There is no business strategy set in stone. With changing times, companies are also evolving their business strategies to suit the requirements. Without effective marketing, a company is lost in the sea of business organizations. While traditional marketing strategies like SEO and PPC have helped businesses reach their marketing goals effectively, a new strategy that quickly rose to popularity is ‘performance marketing’.
Performance marketing is a result-driven strategy, hence it enjoys immense popularity. If you also want to know what performance marketing is and the benefits of working with a performance marketing agency in Mumbai, then read on!
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What is Performance Marketing?
Performance marketing refers to any advertising or marketing program, where you pay the marketing company only after you have achieved the desired result such as a click, a lead, or a referral.
In traditional methods such as SEO and PPC, you pay the company a sum in hopes that their marketing strategies give you a good result. But performance marketing changes the game. In this strategy, you pay for the performance and not for the efforts of the performance marketing agency in Mumbai.
It means that all the money you spend on marketing will be completely worth it. This also enables the marketing companies to up their marketing game, and only deliver quality strategies.
Advanced tools enable you to make data-based decisions, getting you a higher success rate. This is because companies involve all kinds of marketing strategies to deliver a good result.
The Different Channels Used by Performance Marketing Agency in Mumbai
After knowing what performance marketing means, you should know about the different channels through which performance marketing is performed:
- Social Media Marketing
Social media marketing works by placing advertisements on different social media platforms such as Facebook, Pinterest, etc. You can choose the social media platform based on the audience you want to target. For example: If you use Pinterest you can get shoppers having a particular interest, you can use LinkedIn if you want to target professionals, whereas Facebook has a large user base with varied interests.
You can monitor the performance based on the number of likes and comments and also on the clicks and sales.
- Affiliate Marketing
In affiliate marketing, you pay some amount per lead or click that a partner has generated. Most often, people confuse affiliate marketing with performance marketing, but performance marketing is vast and affiliate marketing is only a part of it.
There are different forms of affiliate marketing. You can place your ad on a partner’s blog, exposing your brand to their audience, or you could partner with a Youtuber to promote your brand in one of their videos.
- Native Advertising
Native advertising is a form of performance marketing where the ads are made to look similar to other content around them, so it does not look like an ad. It blends with the non-paid content around it so users feel that it really belongs there.
This is generally done by styling the ad in a particular way that the intended website usually posts content on. For example, your product ad could be written in the form of a blog in a similar style that a site usually publishes, and then promoted on its homepage so users can’t tell them apart.
Benefits of Hiring a Performance Marketing Agency in Mumbai
Performance marketing has several benefits as opposed to traditional marketing strategies, such as:
- Easy data tracking
Because performance marketing is focused on generating results in the form of clicks or sales, you can easily measure these metrics and gauge the effectiveness of the marketing program. You can see the data of how many users have clicked or how many sales the ad has generated, and pay for it likewise.
- Reach specific audience
Through affiliate marketing or social media marketing, you can reach a particular audience that is already interested in what you are selling. Such specific targeting can help in higher lead conversion. Moreover, it can also introduce your product or service to new and unexplored audiences.
- Pay only for results
This is the best benefit of performance marketing. Instead of paying a decided amount regardless of the outcome, you can pay only for the results. Through this, you can make sure that your money isn’t wasted. No matter what you are looking for, through this approach you can only pay when your expectations are met.
- A win-win approach
The best thing about affiliate marketing is that they get paid only when they bring in something that benefits them. It means, they are working to bring in leads for you, while you concentrate on other important things for your business. Your business will get different marketing techniques while they are also sufficiently rewarded once their efforts pay off.
- Flexible plan
Because it is based completely on performance, you can keep track of the results each channel gives you. If you are not satisfied with the results from one channel, you can change the plan to focus more on other channels that give you more profit.
Best Performance Marketing Agency in Mumbai: Socio Labs
A marketing program can only be successful if you hire an experienced company that delivers quality performance. Socio Labs has a proven record of successful performance marketing programs. With a highly motivated and professional team, it has been delivering successful marketing programs for many years.
Socio Labs delivers excellent lead generation strategies in performance marketing through updated techniques. With a highly satisfied clientele, it strives to achieve the desired return on investment to all its clients. With a client-oriented approach to all its projects, it stands as one of the best performance marketing agency in Mumbai.