How to Make Performance Marketing Work for Your Business

March 30, 2022 No Comments Written By: Cause Effect Digital

Source

The cutting edge of marketing innovation does not only revolve around the social media aspects alone but also your brand’s performance. For you to grow your business and get the best tools to help you towards achieving your goal, you’re going to need very successful performance marketing and build yourself loyal companies and partnered organisations.

What is performance marketing, exactly?

It is the term given for online marketing campaigns that involve the advertiser paying marketing or advertising agencies for the results achieved such as clicks or conversions. It is used to drive actions, track and measure those actions, all while attributing the ROI of each asset, campaign, or activity. This is what distinguishes it from traditional and organic marketing.

The power is back in the hands of the advertiser through performance marketing. Most businesses focus on the bottom line in order to stay profitable despite major corporations spending up to millions of dollars on just branding. This way, you are the one determining the action and paying when said action is completed regardless of it being a sale, lead, or click.

How to Measure Market Performance

Source

Do you know what is needed for a campaign to be understood and optimised towards improving your brand’s performance? An element of performance marketing that defines the measurements is ROI (return on investment). Every activity and action is measured, reported, and analysed against pre-defined KPIs.

The key to fruitful digital marketing is measurable ROI, so it is important to track it regularly in order to see the performance growth. There are various performance optimisation tools available for you, but you must remember to give your campaigns some time to gather data regardless of the tools you choose. This is because the more data you have, the deeper your insights and the more you’ll be able to optimise in an accurate and effective way.

Here are three of the best ways for you to measure your brand’s market performance.

1. Set Clear Goals

If you don’t measure the market performance of your digital strategy, your company will never know how effective the strategy was or how to improve it for future campaigns. It is vital to measure your results to see their effectiveness, and the first step towards any marketing strategy is to set clear goals that are logical and possible for you to achieve.

You need to have a defined framework ready in mind or your company might never be able to measure the success or failure of your strategy accurately. This applies to the individual campaigns you run to achieve your end goal as well.

2. Identify Your KPIs

The metrics of digital marketing are values used to measure the performance of a marketing campaign or strategy. It is helpful and efficient for you to use specific metrics when measuring your marketing campaign’s performance since there are many tools that are used to create a marketing strategy in the first place. Some of the most common metrics include brand awareness, returning visitors, clickthrough rate (CTR), web traffic sources, and cost per lead.

A sub-group of digital marketing metrics is called the key performance indicators or KPIs. They are quite similar to metrics in the way that they are involved to measure a marketing campaign’s success as well. They can be divided into four key categories which are financial, sales, marketing, and project management. To know which KPIs you will use, you must first set the goals for your strategy especially at the research and planning stage because that’s what the KPIs depend on. They may include sales indicators such as your monthly growth of sales, or financial indicators such as your current ratio and net profit margin.

3. Create Well-Written Reports

A digital marketing report is another method of measurement that you can use to oversee the results of your campaigns at the end of each month. If you craft out a well-written report using the right data, then you can prove that your marketing strategy has achieved your goals or targeted outcomes. This includes outcomes such as an increase in sales or an improvement in the returning customers’ rate.

When writing a digital marketing report, it is best to keep these four questions in mind:

  • How much money are you spending?
  • How many people are you reaching?
  • How effective is your marketing strategy?
  • How much money are you making in return for your marketing expenses?

If you want to keep your marketing goals on track, then you might need to start reporting regularly.

Performance marketing, without a doubt, is extremely beneficial and important to your business. The campaigns give you the opportunity to measure your success from brand awareness to conversion rate down to a single ad. As the world moves forward, advertising becomes more transparent, and advertisers will have to look beyond branding in order to build marketing strategies with proven ROI. Because of this need, performance marketing is born, and it will only continue to grow more advanced and sophisticated over time.

Bottom Line

Source

Jump into the performance marketing world today with Cause Effect Digital, a group of digital experts that will help you improve your business’ performance more effectively than you can imagine. We are one of the digital marketing agencies in Malaysia that will be able to assist your business towards reaching your goals and target audience alike! Follow our Facebook and Instagram for more tips and updates or get in touch with us to learn about the world of digital marketing that we delve ourselves into.