Budget is one of the central factors for a small business. You cannot over spend, but you have to create brand awareness to promote your brand, and generate leads. Maintaining a social media presence is a task in itself.
Performance marketing comes with a wide array of benefits for your growth and online marketing. Apart from the obvious benefit of building your brand through partners, you also reduce risks, while increasing market reach. The risks are lower in performance marketing since the advertiser pays the publisher once the desired action has been achieved.
Performance marketing is easily track-able, easy to measure and is transparent. The Cost per Acquisition is also lower while the ROI is much higher. This gives you room in the budget to opt for other marketing strategies to expand and be tested to grow and compete.
Tips for Successful Performance Marketing
You need to know where to invest. Just because you do not have to make an upfront payment, does not mean you should push out money on every marketing strategy out there. If you are not wasting money, you are wasting your time, and energy.
- Focus on establishing a Good Landing Page and Offer
- Track and Monitor the Progress as much as you can!
- Comply with the Rules
- Select your Traffic Sources
Focus on establishing a Good Landing Page and Offer
Performance marketing is about showing results. Having an unattractive landing page can discourage visitors from converting.
What should you do?
Focus on creating an attractive landing page with a user friendly interface.
Avoid saturating the page with unnecessary details. Stick to the basics.
Provide relevant information to the visitors.
Track and Monitor the Progress as much as you can!
Mobile, desktop, attribution and bounce rate all provide important data points to give better insight to what strategy works, and what does not.
What should you do?
Keep a track on your gains and losses. Measuring these factors is as important as getting the most out of your performance marketing strategies and campaign.
Comply with the Rules
Performance marketing is mostly about building relationships of your brand with the publishers. A well-established relationship gives you increased reach, improved engagement and higher rate of conversions that will build your brand and increase its sales.
What should you do?
You need to follow rules set by the FTC. Make sure that your publisher abides by these rules as well. An in-depth look at the Federal Trade Commission guidelines will let you be sure whether you are complying with their laws or not.
Select your Traffic Sources
Generating traffic is not your biggest concern. The concern is whether the traffic being directed to your website is from reputable sources. Their location is also critical when it comes to performance marketing.
What should you do?
If the source of your traffic is not trustworthy, your prospects will be dubious about your brand as well. Keep a check on where your traffic is coming from. Discuss it with the publisher and determine the legitimacy of the traffic.
Types of Performance Marketing Effective for 2022
2022 is just around the corner. The last two years were dark and gloomy due to the pandemic. However, Covid-19 paved way for performance marketing through digital channels. Following is a list of few of the performance marketing types that will shine bright in the coming year:
- Social Media Advertising
- Native Advertising
- Sponsor your Content
- Search Engine Marketing
- Performance Partnerships
- Social Media Advertising
Social media is the core of digital marketing, hence performance marketing. Owing to the wide number of social media channels available like Facebook, Twitter, Instagram, SnapChat and TikTok, you are surely to find an active audience in at least one of these platforms if not all.
Depending on your brand and the products you are selling, you need to look for them on the apropos platform. Linkedin is a perfect platform for keeping professionals engaged. Similarly, Snapchat and TikTok are used for attracting younger users.
Identify your audience, their demography, age group, and sex, etc. to target your audience in the most resolute way.
- Native Advertising
Native advertising is a type of paid media that does not look like ads. They follow a natural form and function of the web page they are placed on. They can also be fed dynamically depending upon each user viewing/reading the content.
Performance marketers can use native ads to retarget the audience. They can also reuse or repurpose available content and inform customers about their products. Hence, when their interest is piqued, you can convert them.
- Sponsor your Content
Influencers are a big deal now. They can be a great way of garnering likes, followers and generating leads. As a performance marketing strategy you can ask them to dedicate a post, or article for promoting your brand and products or services.
If done right, sponsored/branded content can be extremely valuable. It should be compelling and creative. They should also follow the FTC guidelines to avoid any penalty, or problem in the future.
- Search Engine Marketing
Search Engine Marketing (SEM) can be divided into two categories:
- Paid Search Marketing.
- Organic Search
Paid Search Marketing (PSM) is when the advertiser will pay for the clicks to ads on Google, Bing, Yahoo and other search engines.
On the other hand, Organic Search employs unpaid methods like SEO. Organic search relies on the search engine’s algorithms to improve their rankings.
- Performance Partnerships
Performance partnerships only exist within the Cost per Action (CPA) model. The partners win together, and lose together. Performance partnerships include all aspects of affiliate association that they want, but exclude the ones they do not desire.
Performance partnerships are now becoming the industry standard, since it affects the payee and the payer.
Conclusion
Performance marketing is not a matter of win-lose. Instead it is a win-win for the marketer and their affiliates. Provide clearly defined objectives to your publisher for a successful performance marketing strategy.
Keep a track of your ROI and use this opportunity to reform your campaign according to its performance. Social media marketing, search engine marketing, and sponsored content can reap great benefit in 2022 due to the growing number of users, and businesses going digital.
Use it to your benefit, and incorporate Performance Marketing to get the best out of marketing, despite a limited budget.
