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What performance marketing strategies should you use in 2024?

Por Maria Cecilia/

18 March, 2024

The world of marketing, especially digital, has undergone a remarkable evolution since its inception, moving from generic tactics to highly personalized and measurable approaches. The ability to track and analyze every action has led to a prioritization of results-based strategies, where every investment and campaign is evaluated by its tangible return.

 

As we enter 2024, performance marketing has established itself as the dominant approach, driven by the demand for efficiency and effectiveness in an increasingly competitive marketplace: Companies are now looking not only to reach their audience but also to generate clear and measurable conversions, underscoring the importance of adopting tactics that directly drive business results.

 

That is why in this article of MKT Digital Marketing we will see in depth the Performance Marketing, since in its understanding is the key to connect tools, techniques, skills and knowledge that will enhance it, thus achieving a way to measure campaigns, returns and investments for your company or business.

 

Performance Marketing: reliable data for adopting a successful strategy

 

Understanding Performance Marketing: the first big step

Before looking at its influence and modifiers, we must know precisely what performance marketing is, as well as its origins.

Performance marketing, with its origins in digital evolution and data analysis, is distinguished by its quantitative approach to marketing, aimed at achieving concrete and measurable goals through digital marketing actions.

 

It is characterized by being oriented to complete specific objectives, such as increasing sales, generating qualified leads, or boosting the conversion of users into customers.

 

Unlike more traditional approaches, which tend to focus on visibility or reach, performance marketing is based on effectiveness and ROI optimization, using advanced analytical tools that allow us to accurately measure the impact of each marketing campaign or action on the final results of the business.

This type of marketing has a great differential, since by managing it we have the ability to adjust strategies in real time, basing these adjustments on the detailed analysis of consumer behavior and the effectiveness of the campaigns.

 

This approach is complemented, in ideal situations, with other strategies and approaches within Digital Marketing, such as branding and content strategies.

 

In this way, we are creating a comprehensive marketing ecosystem that not only seeks visibility, but also ensures targeted actions by the audience, thus maximizing the success and sustainability of businesses and services.

 

OPTIMIZING TRADITIONAL MARKETING: AIMING FOR RESULTS

 

Performance marketing came to optimize traditional marketing, in terms of data traceability, with which measurements are made in order to focus the right strategies on the ideal sectors.

While traditional marketing focuses on increasing visibility and brand recognition through media (such as print advertising, radio and television) and without direct measurement of the impact on sales or conversions, performance marketing is oriented towards achieving specific and measurable objectives.

In this way, efficiency and ROI are prioritized, as digital channels are used to accurately track the contribution of each marketing action to the final results, allowing strategies to be optimized in real time to maximize the effectiveness and efficiency of the campaign.

 

RETURN ON INVESTMENT, THE HEART OF PERFORMANCE MARKETING

Before moving on, let’s remember what ROI is.

 

ROI (Return on Investment) is an indicator whose function is to measure the profits obtained in relation to the cost or investment of marketing campaigns.

 

ROI is intrinsically related to performance marketing, as it provides a concrete measure (through data and metrics) of the success or failure of marketing campaigns, financially speaking.

 

It is of vital importance the knowledge and application of ROI for marketers, especially performance marketing, as it allows the evaluation of factors such as the effectiveness and profitability of their strategies.

 

It is also important to highlight that performance marketing allows to easily visualize improvements, so that the correct investment of resources in tactics and communication strategies can be assured, achieving the improvement of financial results through an increase in sales or hiring of a service.

 

In this way, the results-oriented approach ensures that marketing strategies are directly aligned with the generation of economic value, allowing companies to focus on tactics that not only increase reach or visibility, but also effectively translate into a positive return on investment.

 

This relationship is the one that indicates the current situation of the sector, since nowadays the strategies linked to traditional marketing are being modified so that each investment decision, campaign and data collection have a basis based on analytics and based on data, which are fundamental in modern marketing.

 

In other words, every day more and more companies and businesses decide to have a digital marketing development that takes into account the values given by metrics and conversion. By understanding ROI, companies can make informed decisions to optimize their marketing investments and align them with overall business objectives.

 

performance strategies for 2024

 

Performance Strategies for 2024

It is never too late to adapt a campaign or commercial strategy under the guidelines of Performance Marketing. Analyzing the latest trends, we can mention tools, strategies and actions that will improve and optimize communication and sales processes.

 

OPTIMIZED CONTENT MARKETING

Optimized content marketing focuses on the elaboration and distribution of informative and attractive material, whose function is to respond assertively and directly to the questions and needs of the target audience, thus achieving an improvement in SEO positioning.

CONTENT THAT SOLVES, SATISFIED AUDIENCE

By creating valuable and relevant content, focused on solving the needs of the audience, we offer added value to the target audience or consumers.

