Advantages of Performance Marketing for Businesses
Performance marketing makes it convenient and cost-effective for you to target, track, and optimize campaigns achieving desired outcomes. Read to know more.
Every marketing campaign has a goal associated with it such as increasing capturing leads, growing conversions, boosting sales, etc. And, that is where performance marketing comes into picture making it convenient and cost-effective for business marketers to target, track, and optimize campaigns for the desired objectives and outcomes similar to these. In contrast to traditional marketing, marketers only pay for specific actions that contribute to their goals.
Most modern marketing experts suggest businesses include performance marketing in their overall marketing strategy. In fact, it is the smartest move which a business can make in the current digital marketing landscape.
Traditional marketing and performance marketing channels hold a huge difference. Most traditional advertising platforms charge advertising rates regardless of the actual advertising outcomes. For instance, marketers buying print media ads end up paying a bulk amount depending upon past readership. The cost of the ad placement is linked with past performance instead of actual advertising performance.
Contrary to traditional channels, performance marketing channels charge marketers once a placement has delivered on results. This type of marketing tools are mainly digital and campaigns designed via such tools can be easily measured. For example, a marketer running a mobile advertising campaign via moLotus mobile video customer interaction platform to generate leads would only pay when the goal is achieved.
Performance marketing is thus a digital marketing technique in which businesses pay when a specific action is completed such as Click, Lead, Sale, etc. It is making a wave in the marketing world today acting as a game changer for businesses advertising and selling their products and services.
Here are the key advantages to consider that performance marketing provides to businesses over traditional marketing:
1. Pay For Results
Traditional marketing charges certain advertising rates regardless of outcomes. Performance marketing ensures that businesses pay only when a desired action or goal is achieved. Thus, businesses pay only for results
Many digital marketing tools like Facebook, YouTube, HubSpot, etc. have been trying to match the performance marketing standards trying to achieve ‘pay for results’ for their marketing campaigns. However, few do it the best way. Some performance marketing channels like email marketing platforms might even charge more than what advertisers set as a target cost.
An example of such a high-performance tool is moLotus which is doing exactly the same. Whether a business is looking forward to building a brand, generating leads, increasing ARPU or sales, moLotus ensures that brands only pay when these metrics are hit. The mobile advertising platform allows businesses to easily track their expenditure, ensuring their assets don't go to waste.
2. Track Performance
Performance marketing approach focuses on boosting business performance for specific business goals, such as leads, sign-ups, conversions, sales, etc. Businesses can easily target and measure those metrics directly. With these metrics, advertisers can track campaign performance all throughout easily determining return on investment (ROI). Poor performing campaigns can be detected, paused and the budget can be moved elsewhere.
Modern advertising tools like moLotus make it simpler for businesses to keep an eye on the ad performance. They can monitor and tweak the campaigns based on the analytics and deep customer insights.
moLotus enables businesses to enrich their marketing strategy in real-time, and transform the marketing campaigns with evolving customer preferences. It equips advertisers with powerful real time campaign performance tracking and big data analytics. With access to real time analytics, big brands are already enhancing performance, optimizing effectively, and, therefore, earning more revenues.
3. Get More Leads At Less Cost
Generating high-quality leads at optimum costs has been an all-time challenge for most global businesses. Lead generation using traditional marketing tools entailed huge costs and wastage of funds.
Surveys reveal that cost effective lead generation is by far the biggest challenge for marketing professionals even in the case of small enterprises. Research indicates that performance marketing tools like moLotus, Facebook, HubSpot, Google Ads, LeadSquare, InMobi, Leadpages, etc. provide more high-quality leads, compared to traditional tools and that too at optimum costs.
moLotus is capable of capturing instant leads in the form of detailed customer info including names, addresses, mobile numbers, etc. via direct inbox message delivery and easy customer interactions. The spam-free technology offers multiple customer response options including SMS, USSD, Phone Call, Web Link Click, and more at almost zero cost per interaction. The outcome is low cost per lead for businesses.
4. Build Brand Visibility
Performance marketing techniques are built on a pool of structured data therefore can be applied much more effectively to increase brand exposure and visibility. Precision in branding is paramount now as businesses across the globe are still facing the side-effects of the pandemic. Data-driven performance marketing tools are offering businesses an edge when it comes to brand awareness.
