What is Retargeting and Why is it important?
Retargeting is a marketing strategy that targets people who have previously visited your site or social media platforms. It happens when an ad pops up on sites you visit after visiting a certain site retargeting you. This strategy allows marketers to advertise their offers again to consumers who have already shown interest in the brand’s goods or services but didn’t convert into sales at that time. To increase sales from these potential customers, retargeting ‘re-engages’ them with not only a reminder of the products or services they were interested in, but also allows you to provide them with exclusive offers or promotions that they can’t find anywhere else. Retargeting is very effective and can increase customer conversions by up to 70%! This is because up to 97% of customers abandon a site without buying, never to return.
The concept of retargeting was popularized in 2010 by an article about how Obama’s campaign used retargeting during his presidential race. It has since become a very effective forms of advertising because it’s a tailored message with offers specifically for each person, creating more targeted ads than any other type of marketing channel.
With this in mind, here are the key reasons why retargeting is important for your marketing campaigns. Ready? Let’s dig in!
- Retargeting Is Cost-Effective
Retargeting will offer you the best Return on Investment (ROI) for each $1 you direct to your digital advertising efforts! This is because it reaches those who have already visited your social media or website and are very close to making a purchase. Retargeting will help you reach an interested buyer at a lower cost.
- It Provides Great Insight!
Retargeting will help you learn the platforms where most of your retargeted prospects are after they abandon your site. It will eventually help you to drive higher-quality traffic to your social media or website and increase the likelihood of converting to sales. This information, combined with the data obtained from your past retargeting campaigns, will help you craft better future marketing and retargeting strategies.
- It Boosts Your Brand Awareness.
Retargeting will help you to achieve a higher brand recognition! If you wish to always be in front of your prospects’ eyes and in the back of their minds, retargeting will help you to achieve this. These potential customers may not immediately buy your products but by constantly being on their screens, your business will stand a better chance of being their ‘go-to’ when they decide to buy.
- It Helps to Push Your Leads Further Down the Marketing Funnel.
The main goal of any marketing effort is to push prospective buyers further down the sales funnel and ultimately get them to make a purchase. Before devising a retargeting strategy, a business must first identify where a particular prospect has reached on the sales funnel. Then, it will direct their retargeting efforts to their prospects, re-engaging with them so that they re-enter the sales funnel at the same point they abandoned it! At this point, the business should provide new and fresh information like testimonials to help their potential customer make a purchase decision.
When To Use Retargeting
- Use Retargeting When You Already Have a Following
You will benefit the most from retargeting if your social media platforms already command a decent following. This normally puts you in a great position to attract more traffic, leads and get more sales.
- Retargeting Is Effective During the Promotion of Your Top-Selling Products.
The simplest way to look at this is the marketing of products that most customers already like. It is a much easier endeavor, using retargeting ads will assist you in converting more leads into buying customers.
- Using Retargeting When Launching a New Product
This can work like a charm! When you already have a target population interested in your products, retargeting will help to increase conversions. Some of the many retargeting software’s we like are Mailchimp, Sharp Springs Ads, Outbrain, AdRoll, Criteo, Optimonk, Sharpspring Ads, and Convertful. We’ll review them for you in a future blog post, all provide great features and are relatively easy to implement.
- Retargeting Helps When You Have Slow-Moving Inventory.
Slow moving products are the perfect to integrate in your retargeting campaigns! Retargeting will assist you in displaying your surplus products to your prospects. Your potential customers may return and purchase, which will avert losses.
Examples Of Retargeting Ads Tools for Your Business
- Facebook Pixel Retargeting
This is a PPC advertising strategy where you display your ads to people who have interacted with your brand on your Facebook or Instagram page. Placing a code (pixel) on your website tracks all the visitors on your web pages.
- Google Display Retargeting
It is a form of retargeting that allows you to display targeted ads to people in the Google Display Network who exhibited an interest in your brand.
- Facebook Custom Audiences
It is an ad targeting feature that will allow you to reach and interact with groups of people on Facebook like previous buyers who displayed interest in your brand and what it offers.
- Remarketing Lists for Search Ads
It is an advanced targeting feature found in the Google Ads platform that will allow you to personalize the search ads for your marketing campaigns to reach people who previously visited your site.
Final Thoughts
Retargeting revolves around analyzing your prospects’ behavior and using this information to ensure that they stay in your sales funnel. In addition, businesses can boost their conversions since they have the power to create unique ads to re-engage their prospects. When these retargeting ads get high-click through rates, they place your business in a strategic position to get more revenue and have a higher Return on Investment!