 

In this way, two things are promoted: the first is the positive perception of the brand or business, and the second is its contribution to the improvement of its positioning in search engines, all this thanks to the quality and relevance of the content.

Using SEO techniques, such as the incorporation of strategic keywords and the optimization of metatags, online visibility is boosted, attracting qualified traffic to the website and, therefore, increasing the chances of conversion and customer loyalty.

 

TARGETED PPC ADVERTISING: RESULTS BASED ON CLICK-THROUGHS

Pay-per-click advertising (or PPC advertising), tailored to specific objectives, involves the careful design of advertising campaigns where you pay for each click received on the ads, thus optimizing the advertising investment.

 

This strategy is characterized by its ability to precisely target defined audience segments using specific demographics, interests and behaviors.

 

Advanced segmentation allows advertising messages to reach the users most likely to become customers, increasing the efficiency of campaigns and significantly improving concrete results, such as sales or lead acquisition.

 

SEO AND SEM: GIVING VISIBILITY AND GENERATING CONVERSION

 

It’s time to talk about SEO and SEM, and how they work differently but complement each other, in terms of conversion rates and visibility of a brand, product, company or project that wants to position itself correctly in the digital world.

 

SEO (Search Engine Optimization) refers to the optimization of web content to improve its positioning in organic search engine results, increasing visibility without direct cost per click. SEM (Search Engine Marketing), on the other hand, includes the use of paid search engine advertising to increase visibility more immediately.

 

Both strategies are fundamental to attract relevant traffic to the website, improving not only visibility but also conversion rate by directing users with purchase intent or specific interest to the offer.

 

Advanced search engine optimization techniques, both organic (SEO) and paid (SEM), include the use of long tail keywords to target specific searches.

 

User experience (UX) optimization to improve retention and conversion rates, as well as adjusting paid campaigns to target highly segmented audiences, also play a key role.

These strategies seek to improve both visibility and conversion rates by ensuring that content is relevant and accessible to the target audience and that paid campaigns are efficient and effective.

 

RRSS MARKETING: FOLLOWERS WHO BECOME CUSTOMERS.

Social media marketing focuses on promoting brands, products or services through digital platforms. As this type of marketing is focused on conversion, its goal is to transform the interaction and interest of followers into concrete actions such as purchases or registrations, thus achieving that our followers become our customers or target audience.

This is achieved by creating engaging and relevant content, and using analytics data to target specific advertising that resonates with audience preferences and behaviors, thus improving conversion rates.

 

To deepen social media marketing with a focus on conversion, it is very important to use and study detailed and specialized analytics, in order to understand the behavior of followers and personalize advertising.

This involves segmenting audiences based on their interests and previous activities, and designing messages that resonate with their specific needs. Campaigns are optimized through A/B testing and real-time performance tracking, allowing for agile adjustments that increase the likelihood of converting followers into loyal customers.

 

EMAIL MARKETING: SEGMENTATION AT THE SERVICE OF OPENNESS AND CONVERSION

Email marketing involves sending emails aimed at promoting products or services, fostering the relationship with the customer. By having a database as we advance in this practice, we will be able to segment the audience according to their tastes and interests, achieving a more personalized relationship with people.

An important factor in this case is the adaptation of the message to be sent according to the group of people segmented according to their previous behaviors, characteristics and interests.

 

Email marketing, in this way, manages to produce increases in the open rate, which measures the percentage of emails opened, and the conversion rate. In this way, the percentage of recipients who perform a desired action is obtained, thus improving the overall performance of the campaigns.

 

implementing analytics to measure results

 

Implementing Analytics to Measure Results

Web analytics is the process through which data is collected for analysis and reporting regarding user behavior on websites. This practice is crucial to realize, evaluate and optimize the performance of the strategies implemented by the marketing department or agency.

 

Through the use of specific tools, such as Google Analytics, professionals can access key metrics that provide information on user interaction, allowing strategic adjustments to be made for the improvement of an ongoing campaign, in terms of efficiency and effectiveness of ongoing campaigns.

 

The implementation of web analytics, as well as campaign measurement and tracking tools, is fundamental to evaluate the success of applied marketing strategies, allowing to understand user behavior and the effectiveness of campaigns.

 

It is important to highlight that analytics measurement tools offer insights on web traffic, data on acquisition sources and visitor behavior on the site.

 

Among the key metrics for a correct study and evaluation of consumer behavior, we include:

 

BOUNCE RATE

 

The Bounce Rate is the percentage of visitors who access a website and leave, without accessing new pages linked to the site or without performing any type of interaction with the content of the website itself. It is a page visit that does not become a visit but a visualization.

 

When the bounce rate is higher, it translates into a bad interaction of visitors with the site. On the contrary, when it is lower, it means that the site generates an interest in the visitor, making him stay on the site and interact.

