The COVD-19 pandemic has impacted life and economies the world over. Brands and businesses are struggling to remain relevant and keep their customers’ trust in these times. Marketers are realizing more and more now that performance marketing is one of the most effective channels to grow sales and reach audiences who are most likely to need their services in these times.
iQuanti’s Aditya Saxena (SVP, APAC) writes in Business Insider India, taking a critical look at where performance marketing is headed and how it can create an impact in your business strategy, going forward.
Performance marketing has been around since the internet was born. Today agile businesses that want to maximize sales use performance marketing. Today because of COVID-19, there is an even greater migration online. People are rightly afraid of shopping in stores where they could come in contact with someone infected by COVID-19. Despite malls, cinemas reopening, footfall in such areas is at a minimal. Instead of shopping in stores, people are choosing to shop online. Even those who never shopped much online, like baby boomers, are turning to buy online in increasing numbers.
Aditya says, “there has never been a better time for performance marketing. Businesses that use performance marketing not only sell more in the short run but also learn where their consumer segment congregates online. This knowledge, derived from customer analytics, helps firms increase sales in the long term by revealing which marketing channel works best for them.”
Almost certainly in the years ahead, performance marketing will play a vital role in every firm’s marketing arsenal.