November 14, 2019
With the ability to advertise online came a brand new type of marketing — performance marketing. This comprehensive term describes a combination of brand marketing and paid advertising where the advertiser pays for the ad only when someone takes a certain action on it, like viewing, clicking, or downloading. With performance marketing, you also get real-time data on down funnel metrics like downloads, registrations, purchases, etc. that you can attribute to the exact ad that lead to the action.
But we know there are many ways to market, including what’s referred to as traditional marketing — print, TV, and radio, to name a few. Though some in the industry refer to the two types of marketing as new school and old school, neither should be ignored and instead should be melded together to form a strong, 360 degree marketing mix.
Brands that are already heavily invested in traditional channels aren’t a lost cause. Actually, they’re the perfect partner for a performance marketing agency. In this post, we’ll highlight the advantages of working with a performance marketing agency like Bamboo and how increasing and streamlining your performance marketing efforts can boost the traditional strategies you already have in place.
Performance marketing is essential to a modern ad strategy
According to this Digital Trends in 2019 Report from Hootsuite and We Are Social, we spend an average of 6 hours and 42 minutes online each day, with half of that spent on mobile devices. While print, TV, and radio are certainly still capturing attention, digital has quickly squeezed its way in and will only continue to take up a bigger piece of the pie. For that reason, performance marketing and other marketing efforts are not mutually exclusive, but rather necessary complements. Layered over and under all of that is branding — a recognizable, cohesive story that defines your company and its products and services. Most established companies already have a solid brand and a tested traditional marketing strategy. Performance marketing is simply an inexpensive, fully-controlled extension of what’s already working that zeroes in on driving specific results.
Some clients are initially hesitant to work with a performance marketing agency since they already spend a lot of time and money on in-house efforts. But performance marketing can provide a solution to stagnant numbers and other unaddressed areas. A well-established brand came to us happy with overall sales but wanting to expand and become more efficient in their paid social advertising. We proved the value of performance marketing by leveraging the sophisticated tools and algorithms available only in digital channels. Our strategy allowed us to make the most of the budget by going directly to the target customers and as a result, we elevated client image and achieved branding goals.
Bolster current branding efforts with performance marketing
The goal of branding is to get the most people to recognize and like your company, products, and services. Whether it’s Googling for info, perusing Pinterest, or swiping through a hashtag on Instagram, online is where people go to learn more about new brands. This is especially true for younger generations who aren’t turning on traditional TV, picking up a magazine, or flipping on the radio as frequently. Performance marketing offers a huge boost to those efforts by getting the word out to as many people as possible as efficiently as possible.
Use performance marketing to extend and build on what’s already working
Working with a performance marketing agency does not mean you have to start fresh or reinvent your marketing plan. A solid performance marketing agency will absorb the data you’ve worked hard to accrue and come up with strategies that build off of it to increase LTV, push incremental conversions, capitalize on retargeting, etc.
Partnering with an agency also opens up a two-way street of valuable information. A good agency knows how to work with in-house teams to increase efficiency for both sides through data sharing. Performance marketing agencies can hyper-target current valuable customers, and also cost-effectively break into new markets.
Get an experienced outside perspective with a pulse on trends
Performance marketing moves quickly. Every day, the major platforms are making adjustments to advertising algorithms, CPAs are fluctuating, and consumers are deciding what’s cool and what’s not. Good performance marketing agencies have deep relationships in place with all the relevant digital outlets, so they’re never surprised by updates and announcements. Tasking someone else with this charge allows you and your in-house team to focus on your core goals and other ways to move the needle.
Agency partners not only come in with fresh ideas, but they also have a well of relevant expertise and case studies to apply to your business goals. While you have a deep understanding of your business, a good performance marketing agency has overall experience in your vertical, as well as insider knowledge on the most powerful digital platforms.
While partnering with a performance marketing agency will certainly take a lot of work off of your list, don’t think of it as outsourcing. A good performance marketing agency feels like a qualified extension of your in-house team. They’ll keep your brand fresh and effective on digital and boost traditional marketing efforts at the same time.
At Bamboo, we’ve spent years mastering the ins and outs of Facebook. If you’re looking for a new growth agency, we’d love to chat. Fill out the form below and we’ll be in touch!
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