The digital era has altered how businesses market their products to consumers today. With the digital marketing industry growing at a CAGR of 17.6% and projecting more than $930 billion by 2026, the focus is now more on impact than impression. Today, performance marketing is in every consumer brand's marketing toolkit.
It attracts investment from the major agency holding companies and private equity groups and is taking an increasing share of marketing budgets. Brands have set a myopic focus on profitable revenue growth. In the next five or ten years, performance marketing will be the core of digital marketing.
The demand is such that even B2B companies are now looking for performance management agencies and experts to boost their revenue growth. However, in the buzz, what needs to be added is the proper guidance to choose the best performance-based B2B marketing agency. This blog explores the same subject. The awareness, insights, and key tips for B2B performance marketing - explore everything here.
What is B2B Performance Marketing?
B2B (business-to-business) performance marketing refers to marketing activities that promote products or services to other businesses to generate a measurable return on investment (ROI). It typically involves using digital channels such as search engine optimization (SEO), pay-per-click (PPC) advertising, social media marketing, and email marketing to reach target audiences and drive conversions.
The focus is on achieving specific business objectives and tracking the success of the campaigns through metrics such as lead generation, sales, and customer acquisition costs.
The Unmatched Advantages of B2B Performance Marketing
Here are some reasons why B2B businesses benefit from performance marketing:
- Targeted reach: Performance marketing allows B2B businesses to target specific audiences through tailored campaigns and targeted advertising. This helps ensure that resources are being used effectively and that the right message is delivered to the right people.
- Measurable results: Performance marketing is about measuring your efforts' results, so you can see exactly what's working and not. This helps B2B businesses optimize their campaigns and get the most out of their budget.
- Flexible campaigns: Performance marketing is highly flexible, allowing B2B businesses to quickly adjust their campaigns based on real-time results. This helps to minimize waste and maximize the impact of each campaign.
- Cost-effective: Performance marketing is a cost-effective way for B2B businesses to reach and engage with their target audience. By using performance-based models, such as pay-per-click advertising, B2B businesses only pay for the results they receive, making it a highly efficient use of their marketing budget.
Are B2B performance and growth marketing different? How?
While both Growth and Performance Marketing aim to drive business results, they do so in different ways.
Growth Marketing is a broader approach focusing on finding scalable and sustainable ways to grow a business. This can include various tactics, such as content marketing, user acquisition, product development, and customer retention. The goal is to drive growth by identifying and leveraging the most effective channels and tactics for a given business.
On the other hand, Performance Marketing is a more focused and results-driven approach that concentrates on generating a specific, measurable return on investment. This typically involves data-driven tactics such as pay-per-click (PPC) advertising, conversion rate optimization, and retargeting to drive sales and leads. The focus is on generating immediate and measurable results, such as increased conversions and revenue.
Growth Marketing might be the best approach for you if your main goal is to grow your business and establish a strong brand over time. However, if you're looking for a more focused and results-driven approach that delivers immediate impact, performance marketing might be the way to go.
In either case, Tripledart can help you understand the best approach for your business and develop a customized strategy to meet your specific goals and objectives.
What’s the right performance marketing strategy for B2B companies?
As a performance-based marketing agency, here is a comprehensive performance marketing strategy Tripledart follows for B2B companies:
- Define your target audience: Start by identifying your ideal target audience. This could be based on factors such as company size, industry, location, job title, etc.
- Set clear goals: Identify your goals and what you hope to achieve from your performance marketing efforts. It could be lead generation for B2B companies, increased website traffic, or brand awareness.
- Choose the proper channels: Based on your target audience and goals, select the channels most likely to reach and engage them effectively. Popular B2B performance marketing channels include LinkedIn, Google Ads, and trade shows.
- Create compelling content: To capture the attention of your target audience, create high-quality, informative, and engaging content. This could be in the form of blog posts, whitepapers, case studies, or infographics.
- Optimize your website: Ensure that your website is optimized for search engines and provides a smooth user experience. This will help increase the chances of your target audience finding and engaging with your content.
- Implement tracking and reporting: Use tools such as Google Analytics to track and measure the success of your performance marketing efforts. Regularly analyze and report on the performance of your campaigns to identify areas for improvement.
- Test and refine: Continuously test your performance marketing strategy to ensure you get the best results possible. Make adjustments based on the data and insights gathered from your tracking and reporting.
- Invest in the right tools: Consider investing in performance marketing tools such as marketing automation software, B2B lead generation tools, and lead nurturing tools to help streamline and scale your efforts.
How to ace B2B Performance Marketing?
1. Track the traffic source with UTMs
UTMs (Urchin Tracking Modules) or tracking URLs are powerful tools that provide valuable data and insights and improve the performance of your campaigns.
- Attribution: UTMs allow you to attribute the success of your campaigns to specific sources, such as social media, email, or paid advertising, enabling you to measure and optimize your marketing efforts.
