How companies create advertisements & sell their products & services has changed over time. This also has impacted how marketing campaign success is measured. Attribution in the past was almost impossible. Good thing that Wicked Reports created a Facebook multi touch attribution software which helps you identify different steps in the customer journey which can pinpoint precisely which ad pushed each customer to the next stage in the customer lifecycle. Conducting Performance Marketing campaigns allows you to measure everything ranging from conversion rates to brand reach to an individual advertisement. With such advertisements, you just need to pay on the successful completion of a specific action, instead of clicks or impressions.
About Performance Marketing
A good number of MNCs across the globe may spend a fortune on brand. However, the majority try to take prudent decisions on spending to stay profitable. The advertiser can derive more power with such marketing campaigns. This is because you can determine the action to be taken and pay accordingly for the completion of such actions. It can be a click, lead or sale.
Running such marketing campaigns does offer several benefits like:
- Low risk
- Easy-to-manage & track performance
It is 100% measurable. All campaign metrics can be tracked effortlessly & reported to enjoy increased convenience. It is also ROI-focused, thus being less risky. You can avail quicker, less risk launch times and approvals are not necessary.
The key to achieving digital marketing is ‘Measurable ROI’. You can track performance in various ways and also use several marketing tools. ROI should be tracked regularly. But your campaigns should be given sufficient time to collect valuable data. But without adequate data, you cannot optimize any campaign.
Why it is unique?
In traditional advertising, the advertiser is required to pay up upfront fees for ad space derived, which is independent of performance. Although you may not derive many conversions, still you will have to spend a fortune. But with Performance Marketing, you need to make payments for only successful transactions.
This type of unique marketing has managed to evolve with time due to changing consumer behaviors & advancements in technology. Digital marketing, these days, is more about reaching the targeted audience at the appropriate time and an appropriate device. This changing landscape is favored by SEO & SEM professionals. SEO professionals are required to find out ways to use engaging & unique content. They no more rely only on link building or keyword optimization to enhance site rankings. Similarly, search engine marketers learned leveraging PLAs, optimizing for mobile & navigate complex campaigns.
This type of marketing campaign also comes with several potential pitfalls & challenges similar to other marketing campaigns. It includes compliance-related problems concerning publisher fraud, placement transparency & regulatory rules. You can come across various tools like fraud detection to prevent such problems.
How to get started
To measure campaign success, it is essential to first establish campaign goals. Proper goals should be set before launch to sell products or generate brand awareness. Campaign goals should determine where the ads need to be shown, your target audience & take other factors into account.
Business goals should be accounted for when developing strategies. Lead generation campaign strategy, for example, is different from the one to develop brand awareness. To set campaign goals, research on ad opportunities. Be it through social media platform, content marketing or affiliate marketing; hire companies with a specialization in your niche conversion type.
Once you come up with a well-developed strategy and build a strong team, you can launch your campaigns.
The moment you launch your campaign, they start to generate valuable data. You can optimize individual campaigns to enjoy the increased performance. However, you also need to optimize for those best-performing advertisement sources. You need to identify the best performing traffic sources. For this, you need to track metrics & ecommerce analytics. Accordingly, you can allocate funds for Performance Marketing campaigns, thus reducing expenses & increasing ROI.