Even if you’re a complete novice when it comes to marketing, one thing is clear: It’s big business.
In fact, Statista reports that as of 2012, advertising spending in the U.S. was expected to increase to nearly $166 billion.
While television was set to continue leading the pack for advertising budgets, the online market was making a big splash, projected to see the highest growth rate among all media.
(via Has Offers)
The fact that America is fond of its advertising is hardly surprising. After all, Don Draper and the rest of the gang on “Mad Men” have been a hit since the very beginning, and the U.S. is set to continue its dominance as the largest advertising market in the world during 2014.
The question is: What does this all mean for you and your business?
There’s no question that marketing is an essential part of success in the modern business world, as it has been for quite some time.
However, with so many options at your disposal and budgets tighter than ever for some companies, it’s important to explore all avenues for a marketing campaign that suits your needs.
For many organizations, the obvious choice is performance marketing.
Paying for results
As its name implies, performance marketing is based on how an advertisement performs. For instance, say you purchase ad space on a website. Through performance marketing, the cost of this ad may depend on how many people view it, or better yet, how many people click on it.
In short, you’re paying for measurable results. And in today’s marketplace, doesn’t it make sense to ensure a return on investment instead of spending money on campaigns that may not generate the outcome you’re looking for?
The benefits of performance marketing have been a reality for everyone from small-business owners to marketing professionals at Fortune 500 companies for some time now. As far back as 2003, data from Forrester Research showed that more than 80 percent of online advertising spending was for cost-per-action deals or a hybrid of that and performance marketing, according to Marketingfacts.
However, the Internet is far from the only platform where performance marketing can be used. Everything from print media to radio and television can make use of this strategy. As an example, say your business buys a radio spot that ends with a specific phone number for consumers to call.
At the same time, you purchase a television ad that features a different number. By using call tracking for these unique numbers, you can determine which ads are actually bringing in leads and driving business to you.
Put simply, performance marketing can help your business succeed both on- and offline.
Working with the best
If you’re looking to get your feet wet with performance marketing, just as essential as your strategy is partnering with professionals who can help you navigate the often-complicated world of advertising. At the end of the day, your business deserves to be in the hands of experts who can offer you an affordable entry point to new advertising channels that will help you reduce expenses for existing marketing campaigns. After all, with performance marketing, you’re paying for strategies that are proven to work.
Also keep in mind that besides both online and offline capabilities, you should work with marketing professionals who can help you audit your current advertising efforts and consult you on how best to achieve your goals.
Whether you want to reduce your advertising budget, increase the number of leads you’re bringing in or simply give your conversion rate a boost, the right performance marketing firm can help you achieve these objectives.