Content marketing campaigns aren’t the only digital marketing campaigns you can run as an online business owner; performance marketing campaigns can help bring in some extra revenue, too. Whether it’s through Facebook ads, Google AdWords, or paid email marketing, performance marketing campaigns can be highly effective if you take the time to learn how to use them properly. Here are some tips on how to effectively manage performance marketing campaigns so that they work well with your other digital marketing strategies and don’t affect their effectiveness negatively.
The key to performance marketing success
Strategy, strategy, strategy: Although performance marketing can help you drive results at a fraction of the cost of traditional marketing, it doesn’t work like other advertising options. Unlike an ad placed in a magazine or television commercial that runs only when you pay for it (known as a direct response), performance marketing ads run on your behalf across many different sites, and those sites decide when to serve them—or not. When creating any kind of campaign, especially one where tracking results is critical for success, start with having a solid strategy. This will help ensure your brand and goals are well-defined from day one. If that's done well from day one, your chance of success skyrockets!
Tracking your KPIs
With a full-service performance marketing campaign, you’ll need to track several key performance indicators (KPIs) to ensure it’s successful. Whether your goals are clicks, leads, or conversions, every KPI must be tracked carefully. If you don’t closely monitor these metrics, it will become difficult—if not impossible—to determine what changes are required for future campaigns. As a general rule of thumb, KPIs should always be aligned with specific business objectives and tracked in an ongoing manner over time. That way, you can evaluate how your campaign is performing and adjust as needed based on actual performance data rather than pure assumptions or opinions.
Testing everything you can
It’s very common for advertisers to simply test something new and move on if it doesn’t work; however, it can be even more effective if you spend some time researching why something didn’t work so that you can leverage the experience for future campaigns. For example, let’s say you are trying out a particular niche with a pay-per-click (PPC) campaign and your conversions are much lower than expected. Before moving on, it may be worthwhile to take some time evaluating how your website is likely affecting conversions or running some traffic analysis tests to help figure out what could be going wrong.
Finding the right balance
Performance marketing has been around for decades and its effectiveness has only increased over time. And, given its success, it’s no surprise that many companies are looking into ways they can incorporate performance marketing into their long-term strategies. While there is a lot of strategies involved in running a successful performance marketing campaign, knowing where to start can be a challenge. The most important aspect of your campaign will depend on your company’s goals and budget. For example, if you have a large budget but low ROI, you should focus on driving high volumes of traffic through paid social media ads that include lookalike audiences for retargeting efforts.
Managing accounts after campaigns end
As you might expect, as soon as your campaigns end it’s time to evaluate how they performed. While you might be tempted to just move on and start planning for your next campaign, spend some time analyzing what worked and what didn’t during each campaign. Doing so can give you valuable insight into which strategies and channels are best for your business. For example, let’s say you ran a campaign that involved pay-per-click ads but these ads didn’t perform well (lots of clicks but few conversions). You can learn from that information by cutting back on such campaigns or by trying out retargeting options instead of more traditional ads.
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