By Mitesh Patel
Every business wants to win back its visitors who didn’t convert the first time. Retargeting (also known as “remarketing” to those who use Google Ads) is a way companies re-attract their traffic after a customer leaves their site without completing their decision.
What is Retargeting?
Essentially, retargeting is a very precise type of online advertising that gives you a chance to reach customers who are already familiar with your brand. Every time a visitor visits your site, and they are allocated with a cookie, that allows you to advertise to them online. This means using cookie-based technology, you get another chance to convert them into a sale.
Why Retargeting Is Essential
According to an online survey source :
- It is 4-5 times more difficult and costly to attract a new prospect than to re-engage the existing one.
- The probability of selling to a new visitor is 5-20%, which is more at risk as selling to existing customers is 30-50%.
So if you are dedicating too much money or time to customer acquisitions, you are at the higher risk of leaving your existing good prospect on the table.
What is the best alternative? Developing a comprehensive retargeting engagement strategy to change the focus from customer acquisition to customer remarketing will help you reach a huge percentage of those visitors who came to your site and left without converting — potentially several times per day or week, across a variety of platform ( video, social media, website) over 30 to 60 days.
Here are five key areas in which retargeting works.
5 Reasons to Use Retargeting
1. Retain Customer Engagement
As per sources, 96% of visitors leave without converting, and around 50% of visitors browse and analyze a site 2-4 times before they decide on the purchase.
So don’t let your valuable customer go; re-engage your customer by crafting compelling and personalized messages, the solution to their problem, quality product, and lead them back to your site.
Start engaging customers and build a good relationship with them to convert them into a lead and trusted client by establishing referral program; you can reward them for generating powerful leads and inject a much-needed boost into your word of mouth marketing.
2. Raise Brand Awareness
Retargeting can be a great way to establish brand awareness in the early stage of the purchase process by keeping your company at the forefront of the consumer’s mind.
At present, 40-50% of companies use retargeting to improve brand recall. Retargeting is changing the source from organic traffic to direct traffic and people who found your site by searching your brand name.
There is an absolute power to display ads that a search engine can’t ignore. The right kind of advertisement and visuals will make an impact and help people remember you and your brand.
Retargeting is critical for a smaller and lesser established brands. So start building your customer engagement strategy now through retargeting if you want to succeed in the coming years of digital disruption.
3. Save Money
A display ad average gets $10 for 1000 views. Not very expensive at all; we can say it is dirt-cheap. So the next question arises: what do you get for your retargeting investment? Retargeting gives your brand a second, third, and more good odds with visitors who had pointed interest in your services.
4. Increase Lead and Conversions
Retargeting allows the brand to focus advertising expense into a much better ROI. This time you want to make sure that you’re pinching money from people who have shown the degree of interest for your stuff. This is your “low risk, high yield”. How many times the client sees your ad is essential when they are ready to make a purchase.
5. Attract Competitors’ Clients
With remarketing, you can target a new visitor who searches for a specific keyword. That means you can target clients that are highly related to your competitors.
How Does Retargeting Work?
When you want to start a dialogue with your prospect or reactivate inert customers, the first thing you need to do is make sure that you have a broad retargeting strategy in place. To achieve that, many platforms allow you to set up your retargeting strategy. Consider these questions:
- How much traffic are you generating from your ads?
- Where they are coming from?
- What is the range of services you offer?
- What is your crucial audience group?
- How do customers communicate with your brand?
When you are ready to use retargeting, remember to segment your prospects based on their activity history or digitally. Cookies are a text file that tracks a person’s behavior on a website. They are coded for a variety of purposes, such as remembering user’s preferences or the content in an e-commerce site.
You can also use pixels (small code that assesses a third-party to track the client’s behavior). A retargeting pixel follows visitors and sends them to an ad campaign when they do not complete the required goal. Pixels are useful for transforming a digital ad campaign, optimizing a site, and boosting conversions.
There are many excellent platforms where you can use retargeting, but one of the most popular is Google AdWords. Remember to wedge your customers based on where they are in the sales funnel. Here are a few ways to implement Adwords retargeting:
- Standard retargeting
- Dynamic remarketing
- Customer list retargeting
- Video retargeting
Retargeting works well in combination with an overall retargeting marketing strategy that includes content marketing, Adwords, and targeted display ads. Make sure you explore all of your options before getting started.