Posted: 18 Sep 2020 Contributor: Hannah OBrien
Performance Marketing Benefits in the age of COVID-19
Since the start of COVID-19, brands have placed a greater emphasis on eCommerce conversions. Even with different marketing strategies in place, brands have noticed a recent drop in leads as well as other measurables such as website clicks. All these factors are leading up to lost revenue making it a nerve-racking time for businesses who are seeing no near end to the bleak future of the pandemic.
If your company is currently going through the same issues as many others worldwide, it may be wise to pivot your team’s energy towards performance marketing. With performance marketing, your company is specifically paying for the action taken on your site instead of the possible actions a customer could take. For example, this digital strategy focuses on businesses paying for successful advertising, such as consumers growing through with sales, clicking on pay-per-click ads, and finding noteworthy leads, in comparison to the traditional method of paying for a campaign without knowing what the results will be.
Why Performance Marketing?
Performance marketing in the next normal way of advertising which has created new boundaries between companies wanting to advertise and marketing companies. Only paying marketers once the success of a brand’s ad begins creates a more motivated strategy for the marketing company and their services. This approach benefits businesses immensely by not wasting advertising budgets on campaigns that weren’t successful.
With consumer behavior going from excessive panic buying to almost flatlining, research on performance marketing stats has shown how helpful this strategy has been for industries across the board. iQUANTI has reported that LinkedIn has had an increase of 21% on a constant currency basis with the use of performance marketing, as well as, Twitter’s click-through-rates being 25% higher year-over year.
Although the world is not yet fully in the post-coronavirus consumer trends times, performance marketing is a step towards it and will help companies in the long-term.
4 Ways to Improve Performance Marketing
Performance marketing benefits will keep your company afloat amidst COVID-19, but your brand will have to remember this is an approach that can always be improved upon. This is a time for your brand to brainstorm unique approaches to marketing or perform research to better understand your company before the campaign starts. Below are four general ways to help your team improve its performance marketing strategy:
Set Goals: Your brand should be setting up clear goals with marketers before starting any strategy to be able to evaluate and measure success. Without goals, it’s very unclear as to why exactly your company would want a performance marketing plan, if objectives wouldn’t be able to be tracked before and after the service is used. As well as tracking purposes, working with a marketing agency to set up clear targets will help create a specific approach regarding how the marketer will organize the campaign specifically to your brand.
Define Your Audience: More than ever, consumers are connected to their devices, meaning that there is immense potential for engaging with more customers. By defining your target audience early on this will allow for a very directed, larger campaign for your brand. The greater the number of people using the web, the more potential customers your company can reach. Keep in mind that just because COVID-19 has turned consumer behavior into a more eCommerce based idea, it does not mean you should have a vague idea of who your target audience is.
Landing Page: It’s important that if your brand is trying to attract customers to your site that you have an impressionable landing page. This essentially creates the first opinion of your site by consumers on whether or not they’ll want to stay and browse. Clearly presenting any deals, savings, visuals, or new releases are great ways to help with conversion once your target audience has reached your site.
Traffic Source: Performing research to see where the most traffic is coming in from will help marketers know what source to target ads to and also cut down any wasted efforts on other platforms. The more effort your company directs to high engaged platforms, the more likely sales will be made.
Again, this is the time businesses should be taking action towards the use of performance marketing. Working on ways of improving this strategy will also create long-term successful effects for brands as well as create successful results for the present. Companies should also make sure they are keeping track of trial and error situations and learning from mistakes; doing so will save time and effort in response to the next performance marketing strategy created.
Overall, performance marketing is an innovative way of campaigning, ultimately paying the marketer for positive performance actions once they have happened, as opposed to before. In a time where a worldwide pandemic, this approach could be the most unconventional yet highest driven way to market your brand successfully. Businesses should not lose hope right now and instead focus on the performance marketing benefits to increase sales long-term and strive to build a better future during these trying times.