If you want to widen your brand’s reach and increase your customer base, it’s critical that you embrace different forms of online marketing, including performance marketing. But there’s more than one type of performance marketing, and it’s important to understand the differences so you can decide which ones make the most sense for your business.
Before diving into the details of different marketing strategies, it’s essential to answer the question “What is performance marketing?” There tends to be a lot of jargon that can get confusing, but performance marketing is a simple concept: It refers to online marketing and advertising programs where the marketing partners are paid when a specific, pre-determined action takes place.
This action could be a potential customer clicking on a link, hitting a certain level of engagement, or a completed sale. Unlike outdated, traditional marketing models, where a company pays for a billboard or magazine feature in the hopes that it will lead to sales, marketing partners are paid only when they meet specific tangible targets. You can keep track of how these targets are met by establishing KPIs for performance marketing channels.
Social Media Performance Marketing
Social media performance marketing is when brands use advertisements placed facebook database on social media platforms to increase brand awareness, engagement, and sales. The performance metrics associated with social media marketing are typically concentrated on engagement — specifically likes, comments, shares, saves, and reposts. There are many social media platforms out there, and the ones you choose depend on your target customer. If you’re aiming at a younger audience, then Snapchat, TikTok, and Instagram are good options. While companies targeting professionals will have more success with Facebook or LinkedIn.
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2. Display Advertising
Display advertising is a highly visual form of online marketing that often includes images, video, and audio. Banner ads and rich media are popular examples of this kind of advertising. Display advertising has a reputation for bad clickthrough rates. But the key to harnessing its potential is to have a targeted approach. Only use it on websites where you know you will find your target audience, like relevant blogs or digital publications.