Whether you’re a beginner or a seasoned marketing professional, there are certain things that you should know about performance marketing. Among them is the fact that you will be able to get immediate insights about your campaign to help inform your long-term strategy. And even if a particular campaign doesn’t work out the way you expected, you can easily pivot to another channel.
Understanding your target audience
Identifying a target audience is the first step towards a successful marketing campaign. You can save time and money by targeting the right customers, and it can increase your return on investment.
Depending on your business, it may be beneficial to have more than one target audience. For example, a makeup company might have a targeted audience that includes women who live in shipping areas. A more specific marketing strategy can increase conversion rates and lead to more sales.
A good way to figure out your target audience is to look at your existing clients. Ask for feedback from them and see if they’re willing to participate in surveys. Alternatively, you could use online social listening tools. It’s also a good idea to check out your competitors’ websites and social media feeds.
You might also want to do a bit of market research to identify gaps in your product or service. For instance, if you’re selling climbing shoes, you may find that the majority of your customers are men. If you focus your marketing on women who are into the outdoors and love sports, you may get better results.
A more comprehensive strategy is to make sure your marketing efforts are focused on the benefits your products and services offer. Your marketing message should evoke emotions and be placed where your audience is likely to see it. Using a social media tool like Facebook can help you discover who your ideal customers are.
Finally, you should also consider forming partnerships with other companies that are better suited for reaching your target audience. Your customers are more likely to be loyal to brands they believe in, and you can use this relationship to your advantage.
Tracking your results
Using the right tools to track your results can be a tricky business. For example, how do you know which marketing channels are generating the most traffic? A good media monitoring tool can help you answer that question.
One of the most important things to consider when tracking your results is how to allocate your ad budget, and the best way to do this is by using a high quality advertising network. This will ensure you’re getting the most bang for your buck while ensuring brand safety. The ad funds aren’t wasted on the wrong campaigns, and you’ll have a clearer picture of what works and what doesn’t.
Another good way to track your results is by creating a dashboard of relevant data. It’s a good idea to include a simple tagging system that allows you to keep track of your most active users and identify which ads are bringing in the most traffic. This can be done manually, or in a streamlined fashion via a work management platform.
Tracking your results is an important part of any digital marketing plan. Whether you’re looking to improve your SEO rankings or improve your conversions, you’ll need a reliable way to measure your progress. The best way to do this is by using reputable advertising networks that can handle your most sensitive information. Fortunately, there are plenty of choices out there. Some are even free.
The most important thing to remember when tracking your results is that you should be tracking your performance over time. A small investment in the right tools can ensure you’re getting the most out of your marketing dollars. The right metrics can help you find the most promising campaigns, and the best places to invest.
Identifying your KPIs
Identifying your KPIs is a necessary part of performance marketing. Without them, you will have a difficult time knowing if your efforts are making a difference. Having KPIs helps you to see the results of your work, and keeps teams aligned with the overall goals of the company.
Your KPIs will be influenced by your industry and business model. You should choose indicators that are easy to track and will help you to achieve your goals. You may need to revise them if your business changes, especially during recession.
A strong KPI will help your business to remain on track for long-term growth. It will also guide management and save you time. Your KPI should be defined, measured, and reported in a way that makes sense to the whole organization.
A common mistake in identifying your KPIs is that you’ll start by measuring everything. This can be a waste of time and resources. You need to focus on fewer, more important metrics. Your business model and the market fluctuations will affect which metrics are most important. You can use a mix of leading and lagging KPIs to track progress and predict outcomes.
Once you have defined your KPI, you need to measure it consistently. This can be done weekly, monthly, quarterly, or annually. You can also use digital tools to ensure that your metrics are accurate and understandable.
The next step is to link your KPIs to your business’ goals. You can identify your goals by dividing them into short-term, medium-term, and long-term goals. You should set up your goals based on your company’s stage of growth. For example, a startup might focus on growth, while an enterprise might focus on profitability.
Pivoting to another channel if one isn’t providing the intended results
Whether you’re a startup or a large company, you’ll probably be required to pivot your marketing strategy. It may be a small tweak, or it could be a complete overhaul. However, whether you’re looking to change your platform, your approach, or your target audience, you’ll need to plan it carefully and have the right expectations. It’s important to know what the purpose of your pivot is, and how to communicate it to your leadership.
You should start with your baseline metric. Once you know what it is, you can evaluate it against your hypothesis. It’s also a good idea to test it in A/B testing. This will help you determine if your target audience is interested in your product.
Next, you’ll need to decide whether you want to change the revenue model of your product. If you’re using a B2C model, you’ll likely want to consider value capture. If you’re working with a B2B model, you’ll want to consider volume operations. Both models will have an impact on your product.
If you’re changing your revenue model, you’ll need to update your business model as well. This will change your price for acquiring paid clients, as well as the income per paid client.
You should set a clear timeline for achieving your goal. It should include time for research and discovery, as well as a timeline for your evaluation milestones. You should also consider how you’ll communicate the progress you’ve made. This will help your team gain buy-in.
If you’re planning to change your product, it’s a good idea to get customer feedback. Your customers can tell you what they want in a new product, and they can also help you prioritize your design.
Getting immediate insights to inform long-term strategies
Getting immediate insights to inform long-term strategy is no small feat. Using data to inform your decisions helps to keep your business on track. You can measure performance and improve the customer experience by implementing data driven decision making. It is also a great way to get more customers to spend more on your products and services. The best way to do this is to provide relevant, personalised and contextually relevant content. This can be achieved by engaging with your customers in real time via web, mobile and social media channels. For example, you can leverage data from your own customers to create customer profiles that enable you to better tailor content to individual customer’s preferences. For example, if you know that a certain group of customers would likely enjoy your products then you can tailor your messaging to them.
The most interesting part is that it is a relatively cheap process. As a result, it is possible for any company to reap the benefits of an innovative data powered strategy.
