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This article was originally published on Forbes.com on March 27, 2024
With growth marketing an increased focus for many firms, we find that the tighter the connection between external comms and marketing, the more benefits compound across sales and marketing. This is particularly effective when thought leadership is at the center of earned, owned, paid and shared media strategies.
On a recent Expert Panel, Forbes Communications Council asked about effective performance marketing approaches for 2024. My thoughts point to this need for connectivity among performance marketing and public relations.
OUR TAKE:
12. It's Only As Good As The Content Being Delivered
"Performance marketing will only be as good as the content that is being delivered. The use of thought leadership is essential to enhancing the marketed initiative. This approach connects communication with media, clients, prospects and employees. Without thought leadership, the advertising or social campaign will lack luster and coherence, and will likely fall flat."
FULL ARTICLE:
As the marketing landscape continues to evolve, so too does the way in which its performance is measured. This is especially true in performance marketing, where data, insights and analytics are paramount to measuring success.
But what changes are already taking place in 2024? And what evolving practices are still yet to come? To help shed some light, 15 marketing and communications experts from Forbes Communications Council each share one insight regarding performance marketing in 2024 and what marketers can do to leverage this information.
1. Everyone Has A Different Definition For It
After years of leading an integrated agency and advising consumer-facing brands, I’ve learned a fundamental truth about performance marketing: Everyone has a slightly different definition for it. One partner's quality "performance marketing" outcomes may be surprisingly different from another's. Taking just a few minutes to ensure a common definition is hugely valuable! - Michelle Stark, Red Sage Communications, Inc.
2. It Should Focus On Gathering Data For Channels Driving Conversions Faster
Performance marketing should take advantage of measurement tools early on and focus on those channels that are driving conversion faster. Don’t over rotate on analysis if you’re starting out. Focus on gathering high-integrity data and expand the sample size if possible. For more mature performance marketing campaigns that are already scaled out, focus on deviations and understand the “why.” Grow as you go. - Shashi Kiran, Fortanix
3. It Combines Great Creative With The Right Targeting
Performance marketing is driven by great creative combined with the right targeting. Make sure you are testing and tracking all elements to see what is truly driving the success of a campaign. Also, keep in mind that performance marketing should have halo effects to omni-channel marketing, and so you should see increases in brick-and-mortar and retailer sales when you are doing great performance marketing. - Sherry Jhawar, Blended Strategy Group
4. It Will Require Building Direct Relationships With Consumers
As Google phases out third-party cookies, a key insight for performance marketing is to start collecting first-party data now. Prioritize building direct relationships with consumers to gather valuable data through methods like loyalty programs or in-app behaviors. Be transparent and respect privacy as these are key to influencing consumer trust and willingness to share personal information. - Maria Amalia Rojas, Nord Comms
5. It's About The Stories Behind The Data
At its best, performance marketing reveals more than just numbers; it's about finding the stories behind the data to unlock market intelligence. As marketers, while we lean into the latest tools to get a clearer view of our metrics, we also need to use our insight and creativity to turn those numbers into narratives and strategies. That’s how we build campaigns that not only perform but also resonate. - Alyssa Kopelman, Healthline Media
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6. It Should Be Approached As Part Of A Holistic Effort
Don't count on performance to magically produce “leads.” Companies have lazily relied on performance marketing to drive the majority of their results in terms of pipeline, opportunities and, ultimately, revenue. With a more sophisticated and knowledgeable buyer, it isn't good enough to simply put some dollars behind an ad and wait. You need to approach performance marketing as part of a holistic effort. - Patrick Ward, Formula.Monks
7. It Should Consider Long-Term, Sustained Growth
Too often, we look at performance as short-term KPIs and not the ladder of results that lead to larger success. Performance is about engagement, and that’s what develops brands and reputations. Quick hits don’t build a brand. If the goal is sustained growth, campaigns should be tuned to acquiring customers who will develop lasting relationships, who find value in your products and who return for more. - Matt Naeger, Merkle
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8. There Are Key Metrics Throughout The Funnel That Should Be Measured
While conversion is the obvious metric to show performance, key indicators throughout the funnel are critical. Leads that convert to opportunities don’t always close. Set your organization up for success by outlining metrics within a waterfall process and plan of record during campaign planning across all top-of-funnel teams, including specific pipeline numbers expected from each campaign. - Courtney Austermehle, Constructor
9. It Isn't Just For Brand Channels
Performance marketing isn’t just for brand channels. Employee social media content can have a huge impact, not only for brand awareness but also for performance metrics like lead generation, sales and website traffic. Increasingly, people are looking for authenticity and expertise on social media. To leverage this, empower your team to create and share content by providing training and guidelines. - Bradley Keenan, DSMN8
10. The Importance Of AI-Driven Personalization Is Growing
AI-driven personalization is paramount in 2024. Marketers should harness predictive analytics to tailor campaigns, optimizing timing and content, and thus elevating ROI and ensuring ads resonate deeply with targeted audiences. - Sowmya Moni, Incture
11. You Can Combine It With PR Through Data-Driven Storytelling
In 2024, intertwine PR with performance marketing by using data-driven storytelling. Use insights from performance metrics to craft PR narratives, personalizing customer experiences and boosting brand trust. This strategy marries authenticity with precision, enhancing engagement and conversion. - Leslie Poston, Austin Data Labs
12. It's Only As Good As The Content Being Delivered
Performance marketing will only be as good as the content that is being delivered. The use of thought leadership is essential to enhancing the marketed initiative. This approach connects communication with media, clients, prospects and employees. Without thought leadership, the advertising or social campaign will lack luster and coherence, and will likely fall flat. - Rachel Kule, Pursuit PR
13. It Requires The Full Picture (And Not Just What Can Be Measured)
You must be able to measure what matters and look at the whole versus the sum of the parts. When you run a marketing campaign, some of the parts can be measured—paid media, direct response, email, direct mail—and some are hard to measure—brand, sponsorships, reviews, public relations. Combine them and present a full picture instead of talking about only the things you can measure! - Gaurav Bhatia, PenFed Credit Union
14. You Can Leverage Users' Organic Stories
The secret sauce in performance marketing lies in leveraging the organic stories of your users, especially in the B2B realm. Prioritizing the impact on users and teams, rather than solely on product features, can greatly affect sales results. This strategy reduces the costs of acquisition and increases lifetime value by capitalizing on how people make decisions and reinforcing the proof afterward. - Kurt Uhlir, Ethereal Innovations, Inc.
15. It Needs To Be Balanced With Long-Term Brand Building
Smash the old resource allocation paradigm that trades off long-term brand building against short-term performance marketing. Both are critical to build revenue and long-term value. Without balance, performance marketing's transactional delivery of demand conversion to sales will erode brand equity and differentiation. Data science can measure brand equity KPIs that drive revenue and ROI to guide both. - Toby Wong, Toby Wong Consulting