Marketers always discuss either performance marketing or moving the needle in terms of metrics. But there are ways you can look at both perspectives together. Let us break this up into multiple parts and take a solution-driven approach to performance marketing. Performance marketing is a very large domain, and we should look at all the angles, to plan and execute strategically.
1. What do you think is the problem?
Look at the problem first through the brand and category lens and then through the performance marketing lens.
Brand Lens: The category, the volume, the audience, the size, competition, pricing etc., to answer all these questions as a marketer.
Performance Lens: Look at each of these problems through performance lens as well – Where is the problem? Pre-click, post click or post lead? This can again be a detailed analysis which helps solve problems at each stage.
2. Creative Answer to Targeting Problem
Once you get the data through the brand and performance lens, you should take it to the creative team to get creative solutions for platform level optimization. E.g., Should I look at Reels or should I look at YouTube true view for action or both? Is it only a branding objective or a branding ++ performance objective? Are any other targeting options available? Custom Intent or Custom Affinity?
3. Minimize Waste and Maximize Efficiency
Look at channels that are performing after solving the problem, reduce budgets on buckets that are not working and scale what is working.
4. Don’t forget basics:
Don’t forget the basics of platform, and the system learning and creative learnings you derived. After performing a root cause analysis, it is important to revisit the basics every time you do the exercise, whether it is performance basics or product basics and to not get overwhelmed by new targeting and bidding mechanisms. Once you take care of the basics, system learnings fall into place.
5. Brand + Sub-product Solutions:
In case you have a brand + product story, look at how you are communicating each of the products and build solutions on each product differently. Look for creative ways to sequence on Facebook, Google, and remarketing campaigns for better efficiencies. Sequence with more reasons to believe and see the magic happening!!!
To conclude, performance marketing is not just about the platform. It’s about merging the brand lens and product lens with creative lens to holistically solve business problems.