 

AVERAGE SESSION DURATION

 

La duración media de sesión es el tiempo promedio que los usuarios pasan en un sitio web, asumiendo que han interactuado con él de alguna manera. Sin interacciones, Google Analytics no puede determinar este tiempo promedio.

 

Dentro de estas interacciones que permiten calcular la duración media de la sesión, tenemos: navegación a otra página dentro del mismo sitio, compartir contenido del sitio en alguna de las redes sociales del visitante, hacer clic en algún enlace dentro de la página web y hacer clic en botones de contacto o solicitud de información.

 

Estas actividades son las que permiten a Analytics poder registrar el tiempo de permanencia en el sitio y, de esa manera, lograr optimizar la duración promedio de las sesiones. Una sesión en Google Analytics sólo finaliza tras 30 minutos de inactividad después de la última interacción.

 

Por poner un ejemplo, si ingresamos a un artículo sobre marketing en Instagram a las 23:30 y lo leemos por 15 minutos, sin más interacciones que esa, la duración de la sesión se registra como 00:00:00, y se cuenta un rebote.

 

Now, if after reading for 15 minutes, we explore more about SEO, then get distracted by Twitter, and return to the site after more than 30 minutes just to close the site tab, the duration is set to 00:15:00. If we had any interaction with the page before the thirty minutes, the duration is accumulated (if we stay interacting 15 minutes more, the session would be 30 minutes in total).

 

To achieve a longer time spent by site visitors, we recommend a continuous improvement of the user experience (UX), a correct layout of the site, not having annoying elements such as pop-ups or banners on the page, and displaying products or services with a good digital marketing strategy to enhance the attractiveness of the web, thus encouraging not only the permanence of the site but the potential for sales.

 

In conclusion, a high bounce rate and low average session duration are not necessarily negative, depending on the type of website, but it is important to pay attention to them in order to detect trends and behaviors within the site. Optimal average session duration is an Analytics metric that provides guidance on site performance, although it is not completely determinative.

 

CONVERSION BY CHANNEL

Conversion rate is the percentage of visitors or users who perform a specific action within a given marketing channel. These conversions can be actions such as completing a form, scheduling an appointment, making a purchase or contacting via email or whatsapp from the web.

 

The calculation of the conversion rate is of vital importance because in it lies the ability to evaluate the effectiveness of the marketing strategies implemented, being able, consequently, to make decisions based on data to improve results.

 

With the conversion rate we have multiple advantages

 

  • Measuring effectiveness: By analyzing the conversion rate, you can determine whether your strategies are achieving your objectives and eliciting the expected reactions from users. This allows you to discern which elements of your campaigns are producing positive results and which need to be revised or improved.
  • Maximize return on investment (ROI): Knowing the conversion rate helps to identify which campaigns or channels are achieving a higher number of conversions and, therefore, offering a more favorable return on investment. Thus, resources can be allocated more efficiently and the marketing budget can be adjusted to maximize benefits.
  • Recognize opportunities for improvement: A low conversion rate in certain channels or at specific points in the strategy signals the need for adjustments. This could mean modifying message content, improving the buying process, or implementing tests to find the tactics that generate the greatest impact.

 

The calculation of the conversion rate in Marketing has the following formula:

 

Conversion Rate = (Number of Conversions / Number of People Who Received the Message) * 100.

‍To illustrate this, let’s consider an example. Suppose we send a promotional message to 500 people and 50 of them make a purchase as a direct result of that message. The conversion rate would be:

Conversion Rate = (50 / 500) * 100 = Conversion Rate = 10%.

 

In this case, the conversion rate would be 10%, meaning that 10% of the people who received the promotional message made a purchase.

 

It is important to keep in mind that the conversion rate may vary depending on several factors, such as the type of message, the segmentation of the target audience, the relevance of the content and the channel (Email, Paid, WhatsApp API).

 

Therefore, it is advisable to constantly track your conversion rates and make adjustments to your strategies to improve results.

 

These metrics, along with return on investment (ROI), are fundamental to help optimize marketing strategies, thereby improving the overall performance of a campaign, as well as the decisions made within it.

 

To complement this section, we can mention tools that are not purely metric or analytical, but that contribute to this sector and are increasingly implemented in performance marketing:

ARTIFICIAL INTELLIGENCES

 

AI is revolutionizing marketing by enabling unprecedented personalization. Artificial intelligence is capable of analyzing large volumes of data, as well as predicting consumer behavior or personalizing communication in real time, significantly improving the effectiveness of campaigns and increasing ROI.

 

VIDEO MARKETING

Video marketing is a strategy that involves the use of audiovisual content to promote brands, products or services. It is related to performance marketing as videos, due to their attractive and easily consumable nature, can significantly increase conversion rates, improve engagement and generate measurable ROI.

