A growing share of the marketing budget is managed according to the principles of targeted-performance marketing which involves personalized messages, direct impact measurement at the level of individual users, near-time optimization, and partial automation. Say hello to performance branding, where your marketing practices are pushed toward greater precision and better agility. A perfect blend of paid advertising strategies and brand marketing, where the actual cost is determined by the results received from it. With a dashboards-driven customer-data platform as a single source of truth for the business, you have access to faster tactical decisions, improved consumer behavior analytics, and superior performance-branding programs.
As you know a holistic digital campaign must comprise a campaign idea– including its performance, channel performance– such as brand awareness and reach, and business impact – for revenue growth and long-term customer acquisition. That’s why performance branding is crucial for marketing ROI as it reaches the accurate audience.
What are the benefits of performance branding?
- Extends your advertising reach – When you have a performance marketing strategy in hand, you’re able to attain a more substantial and diversified audience than you’d otherwise reach with a traditional advertising plan. In essence, every website or advertising platform that hosts your content has a stake in helping you convert and put your ad in front of the required viewers.
- Easily measurable and trackable – Since performance branding is overwhelmingly digital, marketers benefit from near-instant results and insight into performance. This includes the spend and number of impressions, clicks, and conversions on social media. With these metrics, marketers can track performance throughout a campaign to determine the return on investment.
- Diversifies your revenue stream – Instead of simply relying on your existing sales channels you will have another method for generating revenue. This can be valuable in tough economic times for a demand generation – especially if sales begin to lag in other channels.
- Offers greater flexibility – The worst thing that can happen is that you get a few erroneous clicks or you waste your time using an ineffective advertisement. If one strategy doesn’t work, just turn around and try something else. Eventually, the numbers will either support your approach or convince you to pivot in another direction.
How to gain higher ROI in Performance Marketing?
- Reliable collaborations – Making strong business relations with affiliates will help performance gain a higher frequency of results. There are some key elements like media planning, which both marketers and affiliates should discuss and be transparent about it. Marketing teams should work closely with their agencies on key elements of performance branding, from detailed media planning to the ability to execute more changes at a much higher frequency.
- Understanding the value of data – Data-driven marketing is the foundation for planning and analyzing performance marketing strategies. It assists the marketing teams to identify the target audience and curate messages according to it. Shifting focus from monthly reports to weekly or daily reports helps marketers understand data on a granular level to make informed decisions based on accurate insights.
- Agile operations to move quickly and learn – Quick tactical decisions and continuous learning skills for the campaign’s performance improvements are the crucial factors for better performance results. Marketers need to pursue a rigorous test-and-learn regime to ensure that new insights based on changes in technologies and consumer behavior are fed into performance-branding programs.
- Building a strong customer data platform (CDP) – Regular experiments with testing the impacts on users’ experiences with products in a variable environment help marketers understand what to prioritize while promoting products or services. The CDP needs to be developed and managed by a trusted team that can oversee the integrity of the data as a single source of truth for the business.
When first presented, performance branding was met with hesitation and resistance, by both online marketers and firms. However, when the worth of this brand-new tech-enabled capability was displayed, businesses quickly transferred from traditional marketing approaches to adopt performance-based strategies.
Join hands with the top digital marketing agency in Chennai to understand why you should shift to performance branding and what advantages it has for marketing ROI. Get more information about marketing your company online by checking out our team of strategic experts who can help you and your team choose the right type of marketing required for your brand to stand out in digital. If you want to work with a digital marketing agency that cares about you and your business like their own, Let’s Goo Social is here for you. Feel free to contact us online or give us a call and our social media experts will get back to you.