Performance marketing is all about the performance of your campaigns, assets, and strategies. If you are bringing in a decent return on marketing investment, the employer or client will be happy with you. However, going by the latest statistics, majority of the companies and clients aren’t satisfied with the results of performance marketing campaigns. Majority of them are either unsure about results or are unable to measure the performance of their campaigns.
Should we consider this as failure of marketing channels or the marketers?
eMarketer predicts that global spending on digital ads and media will cross $375.80 billion by 2021. This is a clear indication of online advertising being a popular medium to engage audience.
What does that mean?
Simply put, this means that online advertising will continue to grow as a channel, but so will be the demands/expectations of clients and employers to show results.
In this post, I am going to share three simple tips to optimize your digital campaigns and ensure you achieve the marketing goals.
1- Develop a Data-Centric Process
Performance marketing is all about numbers – number of leads, cost per lead, clickthrough rate, cost per click, cost per acquisition, bounce, etc. However, we do not treat data beyond our typical campaign reporting.
As a sensible marketer, you should keep track of your data from all channels, and try to assemble them on a single dashboard. This should help in analyzing individual campaign performance, channel performance, and comparative analysis of the channels.
In my experience, treating channels in silos has proven out to be a very counterproductive practice. From planning to analyzing, take insights from available data and your team’s marketing/business analysts.
2. Don’t Sacrifice Long-Term Growth
CMOs have the least secure of the jobs in teh C-suite executives, with average tenure being less than 18 months. The biggest reason is the challenge to show results and that too FAST. In a bid to secure their jobs, they often compromise on long-term growth by investing heavily in short term.
For example, to boost sales, many marketing leaders may invest in search ads while drying funds for the other important marketing initiatives like branding, events, and content marketing. The best practice is to divide the budget and never compromise on the long-term sustainability for some short-term gains.
3 – Understand and Develop Synergy
While this may sound a bit challenging, one of the best practices to optimize your performance marketing campaigns is to sync your marketing channels and develop a synergistic model. Insights and performance from one channel should help you boost conversion prospects in the other one. This comes back to the point number one – development of a data-centric model. Remember, if you are unable to support one channels from another, your time and cost of conversion will soar.
I hope these simple ideas help you optimize your marketing performance and achieve more. If you think I have missed some other area, feel free to write in the comment section below.