Performance Marketing. How to approach strategy?
What is performance marketing? It is obvious from the name - one that brings measurable results. The results can be very different depending on the specifics of the business, goals and objectives. Here, for example, are the key metrics for performance marketing in digital:
- Ad views
- App installs
- In-app actions
- Repeat sales
What's the right way to strategize your performance marketing?
Any advertising campaign needs a strategy. Here are some tips on how to build a strategy for performance marketing.
Determine your goal
So, what are we aiming for? The agency you will be working with, and even some advertising systems, will ask you to define your goals.
Here are some examples of the goals:
- Increase brand awareness
- Drive sales
- Increase/Improve ROI/ROAS
- Lead generation
- Re-engagement growth
These are just examples - the goals can be different. The main thing is that they should be in line with the direction of your business development as a whole.
Select the distribution channels
What channels do you want to promote in? Where does your audience take time? Where have you already run ads, and which have you not used but see the potential?
Answer these questions within your company. And we will only emphasize an important rule that many people forget: the more channels you use in your marketing mix, the better your reach will be.
And here are examples of the main marketing channels:
- Marketing Networks
Launch the campaign
Before you launch a campaign, run through this checklist and make sure you:
- Know who your target audience is
- Know what your target audience's fears, needs and wants are
- Know how to help them according to the previous point
- Know how to tell them about it
Remember the key metrics we talked about at the beginning? These are the ones you'll be measuring the effectiveness of your marketing campaigns. Properly configured analytics with correct attribution will show you which marketing channels are performing the best, allowing you to allocate more resources to those channels that are performing the best.
And if you still have questions, write to us, we will help you. Performance marketing and business growth are our core competencies. Read about what OHM does in the field of performance marketing here.