What Is Performance Marketing?
A Marketing or advertising strategy where the advertiser pays the marketing agencies or affiliates based on performance( lead or sale or click), where affiliate marketing is the major part of Performance Marketing.
Performance-Based Marketing Strategy is a win-win opportunity for both Advertiser and Affiliates or Agencies as these campaigns are highly targeted.
As I already said Performance marketing is a mixture of advertising and creativity and is different from traditional advertising where you have to pay upfront and wait for the results which are unpredictable, and here in performance marketing you just have to pay for the successful transaction only.
There are many companies that provide these services, try to make use of them and boost your profits by cutting budgets from traditional advertising.How to Boost Credibility for Sustainability
Today’s consumers are extremely skeptical. That’s because, unfortunately, marketing has become synonymous with dishonesty. No matter what you say, they will be skeptical. This means that it’s extremely important to prove your company’s value in the marketplace today. One of the best ways to do this is to let your satisfied customers do the talking for you in the form of reviews or testimonials.
Reviews and testimonials have become big business as of late. Companies like Google, Yelp, Amazon and many others have spent millions of dollars on review systems to help consumers make better buying decisions precisely because they know that 3rd party reviews and testimonials influence a prospective customer much more than what the marketing arm of the company says about its product, service or company.
Forward-thinking companies see this opportunity and take every advantage to make the most of it. There are several best practices and considerations.
Create a company policy and system to solicit testimonials from every customer at the point of peak satisfaction (usually, after they just purchased is the best time.)
Publish testimonials wherever possible and make sure they are placed in spots where prospective customers are ready to take the next step in the buying decision.
There is a hierarchy of effectiveness of testimonials. The video is by far the most effective, followed by audio and finally written.
When soliciting testimonials, ask customers to touch on the most important factors to a prospective customer.
Monitor online testimonials on 3rd party websites. Respond to negative testimonials promptly to show prospective customers that you are making an effort to maintain customer satisfaction.
Other Credibility Boosters
The most influential another 3rd party “proof elements” to boost your company’s credibility include:
- Association memberships
- Awards and community recognition.
- Industry certifications and other credentials
- Length of time in business
- Add Value By Educating
Add Value By Educating
Another and maybe the most powerful credibility booster of all is to provide value upfront to your prospect before even offering your product or service. And a great low-cost way to do that is by educating your customers. For most companies, it’s part of their job description anyway.
Information marketing has been picking up steam since the advent of the information age. Your prospects want and expect you to give them the information they need to help them make an educated buying decision. Herein lies a great opportunity because most companies do a very poor job of educating their customers even at the point of sale. This means that the clients are used to having to do their research. So, the company that does the best job of educating prospects long before a purchase decision is reached will have set itself apart from the competition, having the most credibility, higher conversion rates, and higher retention, all other things being equal.
This education can be in the form of consultation, buying the guide, newsletter, educational video, etc. Whatever makes the most sense in your market. They need to know not only which product or service they should buy and why but also why they should buy it from your company instead of your competitors. This is sales & marketing 101, and most small businesses do an indigent job in this area.
Credibility = Trust = Relationships = Sustainability
Trust is at the heart of all relationships including business relationships, and credibility is a huge factor in building trust. Most small businesses do a destitute job of building credibility so you can quickly capitalize on this opportunity to gain a huge competitive advantage and build a sustainable future for your company by putting into place these systems to build trust and credibility with your customers and prospects
Making business decisions without good information is like going to the casino…the house usually wins, and YOU usually lose! Good information can often mean the difference between making thousands or losing thousands on your marketing campaigns.
If you don’t know which of your ads or other marketing tactics are profitable and which aren’t, you will most likely waste lots of money on ineffective marketing. Granted, branding and social media campaigns can be extremely difficult, if not impossible, to measure but there is no reason to guess with most of your marketing.
Track Website Activity
Analytics software such as Google Analytics (free) is helpful and should be on every website. It helps you understand where visitors to your site are coming from and what they’re doing once they get there. So for example, if you’re doing a Facebook campaign designed to drive traffic to your site to make a purchase, Google Analytics will show you how many of your visitors are coming from social media.
Email autoresponder services provide analytical data to show how many of your emails are opened, and Google Analytics will show how many site visitors come from emails.
Track Phone Calls
For many businesses, even more, important is tracking phone calls. According to research, 65% of people will call a business before making a purchase. So it doesn’t do you much good to see what’s happening on your site if you don’t know how many of those visitors become customers.
And this goes for all of your marketing efforts. If you have multiple ads, giving each ad its trackable phone number is the easiest way to know without a doubt how many leads and customers each ad is generating.
New Or Existing Customers?
For some businesses, getting new customers is the lifeblood of their business whereas repeat business is the crux of other companies. So make sure you track how many new clients and how many repeat customers a campaign or ad brings in to understand the full value. New customers will have a higher lifetime value than existing customers but new customers almost always cost a lot more to acquire.
Tracking is Profitable
Once you have a handle on which ads and campaigns are profitable and which aren’t, you will know which ones need to be improved or dropped altogether most likely saving you thousands of dollars a year. It might seem a daunting challenge to keep up on all of these “statistics”, but I assure you it will be one of the most valuable investments you can make if you rely on advertising and marketing to keep your business profitable growing.
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