In the digital age, performance-based advertising, characterized by brands paying only for measurable results, has become a dominant force in marketing. This model aligns with the evolving digital landscape and offers startups cost-efficient marketing solutions. The challenge for startups lies in finding the right balance between performance marketing and brand building. A panel discussion at afaqs! Startup Brands, led by Shreyas Kulkarni, explored insights on striking this equilibrium to drive success in the competitive marketing arena.
Rishabh Jaroli, VP-growth at Scaler and InterviewBit, highlighted the important role of performance marketing in their edtech platform’s early stages, leading to substantial success. Rohan Mehta, CEO of FCB Kinnect, highlighted the need for startups to balance performance marketing for initial growth with branding to establish a strong long-term brand connection. The right equilibrium between these two aspects is essential for sustained success.
Nidhi Sinha from McCann Worldwide stressed the importance of a strong brand base for startups. Arvind RP from McDonald’s emphasized that startups must balance performance marketing with brand building to create a lasting brand. Building connections with non-buyers and light buyers through storytelling and distinctive assets is vital for long-term success.
The discussion highlighted the growing role of first-party data as third-party data decreases with the decline of cookies. This has led to more focus on customer relationships, retaining customers and using methods like affiliate and email marketing to boost product sales. Digital performance marketing platforms like Facebook, Instagram, Google Search and YouTube remain significant.
Balancing performance marketing and brand building is the key to long-term success for startups in the dynamic digital landscape. Balancing cost-effective performance marketing with a strong brand foundation is crucial for startup success. This journey requires adapting strategies as the company grows, making data-driven decisions and using first-party data and digital marketing channels to find the right balance for sustainable growth.
