Performance marketing is a term that has been used to describe the specific trends in marketing that lead to increased sales, increased engagement and improved customer experience. The best way to define the term is simply: what are the behaviours that result in higher sales, better customer experience, or a more engaged and happy business customer? As with many other aspects of performance marketing, there’s no single definition — so it is helpful to provide some commonly agreed-upon definitions. In our experience, there are three common definitions of performance marketing: the customer’s view of why they buy (e.g., “I want my products delivered on time”), the brand’s view of how they are perceived by their customers (“My products are trusted by people who know how to use them”), and how a company measures its own performance (e.g., “Customers who have bought from us have rated us highly on numerous occasions”). Listed below are some of the top performance marketing trends in our industry. Listed below are some of the top performance marketing trends in our industry.
- Voice Search Optimization
- Email Marketing Optimization
- Social Media Trends
- Strategic Marketing Transformation
Performance Marketing will only work if both parties are happy with the relationship; otherwise, each party may find that they have little reason not to walk away from the relationship altogether. It’s also useful to note that retailers often use different terms for the same concept. It makes sense when you think about it: if your store isn’t selling as many items as you expect, you could attribute this failure entirely to your suppliers (bargaining power) and your employees (lack of efficiency), but if instead, you attribute it solely to your inventory management system — well then your supplier might be feeling a bit smug about his product being shipped on time!
