Top 5 Must Know Facts of Performance Marketing
We’ve already gone in-depth on the where, what, and why of Performance Marketing, but what if you just want quick facts? If you or your brand are considering Performance Marketing, but can’t invest too much time in the preliminary research, find our top 5 must know facts below:
Built for Optimization
Unlike other styles of marketing, Performance Marketing is action-focused (leads, sign-ups, conversions, etc). With more traditional social marketing, KPIs (Key Performance Indicators), are judged only on factors such as clicks.
Pay for What you get
With most forms of online marketing you have to pay up front-not so with Performance Marketing. With PM, you only pay for each completed agreed upon action. If your collaboration isn’t succeeding, then it won’t cost you as much. Because of this, Performance Marketers are more likely to be innovative and risk taking.
You can Measure Your ROI in Real Time
With Performance Marketing, you can measure your ROI (Return on Interest) at any given moment. This makes it infinitely easier to gauge whether or not you’re raising brand awareness.
Works for any Budget
Performance Marketing is one of the most accessible forms of marketing, requiring a minimal budget to get started. For smaller brands and activations, this makes it an ideal setup. It’s a great method for new brands as well, as you can experiment to discover what does and doesn’t work and relay your findings to coworkers and investors alike.
Optimization is Fast
Finally, because PM is based on measurable results and findings, optimization happens much more quickly. It’s a much more hands-on style that marketers are incentivized to make work faster, due to the pay out method. With all of this considered, you also get a lot more data from your trials and errors.