“If your business is not on the internet, your business will be out of business.” – Bill Gates, Founder of Microsoft
Your business can’t just be on the internet. It should be all around the internet! In fact, you have to utilize all the best practices for your business to even be visible on the internet in this fast-paced and competitive environment.
With the advent of digital marketing, the process of buying and selling a product has changed drastically. With performance marketing joining the action, the cost-effectiveness of it all has reached even greater heights. Budget-friendly marketing has never been more accessible!
In this article, I’ve put together some of the best performance marketing strategies for 2024 that will get your business booming. Keep reading and keep saving!
Before starting to implement the best practices and strategies for performance marketing, let me give you some basic knowledge about it first.
Performance marketing includes any online marketing channels where advertisers only pay when a specific action is completed. It is a results-driven approach to digital marketing that relies on tools such as affiliate marketing, pay-per-click (PPC) advertising, social media advertising, and search engine marketing (SEM).
It is a highly trackable and financially viable way to advertise your products in the digital domain, as no money is spent on ads that don’t convert into purchases!
Connected TV (CTV) advertising uses devices such as smart TVs or mobile phones to reach streaming audiences, wherever they are streaming content from.
Seeing the rise of popularity in streaming platforms like YouTube and Twitch, it is essential to expand your network to these areas, since that’s what people (as in myself!) generally use their devices for.
CTV pricing structures are also an excellent feature for companies. One example of a pricing process for CTV is the video completion rate (VCR) which is usually very high since many streaming services do not allow ads to be skipped.
Overall, CTV advertising is a way performance marketing can really help your organization get its ads to its targeted groups.
OTT ads focus on the audience consuming content on platforms like Netflix, Prime Video, Hulu, and others. They offer an opportunity for advertisers to reach audiences in large amounts as more viewers lean into streaming video content instead of traditional cable and broadcast TV.
OTT ad campaigns use audience data. They enable brands to engage audiences based on billions of first-party insights, which have been shown to help brands achieve a massive increase in consideration as compared to simply using demographics.
Moreover, it follows the traditional idea of pairing ads with entertainment. The point of TV ads was to target people when they were relaxed and open to new ideas. Now that people are more online, you should move your strategies there too.
While traditional advertising methods require a long process of buying space or time, programmatic advertising automates all the transactions involved with purchasing and dynamically placing ads on websites or applications.
The advertiser sets criteria for buying ads through a software interface, such as a DSP. When a publisher notifies that they have spaces for ads available, those spaces are offered for bidding. Whoever wins gets to show their ad!
Programmatic advertising is a highly efficient method in the field of online marketing and uses a lightning-fast process. It is a tool that saves money and time, and ensures a high possibility of an audience member seeing the ad and interacting with it.
DID YOU KNOW?
According to ROI Revolution, programmatic advertising is expected to approach $300 billion in 2026!
Demand generation is defined as using targeted marketing campaigns to raise awareness and build interest in a brand and its products and services. It is a way of creating a want for what you can provide.
Lead nurturing is a performance marketing strategy that involves identifying and nurturing prospects that can be converted into sales leads.
A strong lead nurturing program is a big contributor in a successful demand generation strategy. Demand generation encourages people to visit a company’s website or stores, and judging by the data collected from their activity, identify potential customers.
These strategies help in attracting the audience to your products and hopefully turning them into customers.
Data analytics is a process of converting user data into useful information. It provides actionable insights using varied tools and technologies, and improves decision-making, thereby enhancing growth.
On the path to conversion, customers may interact with multiple ads from the same advertiser. Attribution models let you choose how much credit each ad interaction gets for your conversions. They can give you a better understanding of how your ads perform and can help you optimize conversion journeys.
Spending your resources wisely is vital for any business and I advise you to spend on data analytics and attribution models, which are helpful marketing methods for understanding user behavior.
After talking about all those tools, I would just like to remind you all that the human mind is the greatest tool of all. Successful campaigns always need creativity and originality.
Although the processes of digital marketing are largely technical, there is still a lot of scope for imagination. For example, the video creatives expected to attract the most impressions that were audible and viewable upon completion are delivered more often into the ad auction.
This shows that creating innovative content is still needed for effective marketing performance.
Performance marketing is an exceptional tool that can boost your business in many ways with its extensive collection of technological innovations and practices. Make sure not to ignore it to fully utilize your trade potential.
Internet Writer
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