What is E-Commerce?
Electronic commerce, or eCommerce, is the term used to describe all transactions carried out electronically. This encompasses a variety of online resources and actions, such as online ticketing, auctions, and electronic wallets in addition to online banking. But when people discuss eCommerce, they typically mean online shopping, which is the act of purchasing and selling items over the internet.
What is Performance Marketing?
We often use 'Digital Marketing as a collective term. However, in reality, it consists of various components, and each component's capabilities and channels are expanding every day.
Performance marketing is one of the vital components of digital marketing. Unlike traditional marketing, the advertiser only receives payment when a content publisher, affiliate, or marketing agency achieves a particular, measurable, pre-defined result for the marketing campaign. The result could be described as page visits, ad clicks, or leads generated, or it could be the actual sale of a good or service. Platforms such as Google Ads, Instagram, Facebook, etc can be utilized for this purpose.
Why do E-commerce businesses need Performance Marketing?
The world is transitioning towards digitalization at a pace never witnessed before. If e-commerce companies want to succeed, they must remain adaptable and calculated in an increasingly competitive and ever-changing online industry. One course of action that these businesses can undertake to position themselves well in the present market is to nail the art of Performance Marketing.
Now that we are done with the basics let's move on to our performance marketing tips that will aid you in boosting your e-commerce business.
1. PPC dedicated landing page.
A well-structured yet simple landing page solely built for PPC has proved to yield a higher conversion rate in comparison to a generic page. A new product or group of products can be highlighted on this landing page and linked with the advertisement, whose exclusivity will in turn drives sales. Consumers seeking a certain price may be attracted by it. Even though your existing consumers are on your brand's website, creating a specific landing page may bring visitors who are solely interested in the particular event or offer.
2. Create a Push through promotional offers.
One of the biggest motivators that compel a consumer to buy a product is promotional offers. They assist the prospective customer to overcome hesitation and move ahead in the sales funnel. When you come up with an attractive offer it becomes one of the means that sets you apart from your competitors. It not only aids in converting your existing customer into loyal ones but also attracts new customers to your business. In addition to the increased conversion rate, it will also aid you in magnifying your brand awareness.
3. Choose the target audience discreetly.
Like any other marketing strategy, Performance marketing will be effective only if we target the right audience. If you target the wrong audience, your content will be ignored for no other reason than the fact that they don't require or are unable to afford your products or services. Only those who have a clear interest in what you sell should be your target audience. It is useless to try to appeal to everyone. Because of this, it's crucial to know who your potential clients are, what they're looking for online, and how to reach them.
4. Take a closer look at your traffic sources.
It is a common notion that an increased amount of web traffic means increased awareness and improved visibility. Well, there may be some truth to this statement. However, in the case of performance marketing, it is very crucial to make sure that your traffic is coming from reliable sources. Customers are likely to doubt their ability to trust your brand when it is being promoted by questionable sources. This may discourage them from returning to your website. Instead, make it a point to partner with reputable affiliates rather than producing a lot of low-quality traffic.
5. Keep a track of the metrics.
There are innumerable metrics that a marketer can use to identify the success of his campaign - it's just a matter of choosing the accurate one suiting your strategy. If you don't track your marketing efforts, you'll be spending money without guaranteeing a return. You'll be able to redirect funds into more lucrative channels by keeping track of the better-performing metrics. You'll be able to see what is working—and what isn't—by observing where traffic and sales spike.
6. Use A/B testing to optimize your content.
A/B testing, commonly referred to as split testing, allows marketers to experiment to determine which version of an online experience will have the greatest impact on their target audience. You are compelled to assess every element of your creativity using A/B testing. As a result, as you produce numerous variants, you also get a list of potential enhancements that could be statistically significant. As a result, the final version of the page or creative is better for your target audience when an a/b testing tool is used.
7. Retarget those interested customers.
According to a survey, just 2% of first-time visitors to any website convert. What happens to the remaining 98% of website visitors who came to the website, however, left without making a purchase? Retargeting is a marketing strategy that you can use to re-engage with those consumers and persuade them to come back and complete the transaction. Retargeting involves showing your ads just to website visitors who have already shown interest in your brand but haven't responded to a call to action.
8. Write a compelling ad copy.
Aside from the creatives being of utmost importance in an advertisement, Ad copy also plays a vital role in the success of your advertising campaign. While writing an ad copy the target audience and the likely action that we want them to take must be always taken into consideration. You need to communicate your message clearly and promptly while providing as much information as you can, as it will compel the audience to decide whether they want your offer or to continue with their day as usual. A call to action that motivates the reader to act and respond should also be included in it.
9. Practice cross-device targeting
As we are rapidly moving toward digitalization, users are consuming content from various online platforms. They are using these platforms to engage, browse and shop on the internet. Cross-device targeting allows you to target viewers across a variety of platforms, including Connect TV, desktop, and mobile (CTV). It enables you to go beyond mobile. By focusing on different devices, you can broaden your audience and amplify your message throughout the user journey. As all of the devices have unique alignments and hence provide a unique user experience.
10. Timing is everything
Timing has always been an important component of marketing strategies, whether it is traditional advertising or digital advertising. A well-timed ad can do wonders for your campaign as all the consumers are different and have different ways to react in certain situations. When it comes to making a purchase, customers tend to take different actions at different periods. And a marketer must be available and fulfil the consumer's needs at these moments. For example, if our target audience consists of corporate working individuals, our ads would get more impressions if we run them on weekends or during the morning, as this is the time when these individuals are more likely to be online.
The conclusion?
Performance marketing is a great way to develop your brand, heighten product awareness, and engage with your audience without having to worry too much about financial limitations.
There is always room for growth and improvement, no matter where your brand stands in the performance marketing space. Discover and observe the strategies that work for you and how to meet the demands of both your affiliate partners and your brand. Once you have determined your objectives, get going and begin creating those connections.
If you are looking out for a performance marketing agency that can assist you in developing an ideal strategy for your brand -
Contact Mad Result to Get Started Today!!!