Changing the digital game: how MSMEs can leverage performance marketing strategies
In today’s day and age, it is important for every company to have a strong digital presence, owing to the fact that our social and real lives are intricately connected. Whether it is an MNC or an MSME, regardless of the industry and scale, performance/digital marketing is a principal factor in dictating growth in terms of profits and market presence for customers. Performance marketing can work wonders in terms of widening one’s customer base and offering flexible marketing opportunities.
A common industry myth is that micro, small, and medium-sized enterprises (MSMEs) are unable to reap optimum profits from these strategies. This is far from the truth. A company of any size, small or big, can take advantage of performance marketing tactics to advance in their respective sectors.
Nuances of performance marketing
In today’s age, huge conglomerations are investing hefty amounts of money in brand promotion, as a result of which, most organisations tend to rely on the bottom line of orders to stay in the competition.
To put it simply, performance marketing is a mix of brand promotion and compensated ads that are chargeable after these activities are carried out. One only has to pay for performance marketing in the form of ad clicks, lead generation, and conversions.
The digital marketing industry in India is witnessing innovation in the performance marketing realm in order to accelerate business growth. An amalgamation of advertising and innovation has provided retailers and affiliates with a much-needed aid to grow their enterprises. Campaigns are specifically designed in ways that are effective, customisable, and accessible.
Performance Marketing also allows advertisers to work on tailored strategies that can potentially usher in profits for retailers. In comparison, the traditional marketing space is filled with enterprises that pay only for limited action and hence, have finite outcomes.
Can performance marketing become a stable tool for MSMEs?
In order to understand how performance marketing strategies work, let’s take a look at the ways in which MSMEs can leverage this marketing tactic to their advantage.
Landing pages that are intuitive and one-stop: Performance marketing demands exceptional content, along with website execution that is free from commonplace flaws. A shabby landing page can reduce conversion rates and lead to unsatisfied consumers in the long run. How can one bypass this? Create landing pages that act as a one-stop destination for your target audience – so much so that they’re able to receive all relevant information within the ambit of the landing page itself. Design, content, and communication play a seminal role in this instance, along with accessibility and user value retention.
Optimise for revenue-driven KPIs: Exceptional marketers are aware of the importance of testing and output measurement – after all, how would you know your setbacks if you do not measure your performance with the right metrics? In order to carry out optimisation as per KPIs, one can use techniques in the form of conversion optimisation, close monitoring of click-through rates, AOVs, and website traffic. This can be gauged with the aid of AB split testing and effective analysis on a metric-by-metric basis.
Fine-tune traffic sources: For sure shot success, it is crucial to be mindful of the source of website traffic, along with the quality of sources and leads. Major shifts in demography, market interest, and success rates have been witnessed in Tier-II and III cities over the past decade. Once you control and fine-tune your traffic sources, everything else will face into place.
Monitor, assess, improve: While running campaigns or executing performance, you are bound to come across a wide range of metrics that are interconnected and determine the nature of your brand’s performance. These metrics, when tuned right, can make all the difference between success and failure. Hence, it is crucial to monitor, assess, and improve upon performance metrics such as attribution, mobile vs desktop data, bounce rate, and so on. This will provide you with an insight regarding what works and what doesn’t. This can evolve into an especially innovative strategy with the help of advanced tracking integrated platforms.
Apart from utilising these strategies, it is important to build genuine relationships with your consumers in order to drive reach and engagement. The reason why performance marketing works is due to its ability to help MSMEs with real-time inputs and custom content targeting. This opportunity is waiting for being leveraged, and if done smartly, can provide a boost to brand recall and credibility. Now, the choice is yours. So, what will it be?
Edited by Javed Gaihlot