3 Channels That Are Perfect for Performance-Based Marketing
Ever wondered how performance-based marketing works? Well, since you're reading this article, we can safely assume that you have. Performance-based marketing is, as its name implies, a marketing strategy that's based on performance. This is a service that many marketers offer today for one sole reason: companies do not want to deal with unnecessary risks.
Back then, businesses marketed on as many channels as possible, regardless of whether they performed well or not. This can be incredibly expensive and even a waste of money on channels that give little to no result. With performance-based marketing, marketing efforts are only paid for when it brings in results. This makes the whole marketing effort much more affordable, simply because marketing services are only paid based on their performance.
That said, let us talk today about performance-based marketing and the channels that are perfect for such marketing efforts:
1. Affiliates
While being one of the many ways to advertise a business, affiliate marketing is one of the most straightforward ways. It works like this: you pay affiliates for any referral they can make. In other words, this is a type of performance-based marketing where you only pay for the results you get. Meanwhile, the affiliates get to earn money by advertising your products and services, and when they can convert a few of their audience to the company, they make extra money. For you, this type of collaboration is incredibly advantageous simply because you have already earned the revenue before paying the affiliate.
2. Social Media
Social media today has many built-in advertising features to help companies advertise more effectively on such platforms. One of the best features is the platform's ability to provide businesses with marketing performance data, allowing companies to fine-tune their marketing efforts. In other words, these platforms give back to your marketing performance data, meaning that you can easily link where your investments are going and the returns you're getting. This allows you to maximize ads performing well while improving those performing poorly to enhance overall results.
3. Search Engines
Advertising on search engines usually combines SEO (search engine optimization) and paid search. This results in SEM (search engine marketing) and is a performance-based marketing channel. Under SEM, one of the most popular performance-based marketing strategies is PPC, short for pay-per-click. As you can tell from its name, you only pay for the clicks your ad gets. This strategy is so effective, in fact, that it is seen as the second most effective marketing strategy on search engines, right behind SEO. Of course, if you can combine SEO with PPC and other digital marketing strategies, your marketing efforts will only become better!
Conclusion
These are just some of the many performance-based marketing channels you can find out there. However, these are also some of the best you can use. As such, if you have yet to capitalize on performance-based marketing efforts to increase your company's online reach, we recommend that you start right away. If you are having trouble doing this, we recommend that you reach out to performance-based marketing professionals out there. They can offer you the service, charging you only when results show up to maximize savings and reduce risks!
Headstartt is an ROI-driven digital marketing agency in Vancouver offering sustainable, long-term technology and marketing integrations to help small and medium-sized businesses find success. Work with us today and enjoy your tailor-made marketing strategy!