 

By capturing attention and conveying messages effectively, video marketing becomes a powerful tool to achieve specific campaign objectives.

 

The use and success of video marketing has an explanation linked to the ever-increasing consumer preference for choosing visual and accessible content, often preferred over reading or written content.

 

Videos not only capture attention but also foster a stronger emotional connection, which can translate into higher conversion rates and a direct impact on marketing results.

 

INFLUENCER MARKETING

Influencer marketing is a strategy that uses people with high credibility and social media following (influencers) to promote products or services. It relates to performance marketing by directly influencing the audience’s purchasing decisions, which can translate into increased sales, improved brand image and a clear return on investment. By leveraging the trust that followers have in influencers, brands can achieve specific and measurable results.

 

Influencer marketing continues to rise as a key tactic, leveraging the trust and engagement influencers have with their followers. By collaborating with influencers, brands can reach targeted audiences in a more authentic and persuasive way, driving conversions and positively contributing to marketing results.

 

These trends underscore a movement toward more personalized, interactive and data-driven strategies, all aimed at optimizing marketing results in 2024.

 

 

Best Practices for Performance Marketing

Performance marketing is a highly effective discipline, but to leverage its full potential it is essential to follow certain best practices.

 

These practices help ensure that strategies are efficient and generate solid results. Here are some of the best practices to consider:

 

ESTABLISH CLEAR AND MEASURABLE OBJECTIVES

Before launching any marketing campaign, it is critical to define specific and measurable objectives. What are the results you want to achieve? Whether it’s increasing sales, generating leads or improving customer retention, setting clear objectives provides a clear direction for your efforts.

 

KNOW YOUR AUDIENCE

A thorough understanding of your audience is essential. Researching and segmenting different types of customers allows you to create highly relevant messages and offers. Personalization based on audience data significantly improves campaign effectiveness.

 

USE ANALYTICAL TOOLS

Implement tracking and analysis tools, such as Google Analytics, to measure and evaluate campaign performance. Constant data analysis allows you to identify areas for improvement and adjust strategies in real time.

 

CONTINUOUS OPTIMIZATION

Performance marketing involves a mindset of continuous improvement. A/B testing is ideal to evaluate different approaches and adjust strategies based on results. Constant optimization is key to maximizing ROI.

 

INTEGRATE MULTIPLE CHANNELS

 

Combine different marketing channels, such as email marketing, social media and PPC advertising, to reach a wider audience. Synergy between channels (Omni-channel) can boost the results of a campaign.

 

CREATE QUALITY CONTENT

Content remains fundamental, so we recommend generating valuable and relevant content that offers answers to the audience’s needs. Quality content attracts and retains users, which in turn positively impacts conversions.

MAINTAINING TRANSPARENCY

In a world where data privacy is crucial, it is very important to maintain transparency in marketing practices. That’s why we recommend complying with privacy regulations and providing users with clear options to manage their data security preferences.

 

FOLLOW EMAIL MARKETING BEST PRACTICES

When using email marketing, it is recommended to adhere to industry best practices, such as explicit consent to send emails and the ability to unsubscribe at any time.

 

TRAIN THE TEAM

The marketing team that develops campaigns should be up to date with the latest trends and tools. Continuous training is essential to keep up to date in a constantly evolving digital environment.

 

EVALUATE AND DOCUMENT

Conducting periodic evaluations of performance marketing strategies is critical, as is documenting what has been learned. This will help teams avoid past mistakes and optimize future campaigns.

 

By following these best practices, you are in a strong position to make the most of performance marketing and achieve campaign objectives effectively.

 

 

future of performance marketing

 

Future of Performance Marketing

The future of performance marketing is shaping up under the influence of artificial intelligence (AI) and big data, which promise to revolutionize the way campaigns are designed and executed.

 

These technologies enable even more precise segmentation and personalization, anticipating users’ needs and behaviors in real time.

 

Likewise, the ability to analyze large volumes of data improves decision making, optimizing ROI and opening new avenues for creativity and innovation in marketing strategies.

 

The most effective performance marketing strategies include the creation of optimized content that responds directly to audience needs, well-targeted PPC advertising campaigns, advanced SEO and SEM techniques to improve visibility and conversion, conversion-oriented social media strategies, and the use of personalized email marketing.

 

If you are looking to take your business to the next level through digital marketing, I invite you to contact us at MKT Digital Marketing.

 

Our team of experts is prepared to design customized performance marketing strategies that align with your specific objectives, helping you improve and increase your sales or services. We offer multiple approaches and up-to-date tools to generate successful campaigns.

 

Don’t wait any longer to start squeezing the full potential of digital marketing.

 

 

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