the users are going to interact with the content.
When objectives like clicks, sales, or leads are met, only then does a customer have to pay for the service.
How does performance marketing work?
To execute performance marketing, three key players are required:
- An affiliate partner or publisher- Any Google ads agency
- Your conversion goals - x number of leads
- Commission rate - x per click
The first step will be to seek out an affiliate partner, which can be a publisher or an affiliate partner. Afterward, you need to decide your goals, such as whether you want 10,000 leads or 500 clicks a week. It depends on your company’s vision and how you want to carry forward your campaign.
What are the different performance marketing strategies?
There are different performance marketing strategies that businesses are opting for to improve business opportunities and also brand awareness. Let us go through them in detail:
- Cost per click (CPC)
The advertisers have to pay based on the number of clicks they get on each ad.
- Cost per impression
Impressions are the views of your ads, and the cost is calculated as per the number of views. For every thousand page views, you will be charged.
- Cost per sales
For every sale made through the advertisement, you have to pay.
- Cost per leads
For this, you have to pay when any of your prospects signs in for anything like webinars or newsletters.
- Cost per acquisition
The advertisers pay when the audience completes a certain action. It can include sharing contact information, visiting your blog, or making a sale.
What can be your marketing channels?
Banner ads
The ads will appear on google affiliate sites or on your websites. Though many people are limiting the use of banner ads due to ad blockers on many websites, some people still respond to the ads.
Native advertising
It takes advantage of the appearance of the web. For instance, you can see ads in the next video or something similar. They work the best among digital marketing services because they organically work under your original content.
Content marketing
It means providing educational content to your audience while putting your brand in context. It is a good approach for marketing your brand organically and attracting leads.
Social media
This works organically and is paid both ways. Social media gives you the choice to select whatever channel you wish. You must see the requirements of your brand and decide which platform is going to be the best for you.
What are the simple steps to build performance marketing?
- Define performance goals - You must set goals for what you want through your ads.
- Get known to your target audience - check those who are most likely to purchase from you, that will be your target audience.
- Choose your advertising channels - choose if you want to promote through social media, website, or search engine depending on your requirements.
- Create your ad content - create text messages, images, videos ad templates whatever is required for the campaign.
- Set your bid and budget for the ads - select what will be the amount you are willing to pay for every action and also determine the total cost of the campaign.
- Launch your campaign after strategizing well - launch your campaign to the target audience and platform.
- Track how your campaign is working - check if you need any changes in content or your target audience.
- Make changes and remarket your strategy. You can try launching Google ads remarketing campaign.