Performance marketing: the role of technology
Performance marketing is becoming more and more technology orientated. The role of technology has been pivotal in the growth, development, and success of the industry since marketing professionals need to see the results of their efforts immediately and in more detail. The more visibility brands and agencies have to their sales and leads, the more informed decisions and better insights into customer behaviour.
The reality is that marketing professionals, to get the most out of their data, must be able to track every click, lead, and sale across multiple mediums and channels. The customer journey is becoming increasingly complex as customers interact with brands through myriad touchpoints in multiple channels, therefore the investment in a technology platform that leverages big data and analytics is becoming an important and strategic necessity for all online marketers.
The key to performance marketing is being able to track all actions on all forms of online and offline marketing channels. Advertisers who move away from the old-school processing of data into real-time data collection and analysis are one step ahead of the competition. They cannot only understand customer behaviour more effectively, but also increase ROI as much as 15-20% (Forrester Research, 2014).
Big Data enables businesses to monitor and optimise their marketing efforts through recognising patterns around customer preferences and better allocating their budgets for the highest ROI. The right tools and technologies have the power to identify which affiliates are generating the most income with what product/service offerings, the overall value of affiliates in the typical customer journey, and thus who is driving the greater volume and higher ROI.