Identifying effective marketing strategies are essential to growing your business. They help you tap and connect with your target audience, build brand recognition, cement brand affinity, and influence consumer behavior. It’s like a roadmap that guides business owners to achieve their goals and grow their businesses.
For businesses, cost-effective & high-ROI-based marketing has become an uphill battle. It is especially difficult in the current state of marketing, given the way the current pandemic is impacting business processes across the globe. According to a global survey by Dun & Bradstreet, 70% of senior marketers say their budgets have been cut, and 76% reported an “increasing pressure to deliver leads” as a result of COVID-19. With offline marketing almost suspended for the foreseeable future, it's essential that businesses adapt to these swift changes. The course of action? Enter performance marketing: a method of digital advertising that means only paying for performance, as the name suggests.
Performance marketing is an online advertising technique in which advertisers and marketing organizations are paid when a specific action is completed such as Click, Lead, Sale, etc. This type of performance-based marketing is really making a wave in the digital marketing world today. Performance Marketing is changing the game because of how it impacts the way businesses advertise and sell their products and services.
It gives power to the advertiser since they only pay after the desired goal is achieved. Because of this, they can be confident that their marketing budget is spent only on successful campaigns. More importantly, the success rate of performance marketing campaigns is generally higher since all campaigns are highly targeted, and marketers make data-backed decisions and optimize their campaigns based on the actual results.
Performance marketing has evolved over time thanks to new technologies like moLotus and changing consumer behavior. Here are the top benefits of performance marketing for businesses that accrue when the marketer adds performance marketing to the gamut of online marketing strategies.
1. Extensive Reach & Scalability
When you have a performance marketing strategy in hand, you are able to attain a more substantial and more diversified customer base than you would otherwise reach with traditional advertising platforms. The New Normal has posed fresh challenges for the marketers striving to ‘reach’ frequently the maximum number of prospects via advertisements. Fortunately, mobile video advertising has come to the rescue of marketers for building brand awareness, improving customer engagement, and developing a brand perception. As a brand advertiser, you can directly reach an unlimited number of customers via mobile video ad platforms like moLotus, InMobi, etc. Performance-driven moLotus marketing platform stands ahead in reaching millions of customers daily just in one go on their phones irrespective of phone model or type be it smart, feature or i-phones. Diverse targeting options based on business criteria, demographics, interaction, etc. are available with moLotus platform.
2. ROI-driven Marketing
Performance marketing focuses on bringing in a good return on investment. It doesn’t have the same risk as other marketing strategies like traditional advertising. Moreover, you can watch results in real-time, adjust or reallocate your budget as you see fit, and even put a full stop on campaigns to avoid overpaying for underperforming campaigns using new-age mobile video advertising platforms like moLotus. The platform ensures positive results for the goals or performance-related actions you set out to achieve.
3. Customized Marketing
Performance marketing emphasizes and revolves around customization. In the new world, mass campaigns are obsolete. Customized mobile marketing can be the best way to reach out to the pandemic stuck consumers. Customized mobile marketing has proven to be extremely effective just about every time it's been used, even if only to a small group of consumers. Figures from Salesforce reveal that high-performing businesses are using data-targeting and segmentation 51% more than underperforming businesses. Know who you are targeting by interrogating your customer data – from basic demographics to online behaviors, attitudes, interests, and perceptions. Interestingly, the moLotus mobile ad platform offers high-performing customized campaigns - targeting languages, demography, etc. that are fast replacing mass messaging. moLotus has the ability to leverage customer data at micro-levels and deliver a brand’s messages with customer names or unique customer id.
4. Pay For Results
Traditional marketing works by charging specific ad rates regardless of results. For instance, when an advertiser buys a print ad, they pay a bulk sum based on past readership. The cost of the placement is related to past averages instead of actual advertising performance. Instead of paying a fixed amount upfront, performance marketing ensures that you pay only when your desired action or goal is met. A performance marketing-based tool like moLotus does exactly that. Whether you are looking to build your brand, generate leads, increase ARPU or sales, this approach means that you only pay when these metrics are hit. The platform allows businesses to easily track their spending, ensuring their money doesn’t go to waste.
