Retargeting: A Simple but Effective Marketing Strategy
A marketing strategy has always been an important part of running a business. A functional and effective marketing strategy is often the difference between a successful business venture and a struggling one.
The growing popularity of social media and the internet in general and the impact they have on the business scene have transformed business marketing. Marketing now takes many online forms, enabling business owners to reach millions of customers instantly. One of the most popular marketing strategies in recent years has been retargeting.
What Is Retargeting?
Recent statistics show that only 2% of site visitors purchase a product on their first visit. A whopping 98% do not convert right away, with a majority of those potential customers failing to return after the first visit. That is a common problem for marketers, considering that visitors have already shown an interest. Then why wait and potentially lose them to your competition? This is where retargeting comes in.
Retargeting, in its most basic form, is reminding the 98% that left of their initial interest in your product. It is a method of target advertising where ads are targeted at specific individuals based on their previous online activity. It is a powerful and highly effective way of re-engaging customers who have previously interacted with your brand online, while fully taking advantage of the power of advertising to drive customers to your business.
Imagine that a lady comes across your website, views a few products on her mobile device, then leaves without making a purchase. A couple of days later, she sees an ad of the products she viewed and is instantly reminded of your brand. She then revisits your website and makes a purchase—that is retargeting! It is an effective way of turning window shoppers into clients.
This marketing technique has become increasingly popular in the online business scene because it works! Research shows that a retargeting ad is about 10 times more likely to get clicked on than a display ad, with about 91% of advertisers finding retargeting more effective than email and display ads. When it comes to conversion rates, very few marketing strategies match retargeting and the impact it can have on your business.
How Does Retargeting Work?
With retargeting, you are collecting information on anyone who visits your site, and you are displaying your retargeting ads to them. It involves using cookies to track visitors. Cookies are small packages of data stored in a browser. While your potential customers are browsing other websites, they see your ads containing products they have already viewed.
Benefits of Retargeting
- Converts visitors into customers.
Whether they are just browsing or are interested in buying one of your products, retargeting helps you close sales. Retargeting ads are shown only to people who have viewed your products, making them a valuable audience. That means much less effort in winning them over. Sometimes all it takes is to remind them of your product, and you have new customers.
- It is an effective marketing strategy.
Retargeting ads can be programmed to follow potential customers across different devices and channels. That allows you to reach them and consistently remind them about your product. It is also a very effective method, with statistics showing a much higher conversion rate from retargeting than most other advertising methods.
Conclusion
Technology has been proven beneficial to many business owners. The internet has made marketing a lot easier, and retargeting is one of the best methods to employ. By using retargeting as a marketing technique, you are staying ahead of your competition. Not only that, but you are also attracting customers to your doorstep and increasing your chances of running a successful business.
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