Retargeting sounds like starting over with the targeting of a prospect. Who wants to start over from scratch every time a visitor comes to their site and leaves without taking any kind of action whatsoever? Ironically, retargeting is a marketing practice that saves you from doing just that. It is the strategy of targeting someone who showed some initial interest in your products or services by visiting your website. Rather than trying to attract first-time visitors who may or may not convert, retargeting strives to get repeat visitors who are more likely to convert.
Once you see how powerful retargeting can be, you’ll find yourself wondering why you haven’t put the benefits of retargeting to work for your organization sooner. Here are some of the top benefits of retargeting ads and some eye-popping statistics to back them up.
Generate More Sales
This is the most obvious and important benefit of retargeting as a part of your digital marketing strategy. Different companies have different metrics they pay attention to depending on what type of business or industry the are operating, but every organization that intends to stay in business must pay attention to revenue.
Reach Interested Prospects
This is the difference between opening a phone book and cold calling prospects and making a call to someone who called you first. These potential customers showed an initial interest in your offering, now you just need to remind them or nudge them a bit to take the next step. Retargeting benefits your business because through it you are reaching interested prospects, rather than reaching members of your target audience who are only likely to be interested.
Increase Brand Awareness
Studies continue to demonstrate that it may take seven impressions by your brand on a customer to build up enough trust for them to take action. Retargeting can shorten the amount of time it takes for your prospects to build enough brand awareness and make a buying decision. Even if they do not convert right away, you are putting the odds in your favor that your brand will be the first one they remember when they do decide to move forward. Brand awareness is huge for business growth, and retargeting offers benefits in that area.
Gain Insights
Another benefit of retargeting is that it can allow you understand where the highest percentage of your retargeting conversations are being recaptured after leaving your site. The analytics of your current and previous retargeting campaigns are the road map for your future efforts to bring more qualified traffic to your website. Over time you can create laser focus for all your digital marketing efforts to maximize results.
Improve Cost Effectiveness
Where will your business get the strongest ROI for every $1 spent on digital advertising? Banner ads are effective, but there is still some element of hope that the online users you are targeting are ready to take action. With retargeting, you are reaching people who have already been to your website at least once, and are that much closer to taking action.
Keep up with Digital Marketing
Retargeting is not a trend that will lose traction. Like most other digital marketing channels, it continues to evolve as technology advances and becomes more intelligent. Start using retargeting now and you’ll lose no time in reaping the additional benefits it will afford as it advances.
The Benefits of Retargeting by the Numbers
They say that 95% of all statistics are made up. We promise these stats about the power and benefits of retargeting are right on the money!
Only 2% of visitors take action on their first visit to a website.
That means 98 out of 100 just bounce off your site and may or may not return. If they are comparison shopping you against your competitor, whose site will they end back on to ultimately make a purchase? Retargeting sets you apart from the competition and provides your prospect with timely reminders about your products and services.
Three out of five people notice ads for products they looked up on other sites.
You know this one is true. We have all experienced it first hand when that same pair of running shoes keep showing up in an ad on multiple websites in exactly the color you were looking to buy. The algorithms that drive retargeting campaigns have gotten crazy smart. Be smarter than your competition and put smart retargeting on your digital marketing team.
There is a 147% increase in conversion rate with retargeting leads.
This statistic demonstrates the power of putting more of your digital marketing efforts in continuing to remind and coax prospects that already demonstrated to you that they are interested in your product and services. Yes, you will always need more new prospects and first-time visitors to your web sites, but be smart and efficient about making the most of the opportunity they have given you to continue retargeting ads to them.
26% of retargeted prospects return and complete an online checkout.
If you are not retargeting people who abandoned a shopping cart containing an item they were specifically about to purchase then you really are missing out. Go into your eCommerce site and look at the analytics about how many times a shopping cart was abandoned in the last 30 days. Would you like to magically convert one out of four of those into a sale? Do the math for the last quarter and the previous year as well. Do not beat yourself up too hard for what you have been missing out on as long as you choose to make retargeting a central part of your digital marketing strategy.
The effectiveness of retargeting becomes fairly obvious once the straightforward logic of the benefits are presented. Plus, it does not hurt that retargeting has been around for a while now, so there are plenty of strong numbers to back up these claims. Retargeting will only continue to get more effective as technology evolves, so get on board now!
1 Comment
Great article!