5. Building Brand Visibility
Data-driven performance marketing is being applied much more effectively to increase brand visibility and for demand-generation activities. Precision in branding is particularly crucial now as businesses manage the effects of COVID-19 on the early stages of the consumer’s decision journey. Data-driven performance marketing is giving marketers an edge when it comes to making their brands visible. Without proper brand promotion, consumers would have no clue as to what you are offering.
Brand visibility can be enhanced in many ways. The most obvious way to affect it is through the use of performance-oriented marketing campaigns. They allow marketers to understand customer sentiment better and target them specifically yielding better results.
The advent of mobile marketing technologies with data-tracking capabilities like moLotus tool has led to the evolution of ‘performance branding’ which is as rigorous and successful as more mainstream performance-marketing practice. moLotus specializes in creating a compelling brand identity in all stages of the brand journey. By tracking and measuring brand promotion campaigns, marketers can better understand what works and what not towards brand visibility and what measures need to be taken to improve it.
6. Real-time Performance Analysis
Since performance marketing concentrates on boosting performance levels for your specific business goals, such as leads, sales, etc. you get to target and measure those metrics directly. Modern tools and mobile advertising technologies like moLotus make it easier to track your ad performance and monitor and adjust your campaigns based on the insights gathered. moLotus enables them to tweak their strategy in real-time, and fine-tune the campaigns with changing consumer preferences and values. Marketing channels like moLotus equip marketers with robust real-time campaign tracking and data analytics. With access to real-time analytics, brands are able to enhance performance, optimize effectively, and, therefore, earn greater ROI.
7. Low-risk Marketing
Marketers know exactly what is going on with their performance campaigns at every stage, which puts them in a much better position to reduce risk whenever necessary. Plus, with less risk, quicker and hassle-free campaign launches are possible. No more pushing for approvals. The classic example of low-risk and barrier-free marketing is moLotus mobile marketing. It is the only proven non-spammy marketing. The moLotus ads have a long shelf life, remaining in the mobile message inbox of the customer until he or she voluntarily deletes it. As a marketer, you do not have to plan a big campaign and wonder what came of it. You can see in real-time exactly how many leads, subscribers, or customers are coming from every moLotus campaign. If some campaigns are underperforming, you can redesign them. If others are doing well, you can invest more to enhance the ROI.
8. Easy To Budget
Performance marketing campaigns are easy to budget for because marketers have to identify goals and an ideal cost per action at the beginning of planning. The advent of performance-based digital marketing has brought huge cost benefits for brands enabling the creation of effective ad campaigns on a shoestring budget.
Businesses can get rid of their burgeoning advertising costs by adopting suitable ad tools. The average return on ad spend (ROAS) for the ad campaigns has been growing over the years due to the emergence of performance-oriented advertising platforms like moLotus. Brands can keep their marketing budget on track. moLotus is being seen as an economical and effective alternative to other tools. It is the only proven, performance-driven tool for you to reach your customers on their phones via interactive video ads at a lower cost without depending on any app download or active internet connection.
9. Effective Lead Generation
Generating high-quality leads is a big challenge for most global businesses entailing huge costs and wastage of funds. Studies indicate that this is by far the biggest challenge for marketing professionals. Researches have shown that performance marketing channels provide more high-quality leads, compared to traditional marketing channels at optimum costs. Platforms like moLotus have proven their mettle in lead generation. It is capable of capturing instant leads via message delivery directly into the inbox on all mobile handsets, irrespective of phone type or model – 2G, 3G, 4G, 5G smartphone, i-phones, and feature phones and at optimum cost per lead.
Conclusion
If you are a Marketer looking to level up advertising efforts and boost results, you would be intrigued by performance marketing and all it offers. Unlike traditional methods, performance marketing-driven tools like moLotus are giving advertisers the opportunity to plan better, pay only for results, track performance, react to feedback, and discover new brand-placement opportunities. You can now see the entire click-to-consume path of each customer, and identify where to invest more; in what marketing channels, and earn more revenues. With all of these perks, it’s no surprise that performance marketing is becoming the new standard for digital advertising.