The Power of Retargeting
Marketing efforts, no matter the industry or size of the business, tends to share similar goals. These goals include visibility & brand exposure, web traffic & retention rates, and ROI & conversion rates. Giraffe Marketing has the power and the ability to bring that brand exposure.
In order to improve upon these key metrics and realize your goals, retargeting efforts are likely required; an increasingly popular tactic due to its proven effectiveness…
Effective or not, retargeting is essential if your goal is to capture and convert as many leads as possible; the truth is, only about 2% of visitors convert on their first interaction with your website or social media page.
In what follows, we’ll define what retargeting is and why it’s important. Further, we’ll discuss how it works and what its benefits are. Throughout, we’ll also be sharing several daunting statistics that will illustrate its effectiveness. Let’s get right into it, shall we?!
What is Retargeting?
At its most basic, retargeting is a type of advertising that involves serving those who’ve already visited or interacted with a given page or website with an ad that encourages conversion.
The primary intention of retargeting is to retain engagement with those expressing interest or reconnect with those who may have previously shown interest in your product or service. So to put it simply, you spend hundreds or thousands for a digital campaign to drive traffic to your site. Retargeting basically taps your client on the shoulder and says “Don’t forget about us”.
Whether for brand awareness, social engagement, or customer retention, retargeting campaigns are an all but necessary implement into one’s digital marketing efforts, not merely due to the fact that without any retargeting, 97% of visitors are unlikely to return.
In short, the question shouldn’t be “why retargeting?” but rather “why not retargeting?”… Not only does retargeting allow you to capture leads while they’re still hot, but such audiences convert at much higher rates than those that are cold and unqualified.
Taking the guesswork out of your marketing efforts, targeting those who’ve shown an interest in your product or service will only increase conversion rates and reduce the headaches along the way. You have spent money to get that targeted traffic, now, we can serve ads to just those people that had interns from the beginning.
How Retargeting Works
No matter how you define retargeting, it functions much the same. Put simply, there are two primary types of retargeting campaign strategies; pixel-based strategies and list-based strategies.
As the most common type of retargeting, pixel-based retargeting involves displaying content to an anonymous visitor who’s visited your website previously. The reason this type of campaign is the most common is because of its immediacy of retargeting capabilities.
On the contrary, list-based retargeting campaigns are arguably as effective, utilizing existing contact information to target a volume of hot leads. Whether it’s via a list of email addresses, geographical locations, or otherwise, list-based retargeting allows you to employ precision remarketing to a highly customized audience.
Whichever strategy you choose and for what reasons, retargeting works to increase awareness, retention rates, and conversions, ultimately allowing you to exploit, in a non-manipulative way, those who show interest in your offerings because, without it, you’re missing out on a massive pool of potential consumers.
Finally, as for where to launch your retargeting efforts, Google and Facebook are the most likely and effective options. For starters, Google controls nearly 93% of the digital world’s market share, known by most as the advertising hotspot of the internet. Disregarding search engines, Facebook just so happens to be the advertising hotspot of social media, providing several tools and ad strategies to be employed, retargeting and otherwise.
The Benefits of Retargeting
While a gentle reminder or nudge of encouragement to potential leads may not sound like a groundbreaking effort, its effectiveness is undeniable. In fact, a properly constructed remarketing campaign can increase the likelihood of a potential consumer converting by 70%.
With that said, although the ultimate goal is to increase conversions, a business’s goals may be different. As mentioned earlier, some may simply be seeking to increase brand awareness…
Retargeting stats confirm that Conversion Rate can increase up to a staggering 150%. DataXu
In any case, retargeting efforts are a primary mover… The following are the most common benefits one can expect from its implementation:
While targeting, in general, is an effective and necessary advertising tactic, precision targeting is the act of serving those who’ve already shown an evident interest in your offering. So targeted marketing is the most cost-effective way or reaching the right audience.
By focusing on those who’ve already shown such an interest (i.e. a hot lead), you inevitably increase the likelihood of conversion and take the guesswork out of standard advertising practices. The product’s appeal is the primary reason for 37% of user to click a retargeted ad. Adobe
Improve Visibility & Reach
Retargeting, otherwise known as remarking, doesn’t only help build brand recognition and awareness, but it also helps establish authority early in the buyer’s journey.
By improving such visibility and reach and doing so in an authoritative and value-added way, you increase the likelihood of building a solid reputation, improve total ROI, and ultimately increase conversion rates. Retargeting can reduce cart abandonment by 6.5%, and increase online sales by almost 20%. MotoCMS
In fact, website traffic has the potential of increasing by upwards of 700% when retargeting has been implemented… Who wants to miss out on those numbers?!
Whether via effective calls-to-action, extreme precision targeting, brand awareness, or otherwise, retargeting efforts are bound to increase conversions. As mentioned, they’re actually 70% more likely to do so! Consumers 70% More Likely to Convert with Retargeting. Kenshoo
Further, whether conversion takes place or not, retargeted audiences are 3x more likely to interact with the ad than those who’ve yet to be targeted in the first place. A study by Spiralytics from 7 industries concluded that retargeting ad placements beat all other ad placements by a lot with a 10x efficiency rate.
Here at Giraffe Marketing LLC, we offer an abundance of digital marketing services. Our retargeting services, in particular, are designed to help YOU reduce churn rates and increase retention rates, ultimately capturing are larger audience pool than otherwise possible. 65% of online viewers notice & consider ads showing products they viewed from another page. eMarketer
It’s simple… We curate the strategy and YOU approve it. All that’s left to do is to await the data reports. The best part? You get to reach your desired target audience with precision and at a more than affordable rate. 70% of marketers use retargeting to increase brand awareness. IAB
68% of marketing agencies and 49% of brands have a dedicated budget for retargeting. Chango Allow us here at Giraffe LLC in Lexington, SC to take the load off your hands so that you can focus on your business at scale…
Eager to learn more about the power of retargeting and how we here at Giraffe Marketing may be able to help? Don’t hesitate to email Edwin at firstname.lastname@example.org or call 803-609-7653! Allow us to be your one-stop shop for all things digital marketing, retargeting strategies included!