Great Retargeting Campaign Strategies To Adopt From Real-World Examples
Retargeting is a digital marketing strategy that is becoming an efficient and optimal way to accumulate the maximum number of conversions on sites all over the internet. It's apparent from retargeting that it's a powerful tool for digital marketers who know how to use it. If you haven't incorporated retargeting strategies into your digital marketing, then it's time to do so.
Retargeting, if done right, can provide you tons of value in return. It would be best if you made sure that your retargeting strategy is top-notch. Any digital marketing, if done wrong, brings more harm than good. For this reason, you need to start paying attention to your retargeting strategy and ensure that you stay authentic when it comes to your approach.
As demonstrated by statistics, websites see a 147% increase in their conversion rates when implementing retargeting strategies. This statistic further stresses the importance of retargeting in digital marketing. You can maximize the conversion potential of your site by retargeting ads to visitors.
In this blog, we will go through some effective retargeting campaign strategies and tips that you can learn from real-world examples around you. Believe it or not, top brands can teach you tons of stuff about retargeting and similar digital marketing strategies.
What Is Retargeting?
To put briefly, retargeting refers to the practice of keeping track of visitors on your site and retargeting your ads to them when they are visiting other sites. The retargeting is done for various reasons, such as when users visit your site but fail to convert or when you want additional conversions through cross-selling.
According to statistics, only 2% of visitors are converted into buyers on their initial visit to the site. This means that the rest of the 98% of visitors bounce off your site and may never return to your site. What retargeting does is to convert the rest of the 98% of window shoppers into buyers.
This can give you a significant competitive edge over the rest of the websites. What sets a site apart from the rest is the conversion rate; with retargeting, you can maximize your site's potential to accumulate conversions.
How Retargeting Works?
So how do retargeting works? To simply put it, retargeting works by placing anonymous cookies on the visitor's browsers. Then an ad from your site is displayed for retargeting to that user when they leave your site. As for tracking the visitors, you can place a tracking pixel on your site's pages (the pages you think have a higher potential for converting the user), and when the user leaves the site, you can find out whether they converted.
Many ad networks such as Google Display Network, Bing, and AdRoll allow for Retargeting ads. Along with ad networks, some social networks such as Facebook also has a platform for retargeting ads. Not only that, but you can also expand your retargeting ads to Google Search Network by creating effective RSLA campaigns.
Retargeting ads offer a second chance to win potential conversions from your site's visitors. This not only creates more conversion opportunities but also promotes brand awareness for your site.
Now let’s move on to the strategies and tips you can learn from top brands.
Great Retargeting Campaign Tips To Learn From Popular Brands
The best way to learn any digital marketing strategy is simply paying attention to what everyone else around you is doing. Popular brands are successful because they employ one of the best marketing strategies for their campaigns.
Research is essential to get to the nuts and bolts of retargeting. You can learn a great deal about retargeting by paying attention to the strategies brands employ to retarget their ads towards you. So without further ado, let’s start the list.
Edgar is a social media tool founded in 2014 to help professionals save time with their social media updates. They have an excellent interface; along with that, their service is convenient for social marketers looking to automate their social media updating process. They send out millions of social media updates for their clients.
Their retargeting ad strategy consists of creating tailored ads for their customers to target specific sections of their customers. This marketing strategy is beneficial to precisely target your users and earn potential conversions from them. They make use of Facebook data that is available to them when displaying advertisements to FB users. The tailored advertisement refers to the practice of creating specific ads for customers belonging to a particular age group, gender, geographic location, demographic, and so on. As it's evident by now, such advertising tends to be more effective than traditional advertising.
A wide range of user data is available on Facebook, such as users' age, gender, geographic location, preferences, and interests. Typically, brands offering their services to users would provide a two-week free trial to engage them in a potential conversion. However, Edgar goes one step ahead with their retargeting strategy. Edgar uses the Facebook data available to them to create ads specific to individual users such as age group and gender. This smart ad retargeting strategy can engage potential buyers more closely.
So what do we learn from this example? If you are thinking of retargeting your advertisements to users, then you should focus on creating tailored ads for them by making use of all the data that is available to you. This is especially true for social media websites such as Facebook, where user data is readily available. To achieve this, you need to learn to create specific segments among your audience so you can later divide them and display different ads to different parts based on their preferences, interests, age groups, and so on.
Nationwide Mutual Insurance Company is a US-based financial company that provides investment, insurance, and retirement products and services. Their banking services are handy for many people that want to conveniently take care of their loans, taxes, and other stuff. They also save a lot of money compared to when you use an ATM. Nationwide's marketing strategy is also an excellent example for you to follow. They typically retarget their paid ads related to auto-insurance to their visitors. But their retargeting technique does not stop there; they are also known for retargeting ads to their customers that have already bought their services.