Performance marketing tools like moLotus have been working on building visibility in many ways. The most obvious way to affect it is through the use of performance-oriented marketing awareness campaigns. moLotus allows brand marketers to clearly understand perspective customers’ sentiment in a better way and target them specifically yielding better results.
The customer data tracking capabilities of moLotus has led to the evolution of ‘performance branding’ which is seen as a rigorous and successful way of incorporating performance marketing practice in brand building.
The technology specializes in developing an attractive brand identity in all stages of the brand journey. By gauging and tracking brand promotion campaigns, businesses can understand what is working and what is not towards brand visibility. They can also see what measures need to be taken to enhance it.
5. Discover New Formats
Earlier performance marketing was carried-out via channels offering single ad placement formats but things have changed. Brand marketers now prefer tools offering multimedia formats with more ad placement options. They are partnering with performance marketing networks like moLotus and Facebook to expand their reach through multimedia ad creation and placements. These platforms provide innovative advertising opportunities, which can offer latest insights into rich media ad placements based on target customers.
Performance marketing tools like moLotus are especially helpful for marketers being amalgamations of innovative formats, including audio, video, slides, images and much more. For advertisers, moLotus rich media formats make campaigns more impactful and revenue rich. They are fond of moLotus rich media adverts due to their efficiency, superior engagement rates and high margin revenue opportunity. Formats like Greetings, HQ Videos up to 40 sec, Slideshow, Brochure, etc. are suitable for hyper-personalized customer communication, enabling advertisers to demonstrate their products to customers in the form of creative stories.
6. Involve Low-risk
Performance marketers exactly know as to what is going on with their marketing campaigns at every stage, which places them in a better position by reducing the risk of campaign failure. Due to low-risk involvement, rapid and hassle-free campaign launches are possible.
moLotus shadow marketing is an example of cost-effective, low-risk and barrier-free marketing. It is no surprise that moLotus is the only proven spam-free platform for businesses. They need not be scared of low campaign performance due to ad blocks by customers. moLotus advertisements have a long shelf life, remaining in the inbox of the customer’s mobile phone until he or she voluntarily deletes it.
Advertisers don't have to worry about campaign tracking and revenue management. They can see in real time exactly how many leads are coming from campaigns using moLotus online dashboard. If some campaigns are underperforming, advertisers can redesign them. If others are doing well, they can invest more to improve the returns.
7. Easy To Budget
For businesses, performance marketing campaigns are easy to budget. Marketers need to simply select marketing goals and ideal cost per action at the planning stage. The evolution of performance-based marketing has introduced massive cost benefits for businesses in the form of effective advertising campaigns on a shoestring budget.
Businesses now have a way to get rid of rising advertising costs by embracing suitable performance marketing tools like moLotus. Studies highlight that average return on ad spend (ROAS) for the moLotus mobile advertising campaigns has been growing steadily over the years. Businesses can keep their advertising budget on track.
moLotus is being perceived as an economical and effective alternative to other tools by eminent brand leaders. It is the only proven, performance-driven tool for you to reach your customers on their phones via interactive video ads at a lower cost without depending on any app download or active internet connection.
8. Achieve More Reach & Scalability
Performance marketing ensures attainment of a more substantial and more diversified customer base than businesses would otherwise reach with traditional marketing platforms.
The competitive business landscape has posed fresh challenges for businesses struggling to maximize customer reach. Fortunately, innovative performance marketing platforms like moLotus, InMobi, Adcolony, etc. have come to help marketers offering globally scalable campaigns.
For advertisers now it is easy to reach an unlimited number of customers via moLotus on their phones irrespective of phone model or type. The story is the same for feature mobile phones or smartphones, or i-phones. Reaching a huge customer base quickly adds to business performance.
Marketers looking to level up their efforts and boost performance, would be intrigued by the performance marketing approach and all it provides. Unlike traditional tools, performance marketing tools like moLotus are enabling advertisers to improve planning, shell out resources only for results, keep an eye on performance, respond to feedback, and find out new branding opportunities. Entire click-to-consume path of each customer is enhanced via performance marketing channels increasing ROI and revenues. With all of these perks, it is no surprise that performance marketing is becoming the new way of marketing for businesses.