As the digital marketing world evolves, so do its form and application. Often, business owners need to remember that there’s more to digital marketing than just social media marketing, SEO marketing, email marketing, and many other online advertising strategies. From this list of modern digital marketing, the most overlooked form is performance marketing.
This marketing concept is usually underrated due to the widespread attention given to other digital marketing tactics. As a result, Mint Global Marketing, a marketing firm, sought to correct that thinking through this article by explaining everything there is to know about performance marketing.
What is Performance Marketing?
As the name implies, it is a marketing scheme that has to do with performance. Performance marketing is a form of digital marketing where the advertiser pays a media advertising service for the increased performance and clicks gained from paid advertisements.
For instance, you’re rightfully practicing performance marketing when a viewer clicks on your ad or purchases through your paid ads.
How Performance Marketing Works
Advertisers post their ads on a publisher’s channel and make payments based on how well that ad performs. Like all digital marketing types, it can be done remotely, so you don’t have to meet up with the marketing services provider that will post your ad.
The channels where you can post your ads can be on websites or even social media, and these places will have metrics for tracking the performance of the ads. Such metrics could include likes, impressions, comments, checkouts, shares, etc.
As the performance of the advertisement increases, the advertiser will pay. Here are some ways of making payments in performance marketing:
● Pay-Per-Click (PPC): For every click made on the advert and leading to the advertiser’s landing page, the advertiser will pay. The same applies to a Cost Per Click (CPC) model.
● Cost Per Mille (CPM): This is also known as the Cost Per Thousand model, where views and impressions count as requisites for payment. With CPM, you pay for every thousand statements made. Therefore, if 8,000 people viewed your ad, the price will be your base rate multiplied by 8.
There are other payment methods available, so you’ll have to agree with the publisher to know which is most favorable. But regardless of what you choose, the experts at Mint Global Marketing can assure you that all payment methods are just as profitable.
Benefits of Performance Marketing
Once you understand and apply the knowledge gained from performance marketing, you can reap many exciting benefits. Here are some of them:
● Increased traffic on your business page.
● A broad reach of your target audience.
● Brand awareness to interested and uninterested viewers.
● High returns of profit from ad clicks.
With all these benefits up for grabs, nothing should stop you from dabbling into the arts of performance marketing right away.
Performance Marketing essentially involves the transaction made between advertisers or marketers and publishers, where the advertisers pay for the attention received on their paid ads. It promises many benefits for all the parties involved and is very budget-friendly for advertisers.
With this knowledge boost provided by Mint Global Marketing experts, you can use performance marketing to grow your business. Before you know it, you’ll go global in no time.