The buzz around performance marketing has surged significantly since the pandemic.
Agile businesses have been using performance marketing for a long time to maximize their sales. However, post the coronavirus pandemic, simply running automated campaigns and banking on keywords is not enough. Today, there is more demand for performance marketing, which focuses more on human behavior and is not just limited to data and platforms.
Using performance marketing, businesses not only sell more in the short run, but also get insights into their online consumer segments. These consumer analytics further help firms boost sales in the long term by knowing which marketing channel will be most suitable for them.
Look after changed customer behavior
With performance marketing, businesses have the opportunity to create more extensive and reliable marketing funnels. The pandemic has resulted in a significant change in customer behavior, and it is expected to stay unchanged for a long time. Experts say, performance marketing will become a significant driver of sales, and organizations will have to rely on compelling content that includes images and videos.
Have a balanced approach towards videos
It is essential to develop a broad upper-funnel by crafting engaging content and videos. However, merely creating good video and visual content is not enough as it is also crucial to use it wisely. It is important to ensure marketers are not bombarding viewers with video content and saturating buyers, thereby leading to ad fatigue.
In addition to videos, marketers need to use other types of content, including audios, static images, and GIFs to accompany a strong story-telling approach.
Go beyond last click attributions
While last click attribution makes it easier for companies to identify which marketing channel is leading to the most conversions, upper-funnel marketing is even more essential to create brand awareness and attract consumers.
To have a better chance of increasing sales, organizations need to understand which channel generates more customers. Focusing more on assisted conversions is expected to become more crucial for sales conversions as compared to last-click attribution. A bigger ad stack will help brands gain more relevant information about how consumers connect with their brand and how sales are being converted.
A marketing funnel is the key
Marketing funnels have transformed post-pandemic. They are no longer linear, but follow the path of awareness, interest, consideration, and purchase. Today, customers will go back and forth between different stages, after looking for reviews from authentic and reliable sources.
It is vital to mainly track and examine these funnels as they will play a crucial role at the time of planning a campaign strategy. It is also important to focus on platform journeys and the role of each platform in each stage of the campaign.
Martech accounts for over 30% of the total marketing expense budget, according to the Gartner’s latest CMO Survey. Hence, marketers will focus more on performance marketing as consumers are willing to experiment and trade brand loyalty for availability of stock.