Due to technological advancement and transparency, data review helps to measure the performance of the underlying strategy. Data analysis serves as a key parameter to outline the results while targeting the target audience. In addition, companies can capture, study, analyze and strategize with customer data to maintain an edge in a competitive market.
However, due to rapid changes in consumer behavior, companies need to keep up with the latest marketing trends. Collectively, whatever worked some time ago may not necessarily work in the years to come. Hence marketers need to update themselves with the upcoming trends in order to have a successful strategy.
Developing Marketing Strategies for Success
The initial step in starting to design a marketing strategy is to understand the business goals. Manufacturers must integrate business goals with marketing goals to have a convenient understanding of the target market, brand and product. The plan should include specific ways to enter the market and different ways to reach the customer base. The next step is to engage in thorough market research. This course is essential to gain relevant information that results in creating accurate customer profiles and predicting market behavior.
Keeping competitors’ data is an essential step when creating a marketing strategy. A company must be well-versed in the pricing of the products, supply chain, strategy and competitors to stay ahead of the curve. In other words, processes must be measurable, reliable and therefore predictable. Checking the end goals helps in the accuracy of the underlying strategy and in achieving the necessary changes when required. A value proposition is yet another parameter that defines a brand’s position in the market. Ultimately, this can be a USP for companies if the product/brand is properly defined, targeted and supplied.
Marketing strategies can have different results depending on how it is implemented in the first place. Spending a lot of budget without any conversion can be a dire situation for companies. To tackle this, the concept of performance marketing comes into play which is a customer-driven marketing strategy.
Performance Marketing: Strategies for Better Conversions
To get the most out of performance marketing campaigns, it’s important to understand whether or not it encompasses key marketing KPIs. Companies’ ROI is measured based on these pre-determined KPIs (cost per click, cost per acquisition, lifetime value, etc.). Like this process, advertising companies may decide to pay only for specific actions performed by customers. This is a cost-effective strategy as compared to traditional strategies where companies pay in full regardless of the conversion results. To take the process of performance marketing forward, these strategies can come in handy-
Creating Informative Landing Pages
The landing page is the place where the prospect converts into a buyer. Therefore, the CPC and CPM factors depend on how the consumer interacts with the landing page. To improve the user experience, web developers must work closely with the marketing team to ensure the successful deployment of information. A regular site audit with constant updating of relevant content can also be part of the strategy. The success of this strategy depends on whether the customer can connect with the product and the company.
Multichannel placement of brand/product
To implement this strategy, the brand campaign goal must be clear. The objective is to create brand/product presence across multiple platforms. Companies should reduce dependence on one platform and distribute content equally across platforms. Attendance can be created through organic or paid methods with personalized ads. To engage with the audience carefully, strategy makers can create trending content. After implementing this strategy, there is a need to measure the effectiveness of brand positioning online as its success depends on the data acquired.
Mobile-friendliness as a strategy
The shopping experience has taken a new look as consumers have shifted from desktop to mobile devices. According to a Statista report, more than 50% of web traffic comes from mobile browsing and continues to grow. Therefore, your performance marketing strategy should include making possible mobile-friendly websites with hassle-free navigation, vertical scrolling and an attractive user interface.
prepare in terms of data
Data is the cornerstone of performance marketing strategy. Due to convenient access to user data, companies can analyze the results of their deployed strategy. From information about page rank, number of visitors, conversion ratio and sales data, strategy makers can get an idea of how the brand/product is performing. Using data as the basis of the process leverages accurate prediction of results and also helps companies keep a track record of costs.
use artificial intelligence
With digital disruption at its peak, new age technologies are making their way into display marketing as well. AI algorithms are driving successful content circulation specifically to the target audience. Companies can use the latest technology to create an AI-powered strategy to engage users. The strategy may include the deployment of AI ads and AI content to deliver a richly personalized experience to users. AI-powered content uses acquired data and presents a write-up (email or notification) to persuade the user to purchase the product or service.
For example ML can be a major tool for optimizing content and design with recognized target consumers.
Performance marketing strategies are easier to track, come with lower risk levels, lower costs, and help generate more ROI. However, testing is also necessary to compare predicted results with actual results. By doing so, companies can fill the gap and tune-up strategies in appropriate ways. With these practices, advertising becomes more transparent and effective. New-age technologies like AI and ML also connect consumers to brands through personalized content. As marketing trends change rapidly, display marketing serves as a flexible plan for diverse situations and is emerging as a necessity for businesses with a strong online presence.
(The author is COO, ET MediaLabs)