Every reputable ad network allows you to retarget prospects who visited your website or mobile app. If over the past few months you’ve done your best to avoid retargeting your audience because you think it’s too complicated or not worth the effort, here’s 5 reasons why you should seriously reconsider.
1. Conversion rates are higher
Typically speaking, the more times a prospect views your advert the less likely they are to take action. If they haven’t responded to your advert the first few times of seeing it, they never will.
However, if someone has interacted your advert but not converted, it may have been because they were busy at work or away from their wallet. WordStream found that the more ad impressions they served to retargeting audiences the higher the conversion rates.
Prospects can be at various stages of the buying journey, during the research period it may take them a few days before they make up their mind.
Remember, anyone who clicks on your advert is a lead, don’t let them get away so easy.
2. Retargeting is cheaper
A large variable for how much you pay per click is based on how relevant your campaign is to your audience. A low Quality Score and Relevance Score has been proven to increase the cost of advertising:
When you serve content to prospects who have previously interacted with your website, there’s a much higher chance they will respond and interact with your ads as they have already shown interest in your business.
This will increase your campaign’s CTR while simultaneously lowering your CPC.
3. Make your marketing life easier
You can create custom audiences based on pages prospect have and haven’t visited, reducing the amount of irreverent ads you serve to people who just aren’t interested or ready to be shown certain products.
Unless you’re a major authority in your industry, using direct response advertising to convert cold customers is going to be very, very expensive on social media.
Retargeting audiences is a lot easier to convert using direct response as they are further in your sales funnel.
4. It’s the best way to brand your business online
How does branding work? By repeating the same message over and over again until people align your business with that message unconsciously. When you hear the term Just Do It you think of Nike, when you see the Golden Arches you think of McDonald’s.
Retargeting allow you to relay the same message over and over again to the same prospects to brand your business.
5. Increase customer lifetime value (LTV)
You’ll be surprised how often your customers forget you even exist.
I was speaking to a friend the other day who mentioned that a customer replied to one of their retargeting ads saying “Oh great, thanks for reminding me”. They were having their monthly promotion and the customer totally forgot about their business until they saw the Facebook ad.
Consumers have busy lives and many will forget about your business (and use someone else) if the aren’t continually reminded that you still exist. If you’re not retargeting to your current customer base, you’re lowering your LTV.
Where is the best place to retarget your audience?
Google states that it reaches over 90% of Internet users in the world, with 65% returning to use their services every single day.
Facebook has more than 1.4 billion active users of which 900 million are active everyday.
Both are unique ad networks that offer different ad units and targeting options, and a must in any business’s marketing arsenal.
Summary
Setting up retargeting code on your website for Facebook or Google is very easy. Both sites offer step-by-step instructions on how to track your website visitors, or if you have a website manager they can do it for you.
As consumers get more wise to online advertising, retargeting is going to be a huge tool for businesses of all sizes. How will you be using it in 2016?
Nick Bridges
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