- Data tracking and analysis: UTMs allow you to track and analyze data such as website traffic, clicks, and conversions, enabling you to identify which sources are driving the best results and optimize your campaigns accordingly.
- Campaign optimization: UTMs allow you to test and iterate different elements of your campaigns, such as messaging, offers, and landing pages, to optimize for maximum performance.
- ROI measurement: UTMs allow you to measure your marketing efforts return on investment (ROI), enabling you to determine which channels deliver the best results and allocate your resources accordingly.
2. Personalization is key
Personalization is a powerful tool that allows you to target your audience better, increase engagement, improve the customer experience, and increase ROI.
- Increased engagement: Personalized messaging can increase engagement, as it speaks directly to the recipient and addresses their specific needs. This increased engagement can result in higher click-through rates, conversions, and overall campaign success.
- Better targeting: Personalization allows you to target your audience better, as you can create messaging and offers that are relevant to their specific needs and preferences. This leads to higher engagement, conversions, and a stronger relationship with your target audience.
- Improved customer experience: Personalization can improve the customer experience, making them feel valued and understood. This can increase brand loyalty, repeat business, and positive word-of-mouth referrals.
- Increased ROI: By increasing engagement, conversions, and customer loyalty, personalization can lead to an increased return on investment (ROI) for your performance marketing efforts.
3. Test your brand’s performance in different channels
Using multiple channels in your B2B performance marketing efforts can significantly improve your metrics in several ways:
- Wider reach: By utilizing multiple channels, such as email, social media, paid search, and display advertising, you can reach a wider audience and increase your chances of attracting qualified leads.
- Better targeting: Utilizing multiple channels can target your audience better, as you can use the most relevant and appealing channel.
- Improved engagement: Utilizing multiple channels can increase engagement, as you can craft messaging and offers relevant to the specific channel and audience.
4. Build affiliate relationships
Seeking out affiliate relationships can significantly improve performance marketing in several ways:
- Increased Reach: By partnering with affiliates, you can reach a wider audience and tap into new markets and customer segments. This can help you acquire more leads and sales and grow your business faster.
- Improved Cost-Efficiency: Affiliates typically operate on a performance-based model, meaning that you only pay them for results. This can help reduce marketing costs and improve your return on investment (ROI).
- Enhanced Brand Awareness: Affiliates can help increase brand awareness by promoting your products and services to their audiences. This can help you reach new customers and build trust and credibility with your target audience.
- Increased Trust: Partnering with affiliates with a proven track record of success and a strong reputation can help build trust and credibility with your target audience.
- Additional Insights: By partnering with affiliates, you can gain valuable insights into your target audience and learn what resonates with them. This can help you improve your marketing strategies and campaigns and achieve better results in the future.
5. Optimize your website for visual search
Optimizing your brand for visual search can help improve performance marketing metrics by:
- Improving User Experience: Visual search results are more appealing and engaging than text-based search results, enhancing the user experience and increasing the likelihood of engagement and conversion.
- Increasing Traffic: Optimizing your images for visual search can help increase traffic to your site, as image search results often appear at the top of search engine results pages (SERPs).
- Targeting Mobile Users: Visual search is prevalent among mobile users, who are likely to use visual search engines like Google Lens or Pinterest Lens. Optimizing your brand for visual search can help you reach this vital audience.
- Boosting Conversion Rates: By providing visually appealing and relevant images, you can increase the likelihood of users clicking through to your site and converting into customers.
- Improving Search Engine Rankings: Optimizing your images for visual search can also help improve your search engine rankings, as search engines like Google and Bing consider images when ranking web pages.
What are the best channels to experiment with performance marketing?
B2B performance marketing encompasses a range of digital marketing channels designed to drive immediate results and conversions. Some of the most common channels include
- Paid Search: Paid search, also known as search engine marketing (SEM), involves purchasing advertising space on search engine results pages (SERPs) to drive traffic to your website. This can be done through sponsored ads, such as Google Ads, or display ads, such as Google Display Network.
- Display Advertising: Display advertising involves placing graphical ads on websites, social media platforms, and other online spaces. The goal is to reach target audiences with visually appealing and relevant content to drive engagement and conversions.
- Email Marketing: Email marketing involves sending targeted and personalized emails to your existing and potential customers. The goal is to reach your audience directly, build brand awareness, and drive conversions.
- Affiliate Marketing involves partnering with other businesses or individuals to promote your products or services. Affiliates receive a commission for each sale they generate.
- Social Media Marketing: Social media marketing involves using social media platforms, such as LinkedIn, Twitter, and Facebook, to reach and engage your target audience. This can be done through organic or paid means, such as sponsored posts or targeted ads.
Each of these channels has its own strengths and weaknesses, and choosing the right channel(s) will depend on your target audience, marketing goals, and budget. Using a combination of channels, you can maximize your reach and drive the best results for your B2B performance marketing campaigns.
