The future of performance marketing is not about a single channel or product category, but rather an ecosystem of technologies and strategies that enable marketers to deliver relevant marketing at scale. Today, companies can use technologies like AI and ML to predict user behaviours like intent and churn, and then use that information to send personalized, data-driven communications to keep customers engaged. They can also combine these technologies with insights from CRM and other first-party customer data to create a 360-degree view of customers that allows marketers to provide custom, relevant, and timely experiences that drive long-term engagement.
The goal of performance marketing is to help marketers increase their sales by focusing on customer engagement and retention. The key difference between marketing and sales is that marketing is focused on acquiring new customers, while sales is focused on keeping current customers happy to stay with the company.Marketing is responsible for finding new customers, while sales is responsible for keeping current customers happy enough to stay with the company. The goal of performance marketing is to bridge this gap by focusing on customer engagement and retention.Marketers who focus their efforts on customer engagement and retention have a better chance of increasing sales. They know what their customers want, and have the ability to provide them with what they need. When customers are happy and engaged with your brand, they spend more money and have a higher likelihood of recommending your company to others.
One of the biggest differences between performance marketing and traditional marketing is that with performance marketing, marketers are able to deliver hyper-relevant and personalized communications to customers. Traditional marketing is often based on mass advertising using the same messages to everyone, regardless of their specific needs and interests.In performance marketing, marketers use data science to analyze customer behaviour, preferences, and interactions to create highly personalized experiences that meet the specific needs of each customer. This allows marketers to drive more engagement and generate more sales by focusing on customer retention instead of attracting new customers.
Marketing automation - The main goal of marketing automation is to help marketers organize their marketing activities, streamline their workflows, and centralize their data. Marketing automation software helps marketers automate their marketing processes, such as lead nurturing and drip marketing, so they can focus on other tasks and use their time more effectively.Marketing automation also helps marketers set up automated workflows, create automated marketing sequences, and track their progress. Marketing automation provides marketers with a centralized place to store their data and collaborate with sales and other teams to identify new opportunities and develop marketing campaigns.
There are four main types of performance marketing: Attribution marketing is used to determine the effectiveness of marketing activities by analyzing the path that leads a customer from initial awareness to purchase. Click-path marketing is used to track the path customers take from seeing an advertisement to making a purchase. Engagement marketing focuses on increasing customer engagement, while retention marketing focuses on increasing customer longevity.Lastly, customer journey marketing uses customer data and journey mapping to create a holistic view of customer behavior. This allows marketers to create a consistent experience across channels and touch points.
Attribution marketing is a data science-based technique that allows marketers to understand the path that leads customers from initial awareness to purchase. It is also known as the user path, path to purchase, or customer journey.This data can be collected from a variety of sources, including first-party data, third-party data, and cross-channel data. Attribution marketing allows marketers to identify the most effective marketing channel and marketing touch point to increase customer engagement and drive revenue from current customers.Marketers can also use attribution marketing to determine the ROI of different marketing activities.
Click-path marketing is a data science-based technique that tracks the path customers take from seeing an advertisement to making a purchase. This data can be collected from a variety of sources, including first-party data, third-party data, and cross-channel data. Click-path marketing allows marketers to understand which marketing channels, ads, and marketing programmes are driving sales. This data can be used to identify the most effective marketing channels and programmes, and can be helpful in making future marketing decisions.
Customer journey marketing is a data science-based technique that creates a holistic view of customer behaviour. This can be achieved through data mining, customer journey mapping, and journey data analysis.Customer journey marketing allows marketers to create a consistent experience across channels and touch points, and to identify the best ways to reach customers. This also allows marketers to measure the effectiveness of their marketing efforts, identify opportunities for improvement, and develop a holistic marketing strategy.
The future of performance marketing is a combination of data science, artificial intelligence, and machine learning that allows marketers to create personalized, hyper-relevant, and timely experiences that drive long-term engagement.By combining data science with technology, marketers are able to drive customer engagement, increase sales, and boost brand awareness at scale.