How Can Retargeting Boost Your Online Business?
Growing your online business is all about maximizing lead generation. Considering that the average conversion rates (visitors converted to leads) for online retailers dropped from 3.44% in 2018 to 2.57% in 2019, lead generation is more challenging than you might think.
Financial woes might hamper efforts even more. With an average startup capital of $10,000 and finances reeling from COVID-19, that marketing budget is already stretched.
It’s at times like these that using your business’s greatest asset becomes essential, but how do you do that? In this post, we’ll look at retargeting and assess its value to your online business.
How Does Retargeting Work?
This technique involves employing a “marketing pixel” stored by a browser that remembers users who visited your website. The pixel springs into action and tracks your visitors when they leave your website. No matter if they are browsing social media or a different website, they can see your ads.
Why Is It Effective?
It’s effective because it creates an extra touchpoint for your message. Think of it this way. Let’s say that you’re at your local grocery store that has a display for a new product. It looks interesting, but you don’t know the brand, so you walk past.
The following week, the grocer gives you a 20% discount coupon for the product by sheer coincidence. Then, the next time you walk past the display, they have someone standing there, offering a taste test. By now, you’re more familiar with the brand, and you’re ready to try the product.
Had the grocer stopped with the first display, you might have forgotten about it. Retargeting reminds clients of your products and brand.
Isn’t This Stalking?
In a way, it can seem that way. And, just like with a real-life stalker, it may seem creepy and annoying. Consequently, marketers must wield this tool carefully to ensure success by reminding the visitor without annoying him.
Learning about different targeting strategies allows marketers to choose the best option for their target market. Many make the mistake of displaying ads too frequently or showing advertisements for products the client has already bought.
These are rookie mistakes and will kill your retargeting campaigns. Instead, marketers should get creative. The goal is that customers keep your company top of mind.
While we’ve used the term “ad” here, there’s no rule saying that you must only display ads for products. You may also post links to content related to what the client was searching for. It could be a whitepaper or blog post about the core concept related to the product. It might be a video tutorial showing your product in action.
Essentially, it can be anything that the target audience might find useful. Just ensure that your branding is clearly visible so that visitors know that the content is yours.
That concludes our brief introduction to retargeting and how it can help you boost sales. Remember that this marketing technique is not that difficult to get right once you have all the elements in place. Now it’s up to you to learn more about the various strategies that will kickstart your journey toward a successful retargeting project.