You might wonder why that is the case? Wouldn't that be a waste of advertisements? But we assure you that it is not the case with Nationwide's retargeting strategy. Many times, their retargeted ads contain some services that the user hasn't bought yet. This means that even if the user has purchased services from Nationwide, there's still a chance that he might want to buy more. Nationwide capitalizes on this aspect and displays their ads to the visitors once again. And that's not even the end of the story; they also promote brand awareness by keeping engaging with their pre-existing customers through these advertisements. This makes the customer feel valued by the company, and hence Nationwide avails all the possibilities to win loyal customers for their site. The retargeting strategy of Nationwide has dual benefits for the brand.
So, what do we learn from the above example? First and foremost, do not forget about the customers that you have already converted into potential buyers. Keep recommending retargeting advertisements to them and make them feel a valuable part of the company. This helps you promote your brand's awareness to your customer and enables you to gain loyal customers. Second, there might be tons of services associated with your brand. Make sure that the user is recommended all of those services. When the user sees a retargeted ad from your brand, you'll have some chances of doing more business with that customer.
Watchfinder is a United Kingdom-based online retail company that helps users find and buy second-hand watches. It’s probably the best platform in Europe to buy and sell luxury watches. This brand is known for many innovations within the industry. Their website accumulates an estimated 6.7 visitors every year. Their brand's success in the market is no joke; instead, it results from their groundbreaking marketing strategy. As of 2014, Watchfinder gained a whopping 1300% ROI by using precise retargeting through Google Analytics. Along with that, they increased their average order value by 13%. They also decreased their cost per acquisition rate by 34%. You must be thinking, how did Watchfinder manage to make such significant and groundbreaking improvements? For that, we need to take a look at their digital marketing strategy and the state of their digital presence before they employed a new approach.
It turns out that among Watchfinder's visitors, less than 1% of visitors made purchases while they were on their first visit. This may seem like a terrible stat, but this shouldn't come out as a surprise. After all, the average online order of their luxury watches is over £3500. People need quite some time to think about their buying decision before they invest such a massive portion of their money. As soon as the company realized this condition, they decided to take action. They wanted to do business with the rest of the 99% of the visitors as well, and to achieve that, they turned to ad retargeting combined with Google Analytics so they could reconnect with their site's visitors. Their new strategy included tracking of the users that were the most profitable. The company first identified the audience segments that were the most profitable for the company. Then they reconnected with those audiences to encourage them to return to their site and complete the purchase of luxury watches. Their tracking strategy identified 20 separate audience segments that demonstrated an intention to purchase watches from Watchfinder.
The ads that were being retargeted to users differed significantly from one another depending on the purchase funnel, language, or location. These groups' on-site behavior helped identify the small details, such as the total time navigating the Watchfinder pages. Watchfinder discovered that the most successful out these audience segments were the users that spent over 10 minutes navigating their site. Their marketing strategy successfully tracked the most profitable customers and encouraged them to return to their site and complete their purchase. This case study is probably one of the most inspirational and effective retargeting strategies.
So what do we learn from the above example? Never forget about your most profitable customers, learn to prioritize them, and above all else, learn to identify the most profitable audience segments.
Everyone here has heard of Toyota motor corporation. They are a Japanese automotive manufacturer. Anyone who's following updates on the automobile industry knows that Toyota is a global leader in the automobile market when it comes to Hybrid vehicles' sales. Hybrid cars are fuel-efficient and environment friendly.
Toyota's success is not only due to their automotive products in the car industry but also due to their effective marketing strategies. They use pop-culture references in their marketing strategies, such as when they incorporated "Back to the future" references in the marketing of their Toyota Mirai. Not only that, but they also frequently retarget their vehicle advertisements to people that are researching hybrid cars. We all know that vehicles are expensive and that consumers will take quite a while to buy any car since a considerable portion of their money is on the line. But here's the deal: By effectively retargeting ads to their people researching hybrid cars, they increase their brand awareness. A person may not be able to buy a hybrid car as of now, depending on their financial situation, but in the long-term, it's a safe bet to say that more and more people will be invested in buying hybrid cars for them. The rest of the marketing is done by the traditional ad campaigns as the environment-friendly benefits of such vehicles is realized.
We learn from this example the idea of a long-term marketing strategy. If the products you are selling are quite expensive, then this shouldn't mean that you have to ignore customers who can't afford them. As long your services are relevant in their circle, you can expect them to buy them from you in the future.
Final Thoughts
And that was it! I'm sure that you can learn a great deal about ad retargeting from these examples. Good luck with your marketing strategy, and remember always to approach your brand with the right perspective.
