How To Increase Revenue With Retargeting?
In today’s age, customers are bombarded with content everyday. They need on average to see a brand ten times before checking it out. It becomes therefore harder and harder to stand out from the crowd and catch the attention of potential buyers. The customer journey is longer and purchases are not always immediate. Retargeting is a great way to ensure that customers get to the end of their journey faster.
Retargeting or remarketing is a proven marketing tactic that helps businesses of all sizes increase revenue and drive sales. The goal is to bring back website visitors who showed intent to convert but stopped just short of their purchase. Remarketing will help make them a new customer.
What is retargeting
Retargeting (or remarketing) is a very important part of online advertising. Businesses of all sizes use it in very active ways in order to find new possible customers. Beyond helping increase conversion rates by bringing prospects back to your site, retargeting also increases reach, engagement as well as brand awareness.
Retargeting will allow you to reach potential customers that visited your website already, whether once or on multiple occasions, but that did not buy anything just yet. The content used as part of remarketing strategies will act as a reminder to those prospects while browsing other websites (often social media, news websites, etc).
The biggest benefit of retargeting marketing is the low cost and the high return on investment. People targeted with this marketing tactic are already interested in your products. Following up with those prospects through personalized campaigns with products they might be interested in can help enhance sales. People are already interested, your campaigns are reminding them that they are.
How does it work?
There are plenty of ways to use retargeting as part of a marketing strategy and as many tools you can use. As opposed to awareness campaigns, retargeting focuses on conversions and retention. You are targeting people who already know you, are already interested in your brand or even may have already purchased from you.
Whatever tactic you will use, it is essential that your website has the right plugins and coding to allow for retargeting. It generally takes the shape of an ad or an email. A user visits your website, then leaves, and sees your ad about the products they were browsing, which should encourage them to return to your site.
Remarketing campaigns work based on your existing traffic. It is therefore more efficient when you already have significant traffic on your website. You need people to visit your website and therefore will have a SEO strategy in place to improve rankings or run ads to increase awareness.
Facebook retargeting ads are some of the most popular forms of remarketing. The ads are actually list or pixel-based. List retargeting is based on an email list that you would have to upload to your business manager. It would allow you to target your existing email subscribers.
Pixel-based retargeting is based on your website traffic:
- A customer visits your website, browses pages but is not ready to buy yet.
- Your pixel drops a cookie on that customer so you can put them on your retargeting audience.
- When the prospect is on your retargeting audience, you can show them highly targeted ads, relevant to what they were previously browsing.
- The customer is ready to make a booking and clicks on (or remember) those highly targeted ads to buy.
Pixel retargeting has great timing since it will be able to show ads straight after the customer closes the website. It is completely based on cookies from people visiting your website. However, some browser settings allow users to block cookies. Pixel-based retargeting is therefore not foolproof.
There are multiple ways to set up ads and create content for retargeting. It can range from the creative you use for your ads, specific CTA, demographic specific captions, segmentation or landing pages on your website.
Automated email series
Email retargeting can target customers at different stages of their purchasing journey. After a website visit, when they leave a product in their cart without checking out, a few weeks after their latest purchase to bring them back to your site. Email remarketing is generally based on cookies as well.
The potential of email retargeting is huge. The average conversion rate for an e-commerce business is 1% up to 4%. Email remarketing conversion rate can be as much as 41%. Therefore, it is not something you want to miss out on. Other benefits include improving ranking by driving a lot of traffic to a specific page, bringing traffic to your site, etc.
The most common automated emails target website visitors that left the website after browsing a page or two without taking action; people who left products in their cart without checking out or people getting someone who already bought from you back to your site.
The success of such campaigns depends on the creatives and assets used as well as the language. The content should be personalized to the journey of a prospect or existing client. You need to show them what they are the most interested in to get them to convert.
Google display ads
Last but not least, another way to do remarketing is through Google Ads, using the Google Display Network. The type of retargeting will vary from business to business and what goals you have. Dynamic remarketing is very useful to small businesses. The concept is similar to Facebook ads. Difference is that ads will not show on your social media but on websites that you regularly visit.
For example, you search for a flight to Los Angeles but decide not to buy your ticket just yet. You will shortly after see flights to LA, LA hotels or car renting ads appear on pages you visit the most. Those ads will enhance sales as they act as a frequent reminder of your product or service to your customer.
Display Ads are highly visual. You can customize those by adding your own images or use the images already on your product pages. The most common goals marketers have when it comes to display ads are:
- Top-of-mind awareness: Ads can be used for brand building. They keep your brand or product at the top of your customers’ mind.
- Lead generation: Ads will target website visitors that did not take action and use calls-to-action higher up the funnel to recapture their attention.
- Customer acquisition: Ads are based on users browsing or purchasing history and show products they have browsed or are likely to be interested in.
Retargeting marketing is a great tactic to increase reach, engagement and conversion rate. They focus on reaching people that are already interested in your products and act as a frequent reminder. They keep your brand on top of prospect’s mind until they make their purchase. Retargeting helps avoid losing a lot of prospects along the customer journey.