Performance marketing is a digital marketing strategy that is focused on direct measurable outcomes. This involves campaigns in which we perform certain actions such as click, conversions, signups and sales. It includes paid search, social media ads and digital advertising.
In today’s digital environment, offering products or services is not enough to attract customers. Businesses these days need to find new ways to reconnect with the audience and build long term relationships with customers
Components of Performance marketing solutions
- Goal- Its primary goal is to drive specific and trackable actions through its campaigns that contribute to business objectives. These actions can include lead generation, sales, clicks etc.
- Payment- In performance marketing, companies only pay marketing agencies after their business goals or objectives are met.
- Channels- Performance marketing is used in various channels such as social media, videos, search engines and web content.
- Targeting- Advertisers use performance marketing channels to narrow down their targeting by factors such as interests and online behavior.
- Pricing- In performance marketing, advertisers use pricing models on various platforms such as cost per impression (CPM) in which they pay for each 1000 times their ad is shown.
Performance marketing strategies to bridge the gap between brands and customers
Pay-per click (PPC) advertising- It is an online advertising model where the advertiser is charged a fee only when their ad is clicked. PPC offers small businesses and large corporations to maintain their market share and is a dynamic way to get the message out there. These advertisements are placed on top of Search engine result pages (SERPs). For instance, if we are owning a coffee shop brand in Delhi and someone searches for “looking for best coffee shops near me” our ad will appear right on top of the page and will give the first impression to the consumer.
Affiliate marketing- This is a form of digital marketing strategy that helps brands connect with customers through individuals with an online presence to promote their products. Affiliates or creators share links with the audience and receive commission when someone makes a purchase. Through this approach, brands can connect with new audiences through affiliates which they initially were not able to reach.
Influencer marketing- Influencers are public figures with a large social media following and can promote brand’s product and services. They create engaging content such as sponsored posts and videos. Influencer marketing can bridge the gap between brands and consumers by helping brands connect with their target audience. Consumers have a trust on recommendations and reviews from influences which increases brand’s credibility.
Conclusion
The more people understand the benefits of products and services of the brand, the more inclined they will be towards the brand. In the end, bridging the gap between your business and your customers is all about building brand loyalty and customer relationships.
