Performance Marketing Strategy is when ROI is calculated only when the visitor takes action on a marketing goal – either seeing the page, clicking on the ad, registering for a product or service, or buying it. It could also be based on lead generation.
Some of the popular channels for Performance Marketing Strategy include Google AdWords, websites, social media such as Facebook, Linkedin. Since Performance Marketing Strategy is result-oriented, most companies see it as the sure forward way when it comes to digital marketing.
The advantage of Performance Marketing strategy is that it is highly trackable, measurable, and flexible as compared to traditional marketing methods. It is strictly based on campaign results, for example, the number of impression clicks received, conversion rates, and month after month, marketers can further fine-tune their digital strategies for better performance, which enables the best performance and hence the best ROI.
After the pandemic, consumer preferences have changed and the various ways to reach them are diversified and tuned, finding the right approach can be challenging. There are more and new factors to consider, emerging opportunities to explore, and more strategies and technology to keep up with in order to find the perfect marketing mix that performs for your business objectives.
In 2022, the year when Singapore’s economy is recovering in an endemic state, this new year is going to bring a host of new opportunities worth exploring.
To help, we’ve come up with a list of important trends to watch for and implement, performance marketers will want to pay attention to in 2022.
Key Trends Performance Marketers Need To Pay Attention To In 2022
Social media and finding new ways to monetise it
Social media is an indispensable marketing channel. Methods for capturing online users’ attention continue to proliferate in 2022, and taking advantage of the most popular trends on various social platforms is a great way for marketers to reach target audiences and expand awareness of their brands among new audiences. (Forbes, 2022)
For now, Facebook, Instagram, and YouTube continue to offer marketers the most affordable and direct way to achieve that goal. Moreover, the younger generations are among the biggest users of social media, it is the channel of their generation and hence the most effective way to reach Millennial and Gen Z consumers on their own territory.
In addition to earning revenue from established social media platforms, content creators will take bolder steps to evolve their owned personal platforms and monetise their content. Marketers should do more co-creations and treat content creators more as brand partners than merely as channels.
This year, brands will continue to need to meet consumers’ growing needs and reach them across streaming and social media platforms. The types of brands that can adapt to the current environment, leverage trends and social channels to deliver products and services will be the ones who will come out ahead and succeed.
Foolproof payment gateway system to improve consumers’ experience
Since 2020, post-pandemic consumers have since embraced new shopping and payment behaviors, and the digital-first economy has solidified as the new normal for businesses and consumers. Have your business payment gateway system evolved to accommodate this new attitude?
Your customers expect secure and checkout options to be at their fingertips as they hit “buy now” on your channel, be it a website, ad, landing page, or app. In 2022, a seamless experience enabled by QR codes, which cut down on the number of clicks it takes to look at, read reviews about and buy a product or service will be the uprising trend.
With the right payment gateway scheme, you can increase your customer base and scale your business in South East Asia and around the globe.
Subscription delivery services evade the supply chain challenges and cut out the middle man
The global pandemic disrupted supply chains and accelerated and magnified problems that already existed.
Research shows severe disruption through the pandemic is driving businesses to make their supply chains more resilient and savvy. Businesses that manage to rise ahead and fulfill orders virtually, avoiding the supply chain snarls have managed to ensure business continuity and growth for the future.
We see this continuing during the year ahead as more companies add virtual subscription opportunities to their product offerings.
Brands have caught on to the idea that shipping products directly to customers rather than selling through a distributor can build more personalised connections with consumers and meet Performance Marketing objectives.
DTC (Direct To Consumer) transactions allow companies more control over their brand. With Performance Marketing, you can control the targeting strategy, look and feel of your sales page or your own website.
Many companies are taking advantage of Performance Marketing to save money, boost their brand and increase customer satisfaction.
Consider your company’s current sales channels and distributor network and map out a plan for going DTC with the resources you have on hand. What channels can you repurpose? What partnerships can you use to your advantage?
Once you have a plan agreed to by all key stakeholders in your company, run pilots to test DTC’s effectiveness within your organization. If you’re getting green lights on all sides, it’s time to go public with your new sales channel. (Thundertech, 2022)
Podcast Advertising’s Explosion
While a podcast may be less timely than a live radio broadcast, its on-demand nature gives it an edge. Audiences can choose what they want to listen to, and when. This means that podcasts have to be relevant and add value to trending topics. (The Straits Times)
It’d be useful to brainstorm and strategise with your creative team and start a podcast. Think about your podcast as a tool to build your thought leadership presence. The content can be repurposed usefully as a media outreach and Performance Marketing tool. Schedule podcast topics in advance and aim to create at least one per month consistently. Podcasts allow engagement, and the conversation to be more interactive as it engages the listener with open-ended questions or other means.
Consumers of today are aware. They are getting more mindful about data collection in the online browsing sphere. In fact, a recent survey revealed that 97 percent of consumers are somewhat concerned about how companies use their private data. 8 out of 10 customers reported that they’re willing to abandon a brand if their data is used without their knowledge.
Mass marketing approaches with subpar digital strategies will cease to work. Opt-in will be compulsory, which means that the content we create for marketing has to prove more value, and authenticity to win our audience’s interest and trust, cutting through the clutter, more than ever.
This is a great time to invest in new Performance Marketing channels that don’t require data access. Experiment with new ways of lead nurturing in your marketing automation list. Progress into new ways to funnel and collect leads, or invest resources once again in the good old-fashioned inbound marketing.
To maintain the effectiveness of targeted ads, marketers will have to go back to basics building relationships and earning customer trust. Customers are much more likely to share their data if they know what’s in it for them. Build your value proposition and nurture existing customer relationships for future success.
At iFoundries, we base major marketing decisions on data, whether it is collected from online forms, inbound funnels, marketing automation intelligence, or other methods. No matter what the channel, we believe data is king, and irrefutable when combined with human intelligence. It’s more than just a reporting mechanism; it’s actionable.
Predictive marketing, based on past analytics and benchmarks, is coming to the forefront. Patterns in customer behavior have been changing at the drop of a hat in the past couple of years. Being able to predict trends and adapt optimizations as KPIs change has been crucial, and the demand for tech that can help marketing teams do this continues to grow.
Existing attribution and customer journey analytics data can, and will, fuel increased marketing performance.
Predictive analytics is nothing new. It is, however, becoming something marketers cannot ignore. In 2022, it will become powerful tool marketers can wield to improve performance
- Predict campaign effectiveness and optimize accordingly
- Spot and target opportunities in high-potential markets and demographics
- Forecast and reduce churn rates
- Forecast media budget allocation at a total brand/campaign or channel level based on what is the most effective at achieving your KPIs
- Identify costly outliers like tanking CPC ahead of time
Update your Performance Marketing Strategy.
These are the more important of the many performance marketing trends floating around the market right now, but they’re trends that can have a profound impact on your business. Companies that aren’t prepared to implement fast-growing strategies like social media marketing, podcast ads, or privacy-centric lead nurturing will lose out in 2022.
Performance Marketing strategies are an innovative, creative, and result-oriented method to reach a wide audience, especially for SMEs with lower marketing budgets. They can also be made highly targeted and enable further consumer engagement through a database created from the campaigns.
Whether you’re gearing up your data analytics skills, marketing podcasts for lead generation purposes, or getting down with DTC, we are here to help!