OBM In a Nutshell: How to Create an Outcome-Based Marketing (OBM) Strategy
Surpassing traditional approaches by over 50% in terms of return on ad spend (ROAS), outcome-based marketing (OBM) is quickly emerging as an advertising force to be reckoned with. If you’re ready to reshape your marketing approach, drive tangible results, and align efforts with business outcomes, you’re in the right place. Let’s dive into the essential steps and strategies to create a powerful OBM plan that propels your brand toward unprecedented growth.
Define Desired Outcomes
Step one is as straightforward as the concept itself: Define your outcomes. Ask yourself what success looks like for your brand. Whether it’s a customer checking out on your e-commerce site, a prospect submitting a lead generation form or calling your call center, or a user downloading your app, clearly outlining these outcomes ensures that every subsequent action aligns with your overarching goals. These defined outcomes also play a crucial role in determining the “cost-per” pricing model that suits your campaign strategy, such as CPA, CPL, CPI, and more.
Our dedicated team takes it a step further by optimizing towards brands’ secondary KPI goals. This could include memberships, funded accounts, locked policies, customer lifetime value (CLV), and more.
Navigating Outcome-Based Marketing (OBM) Partners
In outcome-based marketing (OBM), the strategic breakdown of partnerships a brand decides to collaborate with will play a pivotal role in driving campaign success and scaling customer acquisition efforts. Here is a high-level overview of the key publisher types associated with OBM – download our C-Suite’s Guide to Outcome-Based Marketing to gain deeper insights:
- Media Buyers – Specializing in specific traffic sources or channels, media buyers place ads on platforms like websites, mobile apps, native ad platforms, social media, search engines, or contextual placements.
- Partnerships – Partnerships involve mutually beneficial collaborations between two businesses with the shared goal of boosting brand awareness and promoting products or services to the right audience.
- Content Commerce – Editorial teams under this category create assets, predominantly written content, to promote a brand’s offerings, services, or products.
- Influencers – Influencers are creators with the ability to impact the behavior or opinions of others. They do not need to be celebrities; sometimes, smaller influencers, like mommy bloggers, can be more effective.
- Ambassadors – Ambassadors are individuals engaged by an organization to represent its brand positively, enhancing brand awareness and sales. A brand ambassador embodies the corporate identity in appearance, demeanor, values, and ethics – think Jake from State Farm!
- Affiliates – Also known as partners or publishers, affiliates are third-party individuals or companies that promote another company’s product or service in exchange for a commission or a “payout.”
With over two decades of expansive industry experience, Perform[cb] has solid relationships with some of the biggest partners in the space, contributing to our in-house media buying marketplace. Reach out to our team of OBM veterans today to learn more.
Determine Outcome-Based Marketing (OBM) Channels
Did you know marketers leveraging three or more digital channels see a 494% higher order rate than those sticking to a single channel? This significant advantage underscores the importance of adopting an omnichannel marketing strategy, and here’s the good news: outcome-based marketing (OBM) is ideal for brands seeking an omnichannel approach while ensuring cautious ad spend.
With OBM, marketers can explore over 24 channels for testing. Here are some noteworthy mentions:
- Cart Abandonment
- Card Linking
- Review Sites
- Coupon & Deal
- Influencer (Youtube, Instagram, Tiktok, etc)
- Content Sites
Reach out to our team of experts to learn which channels align best with your brand.
Ensure Tracking is Setup
In the realm of outcome-based marketing (OBM), where data is the heartbeat that drives insights, setting up tracking is paramount. It’s more than just numbers; it’s about drawing insights that power your strategic approach. This foundational step ensures campaigns remain agile, enabling real-time adjustments for continuous optimization.
Choosing OBM partners equipped with cutting-edge technology for detailed conversion and data attribution is a critical success factor. Perform[cb], with our patented, award-winning marketer UI, transforms decision-making and drives effective customer acquisition to maximize ROI. Our user-friendly interface has integrations with all major tracking platforms, from TUNE and Impact to Adjust and AppsFlyer. This allows us to automatically pass tracking information back and forth with the selected platform, enhancing efficiency and accuracy in campaign monitoring and optimizations.
Set Up Your Outcome-Based Strategy Today!
If you’re poised to redefine your marketing approach, you’re on the right track. Follow these essential steps and strategies to craft a powerful outcome-based marketing (OBM) plan that propels your brand’s customer acquisition ahead of the competition.
Dive deeper into the pillars of OBM success in our C-Suite’s Guide to Outcome-Based Marketing. Eager to set up your OBM strategy today? Get in touch with one of Perform[cb]‘s customer acquisition experts.