Out of all your website visitors, only 4% of them are ready to buy as soon as they hit your page. With that said, you would be losing the potential conversion of 96% of your total website traffic without proper marketing strategies in place.
What is Retargeting?
Simply put, retargeting is the process of displaying your ads to audiences who have already displayed previous interest in your business offerings. It’s another way of engaging and keeping close contact with these people specifically those who have browsed and interacted with your site.
Retargeting is highly effective and is a crucial aspect of having a well-rounded, highly effective marketing campaign. Take a look at these interesting facts that showcase how powerful retargeting can be:
- Website visitors who are retargeted are more likely to convert by 43%.
- The click-through rate of a retargeted ad is 10 times higher than that of a typical display ad.
- Compared to other placement strategies, retargeting generated the highest lift in business name searches by 1,046%.
The basics of retargeting
What constitutes showing interest and why should you provide specialized retargeting ads for them?
Leads visiting your website counts as a way of showing interest in your brand since these people are already aware of your business and what you have to offer. Focusing on them allows your brand to be present in their minds when they are actually ready to buy or subscribe. This approach is more likely to yield conversions rather than casting a wider reach to other people, majority of whom might not care about or need your service.
Besides increased conversion, an equally important benefit of retargeting includes brand awareness. In fact, 70% of marketers turn to search retargeting primarily to increase brand awareness. This is because retargeting helps reinforce brand recognition–both in brand name and offerings–among potential clients so that you’ll be remembered as a viable option when they move from the research phase to the purchase stage. Statista released a graph that shows that among marketers, brand awareness is the primary objective in employing retargeting measures at 57%, ahead of lead generation.
Ultimately, it’s up to you on what parameters you should set for your retargeting audience. Different segments you can use for retargeting include:
You can group visitors into different categories, depending on their interactions (or lack thereof) with your site. Among a few suggestions include those who didn’t complete a certain action such as filling out a lead form and those who didn’t land on certain crucial pages such as your ‘Contact Us’ page.
Use this as a metric to gauge interest such as visitors who have spent more than the average viewing time on your website as well as those who keep returning or visiting.
They have proven to be already interested in your brand so it is easier to convince them for upselling or cross-selling.
Check out more in-depth discussions on this topic through the following articles here and here.
Improving your retargeting campaigns
Here are a few reminders on starting or improving your retargeting campaigns:
✓ Understand your audience. Know their preferences and the reason that’s stopping them from converting and address these needs accordingly.
✓ Remember that variety is key. You don’t want to show the same ads over and over to the same audience segment. This could come across as annoying and invasive, turning off prospects from forming a future relationship with your business.
✓ Retargeting has to work hand-in-hand with your main digital strategy to attain prospects. The larger the volume and the higher the quality of your original traffic, the better your chances of conversion through retargeting are.