When it comes to digital marketing, we often use it as an umbrella term for everything that involves online marketing.
However, there are many types of digital marketing, and the key to success is finding which one works for you, how to utilize it, and how it can help your business grow.
Performance Marketing
Performance marketing might be one of the more overlooked channels of digital marketing, but don’t underestimate the power it holds. With performance marketing, advertisers can save a ton of their advertising budget by paying only when the customer takes a specific action. For example, advertisers pay when consumers click a link, buy a product, or perform some other action.
In simple terms, performance marketing is a form of digital marketing where brands pay service providers based on how consumers react to their marketing. This means that brands pay marketing service providers based on how their business objectives have been met.
Advertisers connect with agencies to place their ads on various performance marketing channels – it could be search engines, social media, web content, and more. Payment for this service is not done the traditional way; rather, advertisers pay based on performance measurement.
Performance marketing channels
When it comes to performance marketing, you must do your research to find which channels work best.
Banner Ads
Display ads or banner ads are pretty common online. These ads are all over websites; at the bottom of the website where you get all your needs, or at the top of your Facebook newsfeed. While common, these ads may not the best way to promote your business today, especially with the rising popularity of ad blockers. However, it may also be a wise investment, depending on the type of business you operate.
Native advertising
Native advertising are ads that morph to comply with the natural appearance of the web page where they appear. Native ads would appear in video form on video content websites such as YouTube and would appear as text or pictures on other websites.
Most brands prefer to use native ads because it allows their paid content to blend into other organic content. Some viewers wouldn’t even be able to differentiate between organic and sponsored content.
Social media
Social media is unarguably one of the most preferred channels for performance marketers. It offers marketers the opportunity to reach a wider audience, and possibly drive this audience to your website. With social media marketing, you also don’t have to do all the work as social media users who enjoy your content can share your content organically.
For performance marketing, the social media platforms you should heavily consider include LinkedIn, Facebook, Twitter, and Instagram.
Content marketing
With content marketing, the goal is to educate your audience. When done right, content marketing can generate more leads than outbound marketing. Your focus here should be putting your brand in context while providing information that is beneficial to your consumers. Content marketing can include blog posts, e-books, newsletters, etc.
Search Engine Marketing
Search engines deliver more online content these days than ever before. This means that if your website is not search engine optimized, you’d be missing out on a lot of potential leads. The focus of search engine marketing is to convert customers by cost-per-click through paid search ads, as well as through organic content that ranks well.
How Performance Marketing Can Help your Business Grow
Cost-effective
Paid advertising, as a form of digital advertising, helps businesses reach their goals. Traditional marketing involves channels such as print media and television ads, and big businesses often take full advantage of the market.
Digital marketing, on the other hand, offers more analytical metrics to optimize performance at lower costs. Tools such as Google Analytics will help you to determine how your marketing campaigns are doing and how you can optimize them.
Boost search ranking
Almost everyone relies on online services and stores to make purchases these days. Search engines such as Google uses their algorithm to determine which sites and services rank higher for more visibility. This means that if you can master the art of Search Engine Optimization, Google will automatically boost your site to a larger audience.
Digital marketing can boost your sales by giving your business more visibility and accessibility for customers who are looking for the products and services that you offer.
Builds your Brand
Brand awareness might get overlooked during digital marketing, but it’s one of the most important aspects of cementing your spot in the market.
No matter the size of your brand, digital marketing tools can take your business to new heights and establish your business as one that is tested and trusted. Don’t overlook the seemingly small details such as hiring a good graphic designer for your company logo, coming up with a good slogan, or posting quality content.
Social media leads
There’s no denying the power of social media, and once you can master the art of digital marketing via social media, your business will record tremendous growth. Social media has slowly but surely replaced the more traditional methods of communication – letter writing, emails, and telephone calls.
Most of your existing customers are already using social media, and you can understand them more through their behavior such as what they like, accounts they follow, things they share, and their comments. Social media helps in bridging the gap between your business and your customers; helping you interact more with them.
With data analysis tools, you can keep an eye on who is interested in your brand, and track their interaction.
Digital marketing is gaining traction every year and doesn’t seem to be slowing down. So, using performance marketing channels seems like a wise business move to scale your advertising efforts and meet your customers’ needs without exceeding your budget.
Performance marketing is a two-for-one approach for expanding your reach and collecting valuable data that will help your business grow. Once you delve fully into performance marketing, the many benefits are immediately evident and you’ll find that growth in your business follows naturally.