If you aren’t optimizing your paid advertising efforts to improve their performance, you aren’t making the best use of your marketing spend.
Marketing and advertising aren’t new or novel practices in the world of business. In fact, they pre-date the industrial revolution. Archaeological evidence reveals that advertisements were carved into the walls of buildings & tombs, as well as on papyrus. It is fascinating to see how advertising has evolved over time; an evolution that brought to life newspaper ads, billboards, events, TV ads and more. The most widespread challenge with these methods was that there was no way of telling if one was more effective than the other, and all of them required bigger budgets to really create an impact.
The late 1900s and 2000s provided some answers to these questions when the virtual world began to boom, with over 5 million homes connected via the internet. Digital marketing started to secure its place in the marketing mix and improved marketing teams’ ability to leverage KPIs like impressions, reach, traffic and more. While these stats provided some answers, they also created an appetite for a more data-driven approach.
This fundamental need to do better gave rise to performance marketing as a methodology. Teams were not only able to measure the number of sales opportunities they created for the business, but they were also able to attribute them to revenue generated. Its significance in paid advertising is obvious. But as technology, customer expectations, and market dynamics evolved, so did performance marketing.
In the current market scenario, with ever-shrinking budgets, these five tactics will help you tailor your advertising approach strategically to ensure it impacts the bottom line.
Tactic 1: Align ad strategy with buyer’s journey
A successful ad campaign is designed to promote engagement and guide them toward a conversion