Any business in today’s world knows converting members of your target audience to actual customers is hard work….really hard work.
But maybe there’s a way to make this effort a bit easier…?
In this month’s blog we’re discussing the art of retargeting! A process to capitalize on website visitors and convert them into full-fledged customers with well-placed pixels and targeted marketing efforts.
Never heard of it? Allow us to explain.
Retargeting 101
Let’s start with a quick crash course on retargeting, how does it even work?
Most businesses get website visitors, however, the problem often lies in getting those visitors to “convert” (i.e. purchase a product/service, book a consultation, etc.)
Note: Only 22% of businesses are satisfied with their current conversion rates.
With retargeting, your site is optimized to capture visitor information to link website visitors with actionable contact information. This allows you to proactively market to (and re-engage) potential customers.
You may be wondering: “How is this any better than regular marketing?”
Good question.
The main difference is that these potential customers are more likely to respond than “cold” prospects. Mainly due to the combination of pre-existing brand awareness and the relevance/timeliness of the marketing message.
What could these marketing efforts look like? Let’s explore that next.
Market Smarter Not Harder
Now that you’ve found the audience likely to engage with your business, what type of marketing efforts are the most effective?
Well that depends.
Direct Mail: Looking for a long term marketing strategy that keeps your business top of mind? Mail might be the way to go. This route is especially useful for business models that operate on subscriptions or memberships.
Social: A great option to keep your business in front of potential customers, while also building better engagement/brand loyalty.
Email Marketing: Email serves as a great way to re-engage on abandoned carts, or partially-complete orders.
R-O-I
At this point, you should be thinking retargeting is a no-brainer that your business should implement tomorrow.
But in case you’re not there yet, let’s look at the metrics that increase as a result of a solid re-targeting strategy.
Click-Through Rate (CTR): This indicates what percentage of people click on your ads after seeing them. If potential customers are seeing your ads after they’ve visited your site already in the past, there’s a good chance they’ll click,
Conversion rate (CR): Self-explanatory. This figure details the percentage of people who complete a desired action (such as a purchase, a sign-up, or a download). The more attempts you have, the more likely you’ll get someone to convert.
Cost Per Acquisition (CPA): One of the most trusted measures for a retargeting effort, CPA! The average amount of money you spend to acquire a new customer through ads.
A high CPA = your marketing is ineffective and costing you more than it’s bringing in
A low CPA = your marketing is efficient and profitable
What does this all mean?
Most businesses are looking for a way to raise one (if not all) of these metrics. Remember, it’s not always how much you’re spending on marketing, but rather how those dollars are being allocated.
Conclusion
Let’s recap.
With a few adjustments to web design you can retarget potential customers to boost brand awareness, improve conversions, optimize budget, and more.
And you don’t have to face this process alone. Get in touch to discuss if retargeting is right for your business!
Happy Marketing!
-The IDS Team
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