Remarketing Strategies That Maximize Customer Acquisition
Did you know that 97% of visitors to a website leave without buying anything and then don’t return to that site? This is why you need to go beyond your regular marketing campaigns to remarket to people who have visited your site without taking the desired action. Remarketing has proven to be very effective in both customer acquisition and upselling to existing customers. In fact, the average CTR for remarketing ads is 10x higher than the usual display ads. These ads can bring back 26% of lost customers to complete a sale and reduce cart abandonment by 6.5%.
Still not convinced? Well, remarketing surpassed all other ad strategies with an efficiency rate of 1,046%. So, here’s a look at how you can strategise your remarketing campaigns for maximum impact.
Rewind to just 10 years back. Most marketers just sprayed and prayed. That means they published or broadcasted their campaign everywhere and then prayed it reaches the right audience. All that has changed thanks for digital ads. This has put much more power in the hands of marketers, enabling them to showcase campaigns only to the desired audience and making the progress measurable.
Take Facebook for instance. It has made remarketing increasingly smarter over the years. You can target the audience according to their gender, age group, and interests. That’s not all. You have the opportunity for hyperlocal targeting. Let’s say you have a branch in Bandra West and want your ad to be seen only by people living in the vicinity. You can do this with targeting by pin code. You can even have different text for people in different areas. This offers incredible return on investment and allows remarketing via SMS and emails. With geofencing, you can narrow the region to as small as a 500-meter radius. When you’ve got hyperlocal, you can personalise the message – focusing on specific events or festivals, even landmarks, or something that will interest people in that geographical area.
This strategy is particularly useful for companies targeting Millennial and Gen Z audiences. The CTR (click through rate) of ads on the Facebook News Feed is around 10% higher and the CPC (cost-per-click) about 60% lower on mobiles than on PCs and laptops.
Each time someone browses the internet, a significant amount of cookie data is collected, such as:
Whether the person was looking for information
Whether they intended to make a purchase
This tells you the intent of the individual. Once you determine your target audience, identifying their intent when they browse the internet can give you crucial information on how to align your display ad for them. The data can even help you identify buyer behaviours and where they might be along your sales funnel.
In short, addressing your target customer’s intent can help you personalise your communication with them.
Timing it Right
Remarketing has been facing some backlash from consumers who are frustrated with ads popping up too often and disrupting their browsing experiences. This dissatisfaction can be seen in the huge popularity of ad blockers. So, reaching out at the right time can make the difference between success and failure of your remarketing campaign.
However, timing will depend on what you are attempting to sell. The same timing doesn't work for all brands. For instance, you might find that your target audience tends to browse Facebook between 9:00 am and 11:00 am. This might be a good time to place ads on the social media channel.
Google now offers support for dynamic marketing, which is a great way to reach out to visitors with the products and services they’ve viewed on your site. The message will, however, need to be tailored to your consumer base to attract them back to your site.
One of the major pain points in remarketing is being able to create image-based ads for all your products and services. With Google's Dynamic Remarketing, this process has been eased. Google will create your ads dynamically, including the text of your choice, based on visitor behaviour on your site.
It's All About Location
Yes, location is everything. If you have a wonderful ad but you don’t choose the right places for it to be displayed, it will fail to bring the desired results. So, this means choosing the right channels and perfect placement on the webpage, as well as geo-targeting. Reaching out to your audience with hyperlocal messaging has proven to be incredibly effective. Through hyperlocal marketing, you can target a specific action, such as calling customer support or visiting a local branch. So, both geographical location and placement on a specific web page are important.
Retargeting Existing Customers
The likelihood of success in selling to an existing customer tends to be higher than attempting to sell to a new one. Existing customers are also likely to spend more money than a new one. So, remarketing to existing customers can help you increase the ticket value of your sales. You can reach out to them via personalised emails to keep them informed about new product launches, special offers, etc. You can also use incentives like reward points. Cross-selling is another useful focus of remarketing to existing customers.
Remarketing for Client Acquisition
To make the most impact on new customers, it is important to first collect data from all touchpoints, including devices, platforms and channels they prefer. Connecting all the dots through such data collection can also help you understand their needs, pain points and aspirations. This will help with the hyper-personalisation of your messaging, which is proven to bring better results than regular ads.
Social media platforms have proven effective for engaging both existing and potential clients. One of the most effective places for BFSIs to reach out to their target audience in India is Facebook. This is where people aged 25-45 years get their news, information, product reviews and more. Make sure you remarketing efforts engage them through regular social media posts and display ads on Facebook.
Don’t forget to include search remarketing in your campaign. Popular search engines, such as Google, make it easy to target customers by offering data on the search terms used by visitors to access your website. You can then focus your remarketing efforts based on these specific search terms.
DISCLAIMER: The views expressed are solely of the author and Adgully.com does not necessarily subscribe to it.