Retargeting Marketing: Smart and Easy Way to Bring In New Business
When you own an online store or offer professional services, you probably understand that a client’s journey from discovering your business online to making a purchase or becoming a client is often accompanied with so many twists and turns. Clients might find your store because of organic Google search ranking campaign and even add a few things to their cart or call you for a consultation.
But life happens. A simple email, a phone call, or a recommendation from their close associates may take them away, and if there is no clear path back to your site, those customers are gone forever!
What should you do to turn users who leave your website into customers? Well, the answer is Retargeting.
If you have been in the digital marketing arena for some time, you have probably heard about the phrase. However, for starters, retargeting is essentially the practice of targeting potential customers with online advertising based on their previous online behaviors. If you visit a shoe store, for instance, you might later see an ad for the same store when shopping for winter boots, reading a news story, or watching a YouTube video for entertainment. This is often referred to as Site Retargeting.
Why Retargeting is Smart and Easy Way to Bring in New Business
Irrespective of your business size or marketing goals, retargeting is one of the smartest and easiest ways of bringing in new business—and for a number of valid reasons:
1. Promotes Branding
Retargeting can be used to boost brand awareness by showing previous site visitors the same logo, content, and slogan repeatedly. This can go a long way in making people remember your brand, make your brand-associated slogans memorable, and generally make your brand powerful. The more consumers identify with your brand, the more they get to trust it, which in turn lead them to click your ads and convert.
2. Creates Another Point Of Contact
According to Online Marketing Institute, it takes 7 or more points of contact to convert a lead. Therefore, if have already targeted your prospects through other marketing strategies, then retargeting provides another important point of contact, which serve to enhance brand recall, familiarity, and trust.
3. Cross-selling opportunities
If you sell more than one type of product, retargeting can give you ample opportunity to cross-sell other products easily. For instance, after initial conversion for one product, you may retarget the same customers with ads of one of your products or convince them to purchase product upgrades.
4. An Opportunity To Select Your Audience
With typical PPC advertising, you cannot choose who can see your ads. However, with retargeting, you are given much more control. You can set up your campaigns to only target the people who have interacted with specific pages of your site.
5. Increases Your Conversion Rates
To help you understand how retargeting can help you increase your conversion rates, take a look at these two statistics:
- 92% of customers who visit a site for the first time aren’t ready to make purchases
- 26% of customers exposed to retargeting will eventually return to the site while only 8% will return without retargeting
If the above statistics are anything to go by, retargeting increases the chances of reaching more customers who are ready to make purchases or take action because they have already completed the initial step: visiting your site. Accordingly, prospects who click your retargeting ads are more likely to have the intention of becoming a client or customer.
Considering that retargeting focuses on prospects who are likely to buy (as seen above), it allows you to make more sales at lower CPCs. In a nutshell, retargeting helps you narrow your site visitors to the most interested prospects who haven’t yet converted, making the strategy more cost-effective.
Wrapping It Up
No matter what digital platform you are going to use, retargeting is a smart and easy way to create new leads and sales for your brand. It is also far more cost-effective than other digital marketing strategies and can, therefore, drive your business’ ROI up very fast. If you are a business owner and you haven’t started using the retargeting strategy, you are leaving money on the table.