Which KPIs to track in Performance Marketing?
- CPC (Cost per Click): CPC is where the advertiser pays the publisher or network each time a user clicks on an advertisement. This is the most common pricing model used in search engines and display advertising.
- CPM (Cost per Impression): CPM is where the advertiser pays the publisher or network for every 1,000 impressions of an advertisement. Impressions refer to the number of times an ad is displayed, regardless of whether it was clicked.
- CPS (Cost per Sale): CPS is where the advertiser pays the publisher or network for each sale generated from a specific advertisement. This pricing model is commonly used in affiliate marketing and is usually only used when the advertiser clearly understands the customer's lifetime value.
- CPL (Cost per Lead): CPL is where the advertiser pays the publisher or network for each lead generated from a specific advertisement. Leads can be defined as a customer's name, email address, or other contact information collected in exchange for an offer or resource.
- CPA (Cost per Action): CPA is where the advertiser pays the publisher or network for each specific action a user takes in response to an advertisement. This action can be a purchase, form submission, or other events the advertiser wants to drive.
What questions to ask before freezing a performance-based B2B marketing agency?
To assess the agency's expertise, experience, and approach to B2B performance marketing, and make an informed decision, ask these questions.
1. What is your approach to setting and measuring performance goals?
This question helps to understand the agency's process for setting and tracking key performance indicators (KPIs) relevant to the client's business objectives. It also helps assess the agency's data-driven approach and real-time ability to measure and adjust strategies.
2. Can you provide case studies or examples of successful B2B performance marketing campaigns you have previously managed?
This question helps to understand the agency's experience and expertise in managing B2B performance marketing campaigns. It also allows the client to see the type of results the agency has delivered for other clients and gauge their potential to deliver results for their own business.
3. How do you plan to target and engage with our target audience?
This question helps to understand the agency's approach to identifying and reaching the client's target audience. It also helps to assess the agency's ability to create a compelling message that resonates with the target audience and drives them to take action.
4. What data and reporting tools do you use to track performance and measure success?
This question helps to understand the agency's technology stack and ability to provide transparent and actionable data to the client. It also helps to assess the agency's ability to make data-driven decisions and adjust strategies in real time.
5. Can you provide a detailed explanation of your optimization process?
This question helps to understand the agency's approach to continuous optimization and its ability to identify areas for improvement and make data-driven adjustments to improve performance.
6. How do you plan to integrate our existing marketing and sales initiatives with your performance marketing efforts?
This question helps to understand the agency's approach to integrating performance marketing efforts with the client's existing marketing and sales initiatives. It also helps to assess the agency's ability to align performance marketing efforts with the client's overall business goals and objectives.
Choosing the right B2B performance marketing agency - 5 things to consider
1. Experience and Expertise: Look for an agency with a proven B2B performance marketing track record. Consider the industries they have worked in and their success rate in achieving performance marketing goals. Make sure they have experience in relevant channels to your business.
2. Data-Driven Approach: A good B2B performance marketing agency will use data and analytics to inform its strategy and optimize its campaigns. Look for an agency that is comfortable with analytics tools and can track and measure the success of your campaigns.
3. Strong Communication and Collaboration: Choose an agency that values open communication and collaboration. A good agency will listen to your needs, provide transparent marketing updates, and work with you to achieve your goals.
4. Customization and Flexibility: The best B2B performance marketing agencies will offer customized solutions tailored to your needs. Look for a flexible agency that can adapt to changes in your market, competition, and customer behavior.
5. Transparent Reporting and Evaluation: Ensure your agency provides transparent reporting and evaluation of your campaigns. This should include regular updates on the performance of your campaigns and recommendations for optimization. Choose an agency to help you achieve your goals, not just deliver reports.
The Best B2B Performance Marketing Agencies - Tripledart's Top 5 recommendations
Tripledart Digital: Known for its performance-based marketing approach, Tripledart has a strong track record of delivering successful campaigns for B2B clients across industries. When a dedicated marketing squad and proven playbooks join forces, there's no reason you can't predict and achieve your desired growth curve.
Disruptive Advertising - Their data-driven approach to performance marketing and expertise in B2B industries make them great for businesses looking to drive leads and conversions.
Hamster Garage - With a focus on conversions and efficiency, Hamster Garage tracks everything they need to market your brand to the right audience.
Tinuiti - Known as the most prominent independent performance marketing agency, Tinuiti uses an audience-centric approach to accelerate your brand growth. Their performance planning framework, GAMMA, ensures you're always on top of your audience's minds.
Double your revenue growth with Tripledart
Ready to take your B2B performance marketing efforts to the next level? Get started now by booking a discovery call with our performance marketing experts. Discover the key factors to consider, questions to ask, and strategies to implement for selecting the right partner for your business. Start your journey to success with Tripledart.