The digital medium is now far ahead of other forms of media. Be it reach or usage, the digital world has touched heights that other forms of media can only dream of. This rapid rise has only helped the growth of digital marketing. The industry is worth billions and the impact is undeniable. Today nearly every business has a digital marketing team and a strategy. It is essential for businesses, big or small, to establish an online presence.
Naturally, the advent of digital marketing has opened doors to a plethora of technologies that can help businesses improve their online presence. Since everything is digitized, metrics for each action is now available for digital marketing. This has led to the rise of a form of digital marketing called performance marketing. Through performance marketing, you can now measure every single aspect of your digital marketing campaign. From brand reach to conversion rate of your entire effort to the metrics for just a single online ad, everything is readily available.
Data-driven marketing as it is colloquially referred to as has helped advertisers optimize their strategy and campaign effectiveness. Advertisers and brands can now focus their efforts to get the absolute best cost per action (CPA). The transparency of data allows businesses to divert their effort from building a brand identity to applying the best possible marketing strategies for their business. This shift has allowed performance marketing to thrive and is a way for new companies to get the best return on their investment.
Traditional digital marketing charges for the number of impressions and clicks they can garner through their campaigns. While this method does justify the work put in by the marketing team, it does not, however, justify the reach and conversion received by the company. Performance marketing on the other hand allows advertisers to pay if only a certain action has been completed. Performance marketing places a focus on what the advertiser gets out of the campaign and not the effort put in by the marketing team. There is further merit for advertisers as they can select the type of action that gets paid. Here are some other advantages of performance marketing:
In performance marketing, the phrase “hitting the right people on the right device” is what drives the industry. That very phrase has led them to divert their attention to mobile devices. This practice is favoured by SEM and SEO practitioners, who have long been champions of using unique and engaging content over keyword optimization and back-linking. The shift towards mobile has allowed performance marketing to stay ahead of more traditional means.
First and foremost, as an advertiser, you should be aware of the pitfalls that come with any marketing campaign. Things such as compliance issues, placement transparency, and publisher fraud are some of the common issues that come up with any campaign. All of these can be avoided by using fraud detection.
You should also have goals for your campaign. Keeping achievable goals will help you track your progress better. Ad platforms will often require you to set goals before you even begin. These goals help determine where and when your ads are shown.
The next step is to assemble a team for your campaign. You can also solicit help from various avenues such as affiliate marketing, social media marketing, or content marketing to reach your goals.
Now that everything is in place, it is time to launch your campaign and get ready for the work that follows. From the moment your campaign is live, you will start receiving metrics and thus begins your progress. You will have to check how each ad performs and how you can optimize the campaign to suit your goals. Keeping track of the data and metrics will help you allocate your ad budget and grow properly. In a world that relies on data more than ever, using a metric-based marketing strategy is the way to go. Experience the power of performance marketing best with Wisoft. Talk to our expert today.