Performance Marketing is a result-driven digital marketing strategy that is used by many businesses. Since the payment is based on how users interact with the content, it is ideal for companies looking to reach a large number of people at once. Businesses connect with performance marketing agencies to design and place advertisements on a variety of platforms such as through search engines, embedded web content, videos, OTT platform and also through social media apps like Facebook, Instagram, Tik-Tok, YouTube, etc. The performance marketing strategist helps the company to calculate an ad-spent budget based on a desired sales target that business wants to achieve.
To achieve this, the performance marketing strategist calculate and form an effective strategy based on a number of data driven aspects with the help of Google ad words/analytics and with the current trends which helps in strategizing a strong performance marketing strategy for the business . Listed below are the benefits why you should choose performance marketing for your business:
1. Creating Brand Recall
Performance Marketing helps in creating brand recall among the consumers. For e.g. when we think about spectacles and sunglasses the first brand that comes to our mind is Lenskart or if when we think about quick grocery delivery, Zepto is the brand that probably comes to our mind. This is due to the strong Brand image and market presence that these businesses have created at the online platforms. With the help of Google ad words, Facebook ad words, etc. a business can achieve a strong brand recall. SEO is another important factor to place your products in the tops pages of the search engine, which in return will create a strong brand image and recall value.
2. Creating Awareness
Brand awareness is boosted with the help of Performance based digital marketing. Brand Awareness refers to the degree to which a product’s name is recognized by consumers through various performance marketing channels. It separates a brand’s goods from its competitors. Simply said, it’s a metric that indicates how well your target audience remembers your brand. When faced with a variety of options, customers are more likely to choose a product from a brand they are acquainted with which can be achieved through Performance marketing. For e.g. In today’s time some of the brands that have created a strong brand awareness are Zomato, Licious, Country Delight, etc among others which are easily remembered by consumers. As a result, brand awareness should be a top concern for organizations, particularly startups.
3. Identifying the AD space
Identifying the Ad space is a crucial aspect of performance based digital marketing. For e.g. If you are managing a Décor product, you have to identify which are the websites, apps, platforms, etc. where your Ad will be displayed more or if you sell a B2B product, then which are the platforms you should target, is important. LinkedIn Ads also have a high conversion rate and will help in better positioning of the brand in the market.
4. Sales Driven Approach
Performance marketing is a fun and effective approach to broaden your audience and reach while also collecting crucial data. Using effective digital channel and medium, not only expands your reach across various digital platforms, but it also helps you to precisely target fresher and more relevant consumers. For e.g. If you are a brand that sells shirts and want your product to be on the top or probably on the best sellers list, then you would need to use Amazon SEO and its marketing tools to achieve the goals and boost you sales. Native advertising and video marketing, for example, could be used to target audiences who would otherwise disregard your adverts. You’d be able to accurately target your audiences across the entire digital spectrum. When a business uses Performance marketing strategically through creating brand awareness, brand recall, identifying the ad space and with a proper sales driven approach can work wonders for a business. Although, Performance Marketing still has a lot to teach business owners and marketers, some of the benefits that were mentioned were only the tip of the iceberg. Nonetheless, if done correctly, performance marketing may be a helpful tool for many small firms.