What Is Retargeting & Why Your Business Should Be Using It
Have you ever visited a website on the internet and then later saw a digital ad for the same exact thing you were just viewing? Have you ever clicked on a sponsored video on Facebook or Instagram and then notice that your news feed is completely saturated with similar ads in that genre? Have you ever been shopping on Amazon for that really cool new product and then repeatedly see ads for that same product everywhere you go online? These ads were not shown to you by luck or chance, but rather by a very carefully planned advertising campaign. When you start to see these ads, know that you are officially being retargeted by a company that is looking to take your cold hard cash. As soon as you finally budge and buy that product that keeps showing itself to you then the ads from that company will disappear almost completely because you are no longer a valuable target. You’re now a paying customer. As soon as you ‘click that link below’ the video and sign up for that free video of ‘how you can make two million dollars in 24 hours’, then the ads will disappear because they got you to do what they wanted. You’re now a highly qualified lead in their CRM, and they can now target you directly using your email or phone number instead of wasting money on ads. This detailed style of marketing is called retargeting.
What Is Retargeting?
Retargeting (remarketing) is a method of advertising that involves targeting and marketing to consumers who have already taken a specified action on the internet. This ‘specified action’ can be watching a video on Facebook, viewing a specific page on your website, liking one of your instagram posts, or clicking a previous ad. The reason you are being retargeted on these online actions are simple; you expressed interest in something of theirs and you didn’t do what they wanted you to do. You didn’t sign up, buy now, or call now like they asked you to do in the ad. The company now knows you’re interested in that specific product or service, but you were shaky and didn’t complete the transaction. Maybe you were busy, price-matching a competitor’s offer, or maybe your dinner date came back from the restroom and you had to exit the page. Whatever the reason, you have expressed interest and you did not complete the transaction. Because of this, your information has been tracked using cookies or pixels, and they can retarget you directly instead of spending top-dollar advertising to millions of potentially uninterested users. A top-level advertising campaign is one that can effectively display ads to a highly interested audience, and there isn’t an audience more interested than those who have already checked out your product, loaded your web page, watched your video, viewed your real estate listing, or engaged with your social media profiles and did not complete the action. This is like showing up to a car dealership and giving the car salesman your information and then leaving without buying a car. If you provided the salesman with your information (phone number or email), then there is a 100% chance you’re going to hear from that dealership again, whether that is a sales call or an email. The dealership will do this because you’re a highly interested lead, as you showed up to their dealership looking for a car. In the eyes of the dealership, it makes more sense to make sales calls to those who have already expressed interest than it does to cold call people based upon some lead sheet they bought from some company online, right? This is a physical form of retargeting. The beauty of digital retargeting is that it is completely automated and you can display ads that are far-more invasive into someone’s personal life than a phone call. Welcome to the world of retargeting.
Does Retargeting Really Work?
The answer is simple; yes it does. The average retargeting campaign returns a 33% conversion rate, which means that the average retargeting campaign gets 33% of the people who expressed interest to convert, when otherwise they may not have.
Will Retargeting Help My Business Specifically?
As a digital advertising agency, we know that no business is created equal and not every solution will work for every business. However, in the case of retargeting, most businesses can benefit greatly from running digital retargeting campaigns on Google, Facebook, or Instagram. Businesses that provide products or services in competitive and saturated markets are more likely to use digital retargeting than others, as high competition and market saturation can cause users to have the upper-hand in regards to which company they would to purchase from or work with. Retargeting will give these companies an edge on the competition by converting users who engaged with their content instead of labeling each user who didn’t convert immediately as a loss. While users are potentially viewing your competitor’s pricing for the best deal, you’ll be retargeting them with your ads to remind them that they were checking out your business and you want their business more than your competition does. To give a few examples of industries that use retargeting are retail stores, digital products, real estate agents, service providers, phone companies, hotels, restaurants, self-help courses, and even digital agencies. For a specific business model’s compatibility with retargeting campaigns, you would need to contact us directly.
How Do I Start A Retargeting Campaign?
The honest answer here is that retargeting campaigns are usually best deployed by experienced users or agencies. This is not a sales tactic, but rather a disclaimer, as many users who deploy their own retargeting campaigns waste time, effort and money if these campaigns are not setup correctly. Don’t get us wrong, retargeting campaigns are not rocket science, however, they are very detailed and ever-changing. If you’re interested in learning how to run your own remarketing campaigns, then the first step is to know that each remarketing channel has their own way to create and deploy retargeting ad campaigns. You’ll need to investigate how to create and run these campaigns on each channel that you’d wish to remarket with. The most popular retargeting platforms are Google Adwords, Facebook Ads, Instagram Ads, and AdRoll. If you’d rather have an agency handle this for you, feel free to contact us.
The takeaway from this article to inform our users what retargeting is and how it can help your business grow. The power of retargeting is immense, and is used by the world’s top companies and digital agencies alike. With a 30% average conversion rate, what’s not to like? We’d like to thank you for expressing interest in our article, and we’ll see you again shortly 🙂
PRESIDENT, NEWSTYLE DIGITAL