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‘’WHY PERFORMANCE MARKETING IS ESSENTIAL FOR BUSINESS GROWTH

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‘’WHY PERFORMANCE MARKETING IS ESSENTIAL FOR BUSINESS GROWTH

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  1. ‘’WHYPERFORMANCEMARKETINGISESSENTIALFORBUSINESS GROWTH?‘’ Performancemarketingisaformofdigitalmarketinginwhichbrandsonlypaymarketingservice providersaftertheirbusinessobjectiveshavebeenmet.Inotherwords,itisperformance-based marketing,whichmeans, performancebetweenthemarketingteam'sstatedgoalsandobjectivesversusWebDevelopmentCompanyinGermanyactualresults.Itismeasuredwiththehelpofkey performanceindicators(KPIs)likereturnoninvestment,costperscale,costperlead,aswellas customerlifetimevalue.

  2. WHYMARKETINGISESSENTIALFORBUSINESS? Marketingforbusinessisahighlyworthwhiletool,asithelpstocreatebrandawareness,drive profitandgrowth,incurandretaincustomers,andalsoenhanceengagementTherearevarious thingsmarketingcandofordifferentbusinesssectors.Marketingisonewaytogiveinformation tocustomers.Iteducatespeopleaboutacertainproduct.Whenpeoplearewell-informedabout yourproduct,yoursaleswillincrease. Itisalsoagreatwayformanybusinessestocreaterevenueoptions.Thesuccessofabusiness dependsuponitsgoalsandobjectives,marketingcanhelpbusinessesintheirgoalsetting. Anotherbenefitofimplementingmarketingstrategiesistobuildareputationforthebrand.itis requisitetoensureonecangiveoutstandingqualityandusefulproductstothetargetmarket. Forbusinessmarketingplaysaroleinthefollowingways: COST-EFFECTIVENESS cost–effectivenessisoneofthemostdeceptivefunctionsofmarketingbecausethewillingness oftheaudiencetobuydependsuponthecostonehasset.However,settingofpriceisa complexprocessinfluencedbyalgologyandcustomerperceptions.Theothermarketing functionswillallimpingementthepricingstrategy.Breakingdownthecostofmarketingisa complexprocess,mostlybecausetherearemanywaystopromotebusiness. CUSTOMERUNDERSTANDING Marketingmanagementisadecisivefunctionwithinanyorganizationwhether Itisasmallbusinessoralargemultinationalcorporation.Itplaysacentralroleinthesuccess aswellasgrowthofthecompany.Itinvolvesvoluminousmarketresearchandauditsto understandcustomerneeds,preferences,andbehaviour,whichisessentialfordeveloping productsandservicestomeetcustomerneeds . BETTERGOALSFORBUSINESS Whenbusinessownerssetgoalsfortheirbusiness,whichisrelatedtogrowthaswellassales. butwithoutmarketresearch,onewon’tbeabletoknowtheirgoalandhowtoachieveitinthefirstplace.Forinstance,onesaidthathewantstodoublesalesbytheendofthenextquarter. Howcouldheknowifhisgoalisviableifhedoesn’tknowwhetherthesizeoftheirtargetmarket ismorethantwicethesizeofthecurrentcustomerbase?withmarketresearch,onewillbeable todeterminethespecificdirectionsonewantstogrowthecustomerbase. CREATINGAWARENESS Marketinghelpsincreatingawarenessaboutaproductorserviceamongthetargetaudience. Withouteffectivemarketing,potentialcustomersmaynotknowthataproductorserviceexists. Theprimarygoalofmarketingisoftentodrivesalesandgeneraterevenue.Asuccessfulbrand awarenesscampaignwillworktohelpdifferentiateabrandorproductfromothers.Themore consumersareawareofthebrandorproductthemorelikelytheymayconsiderpurchasing.

  3. Performancemarketingempowersbusinessestotargetspecificdemographics,ensuring campaignsreachtherightaudienceattherighttime.Thisprecisionleadstohigherengagement ratesandimprovedconversions.

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