Well, you know that is not correct. First, each of us thinks we have good performance. Second, you don't necessarily agree with the latest management promotion decisions in your workplace.
Who is then getting promoted? I was making those decisions and has been getting promotions myself. So can share from my knowledge - usually, promotions are for the ones, who best "fit" into management style. And those fitting conditions are far from "performing duties well".
In small startups, engagement and similar values can play a more important role than technical expertise. In bigger corporations often it is a certain type of people, who get the promotions - managers like "convenient" employees. Loyalty to management is crucial. And, of course, connections and proximity to decision-makers are needed.
And it is not good or bad. Every company boss needs a certain type of managers, who are "easy" to work with. And often those are not the best performers, who will just keep doing a routine job.
Hence my advise - if you want a promotion, carefully watch what employee types are getting management roles recently and adjust your own style. Keep old connections alive and build new ones. Maintain your own "employee brand".
Ah, yes, do not forget to perform your duties well😁.