5 ways you can use your Retargeting budget
It is a well established fact that businesses can significantly boost results by effective use of retargeting in their marketing strategy. But how effective can it really be?
Did you know according to CMO.com,
► Website visitors who have been retargeted with a display ad are 70% more likely to convert with you
► Retargeting can boost ad response by upto 400 percent
The most important channel for marketers continues to be email with 77% of internet users surveyed would rather prefer email over any other channel. But despite the popularity, people may not be opening your email or clicking through the CTA or even reading the content you have worked so hard on. This is where Email retargeting can offer an effective way to improve the reach of your marketing campaigns.
Drive to brick & mortar: With searches being increasingly localized, it stands to reason that a bulk of these searches will result in an action in a physical store within the same day. Email retargeting can help capitalize on this phenomenon and drive your online customers into your brick and motor stores or engage with your brand in offline channels. Use a coupon code that can be redeemed at brick and mortar stores and avoid lost sales from "showrooming"
Classic Upsells: By segmenting your lists and creatives towards a highly targeted audience, keep your messaging relevant and stay engaged. Based on purchase behaviors like history, frequency, browsing, loyalty, product affinity and demographics you can combine you campaigns to upsell goods and services with retargeted email and display advertising to increase engagements and conversions.
Shopping cart abandonment: The classic use case for any type of retargeting is the shopping cart that is abandoned at the last instance. This is usually an indicator of a something that did not gel well with the customer in the shopping process. For example, they just may not have intended to buy in the first place, but where just checking out the price before they bought online – in this case, you may want to retarget them with an ad for a nearby store with a creative of the product. Fear of shipping costs? Retarget them with an offer of free shipping – two extra days in shipping may not matter that much! Technical problem? It happens to all of us or maybe they genuinely closed the window ending the shopping process. A quick email retargeting campaign might help them complete the purchase.
Transpromotional Marketing - In our experience, we have observed that three times as many transactional mails are opened as opposed to promotional mails. This provides a wonderful opportunity for you to combine the high open rates of a transactional mail ( e.g "Thanks for buying an awesome pair of shoes from us, here are the shipping details" ) with retargeted offers (e.g "Get 20% off your next pair of sports socks with this coupon code") all in the same message. Leverage the cost of sending billing & shipping details with offers and cross sells which you can be sure will be seen by your target audience.
In app Retargeting - With retailers trying to push in-app purchases over web stores and keep audiences captive, it is natural to want to apply retargeting strategies to customers who view on mobile apps but exits and do nothing about it. The beauty of retargeting based on mobile interactions is that it gives retailers the data based on demographics, when they downloaded the app, how frequently they used it and how soon they uninstall it. Based on certain in app- actions, or lack of them, marketers can remarket and retarget based on data rather than based on hunches alone.
These are some great starting points to using retargeting intelligently, any organization looking to keep their brand awareness, promote upsell and rescue abandoned shopping carts will do well to use retargeting strategies as a part of the entire marketing mix, both online and offline. Keep testing messages, CTAs, timing, offers, frequency based on segments and persona and see what works and more importantly, understand what does not and move on to the next retargeting strategy.