28 Oct 2022
New Marketing Trends: Performance Marketing and Growth Marketing
Introduction: The power of internet does not require any discussion now this is the necessity for ever sphere of life. The marketing is always the key for economic development as well as no business can survive without it. There are new approaches in marketing which are trend setter is the field of Digital Marketing. The Performance Marketing and Growth Marketing are the two trending approaches delivering good results.
This is the approach adopted for online marketing in which the promoter pays for clicks and conversions to the Digital Marketing companies for results to be obtained on advertising platforms. So the task is performed by the Digital Marketing Company as the companies run a paid campaign. There are four major groups in Performance Marketing: Retailer else addressed as Merchant, Publisher or referred as Affiliates, Third party Tracking platform as well as Affiliate Network and Affiliate Managers which are also known as Outsourced Program Managers (OPMs). The global spending on Digital advertising in 2021 was estimated nearly $ 455 billion and the same are expected to cross $ 645 Billion by 2024 itself.
The Retailers look for the promotion of services or products through Affiliate partners/ Publishers. The retailer pays to the affiliate on the attainment of the goal earlier set for during the campaign. The Merchants who generate good results are those with their presence on multiple performance marketing channels.
Affiliates or Publishers are the key role players and are the marketing partners of Performance Marketing and these are in the form of sites for product review, blogs, Mobile Apps and some others also. In nut shell affiliates are like an extension to the product brand which are the experts for potentially using the website, social media and are intended to boost the performance of the retailer.
The task of offering one stop venture for banners, text links, promotions, Product feeds and payouts is dealt by the Affiliate Networks or third-party tracking platforms. These network platforms are potentially exploited for commission structure, bonus announcements and newsletters circulation by the Affiliate Managers.
The significant operator between the Merchant and Affiliate is the OPM or Affiliate managers. The affiliates managers can be within the organization itself as well as the external agency to manage the entire project can be engaged. The selection of external agency should be done with due analysis.
The aim of Growth Marketing is to draw the attention of audience and to let them pass through every stage for marketing funnel and thus developing the brand ambassador. The main task of a Growth Marketing Agency is to consolidate sales and marketing in tandem with the technology leading to the growth and act as centralized leader.
4 Ps of Growth marketing are:
Product, Promotion, Placement and Price. Growth marketing deals to drive growth through the data collected via marketing campaigns. A good growth marketer must work on the data analysis and feedback which enables him to decide to focus upon the workable potential data on priority basis to deal for better result. The strategy is to be changed on the basis of feedback as this is dynamic by nature.
It is must for Growth marketers to study, analyses and conclude that what are the factors attracting and benefitting to the users and keep them to stay. The entire team is required to make efforts as the data from different groups or individuals is combined for in depth analysis. The analyzed data is useful for developing new strategies which can be experimented to adopt for the one delivering result at a particular juncture.
It is highly effective to try different tactics, altering emails pattern, newsletter style and social media post pattern when adopting Growth Marketing as this yield good results.
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