When it comes to generating more leads and revenue for your business, a strong online presence and robust marketing strategy are essential. In today’s digital world, the most effective strategies revolve around both performance marketing and digital marketing. Both options have a lot of similarities; however, there are some key differences to consider as well.
While both options can help generate results, choosing which option will work best for your business is all dependent on what your goals and objectives are, both short and long-term.
Keep reading to learn more about digital and performance marketing, how they differ from one another, and which one will work best for you, depending on your unique goals.
Performance marketing is a growth strategy (not to be mistaken for performance-based marketing, where you only pay when there are measurable results). It is a form of digital marketing that focuses on growing your business through results-driven strategies. The goal of performance marketing is to achieve clicks by implementing inbound digital marketing campaigns designed to help you meet your specific business goals. These clicks then turn into leads which ultimately become sales.
Performance marketing campaigns typically include:
As previously mentioned, one of the biggest advantages of performance marketing is that your strategy is focused on achieving results. This means you won’t end up wasting thousands of dollars on a strategy that produces minimal to no results. With other digital marketing strategies, you may focus purely on the top of the funnel (e.g. brand awareness), even if they do not produce any immediate monetary results. This means that although the cost of performance marketing may seem higher at first, it produces a stronger Return on Investment (ROI) and ultimately gets you faster results compared to other digital marketing strategies.
Additional benefits include:
As previously mentioned, performance marketing is all about performance. Performance is incredibly trackable, and everything from the cost of acquisition to average order value is highly measurable. ROI is also incredibly important and a key metric used to determine how well your performance strategy is doing.
When you work with a performance marketing agency, how well your campaigns are performing will be constantly monitored using certain Key Performance Indicators (KPIs) depending on your specific goals. ROI is an incredibly important metric used in performance marketing, along with the following:
Digital Marketing is a blanket term that refers to a variety of marketing strategies that utilize online channels to help generate leads, clicks, and sales.
A digital marketing campaign can include any of the following types of strategies:
There are numerous benefits to implementing a digital marketing strategy. With the right combination of strategies, digital marketing can help increase website traffic, improve visibility in search engines, boost leads and conversions, improve brand awareness, and more.
Additional benefits of digital marketing include:
Like performance marketing, digital marketing tracks campaign performance using a variety of metrics and KPIs.
The most popular metrics and KPIs for digital marketers include:
While Performance Marketing falls under the Digital Marketing Umbrella, there are some key distinctions between the two. Some of the biggest differences include:
There’s no right or wrong answer when it comes to choosing a marketing strategy for your business. Ultimately, the strategy that gives you the best results will depend on your business goals and the industry you’re competing in. If you are looking for specific results right away and are willing to pay for them, performance marketing is the way to go. If you are looking to improve your visibility while also generating leads long-term, digital marketing may be what you are looking for.
Whichever option you choose, it’s important to consider the following before implementing any marketing strategy:
At Consultus Digital, our focus is producing tangible results for our clients by developing and implementing well-thought-out performance marketing strategies. We have a proven track record of excellence when it comes to achieving our clients’ desired results, and we firmly believe that performance marketing is the best way to take your business to the next level. Contact us today to learn more about how we can help you reach and exceed your business goals.
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