Re-targeting / lead generation which has now become a norm and clients are increasingly asking for it.
There are many strategies to convert digital audience to potential buyers. Amongst all the strategies, one of which is ‘Retargeting’ has been gaining popularity lately.
Now that marketing is no longer confined to print, digital medium of marketing has taken over the traditional form. Many strategies have been made to convert the digital audience into potential buyers through the means of digital marketing. From social media strategy to email marketing, from sponsored ads to retargeting, digital marketing is a whole gamut of strategies directed at converting potential customers into customers who live on the internet. "Retargeting is the most popular tool in digital marketing currently.
Let’s understand what exactly is retargeting.
What is Retargeting?
Retargeting as the name suggests means, to follow and target those potential customers who have shown keen interest in your product/service but did not convert the first time. According to a ReTargerter- “only 2% of web traffic converts on the first visit. Retargeting is a tool designed to help companies reach the 98% of users who don’t convert right away…”
Why do clients need retargeting?
Retargeting becomes absolutely essential when it comes to digital marketing. As the statistics say only 2% of the users converts on the first visit, it becomes essential to target the rest 98% who have shown interest in the product/service but need more convincing.
Through retargeting, the 98% customers that dropped out are brought back to the site by offering discounts, perks, showing banner ads that inform the user about the benefits of the product or any other strategy that is targeted at only those users who have previously shown interest in the brand.
Retargeting leads to lead generation
Retargeting is absolutely essential and now more than ever the clients have been asking for it because it shows results. It has more potential of lead generation than any other tool. With retargeting marketing you are essential targeting the users who have shown interest in your product/service and have higher chances of converting into your customers.
While targeted ads are designed for a sample that matches the identity of your ideal customer. Retargeting is when you have found that potential customer and need to convince them to close the sale.
Type of retargeting
The chances of getting a lead are higher when you know that they know about you and your brand has the potential of serving them. Although the primary purpose of retargeting is getting more leads, it can be designed for two reasons,
● To create awareness
A retargeting campaign can be designed in a way that it follows your potential users and educates the customers about your brand. It shows them relevant features, offers and benefits that accrue to the customer.
Here the user might be redirected to your website once he sees the ad. But may or may not become a customer.
● To get conversions
A retargeting campaign designed to convert is when the ad that the customer sees, lands to a landing page where the customer leaves his/her information, or goes directly to an order page. It could be that the customer is directed to a page where he can download an e-book and leaves his information for the same. Here are a few web advertising statsfrom ‘singlegrain’ ,
● 71% of consumers prefer ads that are tailored to their interests and shopping habits
● Consumers are twice as likely to click on an ad for unknown product or brand if it’s personalized
● 44% of respondents to this study were willing to give up personal info (e.g. name and email address) in order to receive more personalized ads
Now, that it has been established that retargeting is absolutely essential and with the rise of digital marketing, the popularity of retargeting has been increasing rapidly, it is important to note that retargeting can be expensive. And while retargeting is essential, the strategy should be designed keeping the budget in mind. The effectiveness of the campaign should also be measured to get a reasonable ROI. However, studies have shown that retargeting reaps stupendous dividends when done rightly. For instance, an analysis of more than 330 million advertising impressions revealed that 71% of total campaign conversions were driven by retargeting and 90% savings were incurred in cost per conversion from the same.
In ConclusionRetargeting is thus an essential digital marketing strategy today in order to turn uninterested visitors into eventual customers. While the content creates more awareness, it is the interaction and interest stirred that would result in lead generation. Hence, content retargeting ads must be personalised in order to stir interest.