It’s been two years since we turned the 2010s page and jumped into the next decade. Still, companies are struggling to keep up with the changing business landscape of the 2020s. There’s no denying that the marketing segment is bombarded with tons of changes, making marketing professionals invest their valuable hours in dealing with new trends and understanding customer behaviour. Our media consumption habits have drastically changed. Marketing tactics of what we considered normal in the last decade have been thrown out the window, so our marketing plans need to recognize it and reflect that shift. For the success of online brands in the year ahead, they must exceed customer expectations with relevant, personalized and persuasive digital interactions. Brands must be as agile and adaptable as they are innovative to beat the competition and ultimately drive powerful engagements with new and existing customers.
Fortunately, the digital age has a gold mine where marketers can easily tweak their approaches based on audience preferences. Being the greatest option for e-commerce companies to compete in the 2020s marketplace, Performance marketing is the best tool! Performance marketing is centred around the principle of paying a commission only for sales or completed user actions. When a specific action or a click is completed, the publisher will be paid then only. In the traditional sense, it is trackable and can be analyzed down the click. Nearly every action driven by campaigns can be measured, allowing brands to minimize risk, keep margins, increase ROI and lower cost per acquisition. It enables them to accurately pinpoint which efforts are performing well and which are not.
Scroll down the blog to come across the reasons why e-commerce brands should double down on performance marketing in 2020s.
Rapidly changing Algorithms
One thing is for sure in the ever-changing online marketing landscape that algorithms will never stay the same, be it a steadily decreasing Facebook reach or rapidly increasing the costs of Amazon ads. Relying heavily on sales from any single platform isn’t a trait of a successful brand. Putting many eggs into any particular basket can leave companies at a high risk. Here, investing in a performance marketing rather than unpredictable forms of advertising can avoid companies being vulnerable to arbitrary changes and will maintain a tight bottom line.
Constantly Increasing Competition
The increasing competition throughout the online world is one of the reasons of relying on performance marketing rather than traditional forms of advertising. According to a research, companies are planning on increasing their spending in e-commerce in the coming years. Making it very clear where the market is headed. Performance marketing should be considered by all companies as you don’t have to limit yourself to a digital marketing agency for customer acquisition. You can tap into massive amount of affiliates or media buyers, helping you identify which traffic sources are diverting, what creatives are doing well and allows you to utilize this data to double down on those traffic sources. To stand out and be memorable in the average consumer’s mind, companies shouldn’t be afraid to use seemingly aggressive campaigns.
Tons of Options
Each day a new and innovative platform makes it to the list of online publishers. Getting distracted and losing sight of your objective is as easy as pie. From Instagram stories to LinkedIn live, many advertisers will try their best to sell you on content alone. Try not to get caught in this cycle. Instead, set aside your budget to invest in new opportunities. It’s no surprise to say that content is king, but only if it can be measured and generate results, either in the long run or short. In the coming years of 2020s, there will be slew of product upgrades and platforms, so be sure to take stay focused with your marketing strategies.
It’s no wrong to say that performance marketing has expanded in reach and scope, it is no longer merely a type of marketing, rather it is marketing. But before diving headfirst into performance marketing, keep yourself safe by doing your homework thoroughly.
How to Begin with It
Dig deep into a reliable and trusted performance marketers or agencies list. Ensure they have a proven track record of driving tremendous results for their clients if they claim to have any. Digital marketing is full of techniques and technology, so make sure your campaign is compliant with all FTC regulations and other laws. With the online marketplace growing increasingly daily, it’s essential for e-commerce companies to stay alert and nimble t if you dream for success in the long run!