The Advantages of Performance Marketing for Providers
Today’s brands are searching for custom marketing solutions that better suit their individual needs. This increased demand has triggered a pivot from traditional marketing to performance marketing.
Traditionally, brands would pay for marketing efforts regardless of the outcome. Customised marketing solutions, such as performance marketing, put the power back in the hands of brands —ensuring they only pay for real-world results.
This service model has risen in popularity, particularly among education providers. Education providers are always looking for opportunities to keep their marketing costs low and their returns high – and performance marketing does just that.
In this article, we unpack:
What is performance marketing?
Performance marketing (also known as performance-based marketing) refers to digital marketing campaigns in which brands are charged by the specific actions completed by their customers. These actions can include sales, leads or sign-ups generated.
This approach ensures that brands only pay for successful campaigns – keeping marketing costs low and ROMI high. This is in contrast to traditional marketing models, in which brands accrue marketing costs regardless of a campaign’s success.
Performance marketing shifts this dynamic – brands and marketing companies work together to drive the most value for every marketing dollar.
The benefits of performance marketing
Performance marketing is especially beneficial for education providers due to the nature of student recruitment and course marketing. It is becoming an increasingly viable solution for brands as a way to improve ROI .
Here are some of the key benefits that make performance marketing so appealing:
Campaign performance is trackable & measurable.
Performance marketing allows providers to only pay for predefined metrics of success. For example, providers can track and quantify customer actions, such as completing a lead enquiry form or signing up to a mailing list. It alsoPerformance marketing enables providers to track campaign budgets and report on performance easily.
It can extend advertising reach.
Some marketing companies specialise in performance marketing for niche markets, such as Candlefox. Specialised marketing solutions can extend advertising reach beyond traditional marketing models – increasing sales opportunities, such as course enquiries.
It can diversify revenue streams.
Instead of relying on existing sales channels alone, providers have another method for generating revenue. This is valuable in volatile economic periods, especially if course enquiries or enrolments are decreasing in other marketing channels.
It allows for creativity & flexibility in marketing material.
Marketing companies that specialise in performance marketing focus on creativity and ‘out-of-the-box’ thinking to create highly-engaging campaigns. It is in their best interest to produce highly creative campaigns that attract customers and can also be edited and optimised whilst the campaign is live.
How to build performance marketing into your next campaign
If you’re ready to explore performance marketing for your brand, here are the basic building blocks of a solid campaign:
Establish your campaign goal.
Like any campaign, it’s critical to lock in what you aim to achieve. Campaign goals could include increased sales, brand awareness, website traffic, engagement or lead generation (to name a few).
Choose your digital channels.
Select multiple channels to diversify your reach, tailored specifically to your campaign goal metric and suit the needs of your target audience. Explore newer channels, like the Education Marketplaces.
Create and launch the campaign.
Research your target audience in-depth to create the ideal ad creatives and copy to specifically appeal to them
Measure and optimise your campaign.
Closely monitor your campaign once it goes live. Keep track of analytics to determine which aspects of your campaign perform the best and allocate ad spend accordingly.
Learn and reflect on your campaign.
Post-campaign reflection and analysis is critical to ensure continued success of performance marketing campaigns. Review campaign performance data to identify strengths and weaknesses and explore options for improvement for your next campaign.
How Candlefox fits into the performance marketing mix
The ability to reach niche audiences makes performance marketing a great asset to education providers.
The Candlefox Marketplace partners with education providers to promote their course offerings on our Marketplace websites, where almost one million students visit monthly to search and compare their education and training options.
We support providers by diversifying their digital marketing channels – increasing their amount of leads and enrolments they receive. We also provide our partners with in-depth analytics to keep them informed of their campaign’s performance.
“We see the best results when we equip providers with the tools that they need to inspire their strategic decisions and drive value to their business. Our service is fuelled by our unique ability to offer solutions that combine data-driven insights with two-way feedback to foster long-term, mutually beneficial partnerships.” – Jim Rodd, Head of Partnerships
Interested? Get in touch!
As the advertising industry becomes more transparent, brands are looking beyond traditional marketing methods to build marketing strategies with proven return on investment.
With performance marketing, providers can keep their marketing costs to a minimum and win at increasing their lead and enrolment volumes.