Has it ever happened to you that after you’ve left a showroom (preferably an automobile showroom) or a bank without making a purchase, you start receiving calls and texts about the exciting offers and/or limited period discounts? Well, that’s Remarketing for you.
What is Remarketing?
Remarketing is a process to turn window shoppers into actual customers of the products by using targeted marketing strategies. The main motive of remarketing is to convert those who didn’t convert into customers at the first visit. Marketing activities like direct marketing, email marketing, targeted advertisements, and telemarketing are used to carry out remarketing strategies.
How is remarketing different from retargeting?
Remarketing is the use of marketing tools to convert those who didn’t convert into customers at the first visit.
Retargeting is a form of online advertising used to convert those who didn’t convert into customers at the first visit.
Remarketing in digital marketing
Remarketing and retargeting are often used as synonyms by digital marketers. This trend has been started by Google which referred its Adwords retargeting tools as Adwords Remarketing. They weren’t wrong by doing the same as most of the digital marketers rely only on retargeting strategies to convert digital window shoppers into customers. According to a study, only 2% of web traffic converts on the first visit and retargeting is the core tool that helps companies reach the rest 98% of the users. With the introduction of artificial intelligence in digital marketing, it’s now even more easy to target customized advertisements to previous website users.
Remarketing on the digital world is carried through cookies. It is not easy to collect email and other contact details of the customers and all that can be collected easily are cookies. These cookies are used to target ads which bring those window shoppers back.
Types of retargeting
Ads can be targeted based on
- specific products viewed on the website
- actions taken (adding a product to the wishlist)
- actions not taken (not abandoning a shopping cart)
- how users arrived on the website (organic search, paid search, referral, emails etc.)
Google remarketing is a feature provided by Google Adwords to target advertisements to the users who have visited your website but didn’t convert. Past visitors see your advertisements while they’re browsing the internet. Google has a network of over 2 million websites over the internet which can serve your advertisements to the users.
How does Google remarketing work?
These cookies help you to –
- Reach customers who are actually interested in your business or the goods/services you offer
- Create customized advertisements for better engagement
- Create dynamic pricing strategies
- Get better ROI
- Fulfil your digital marketing goals
Remarketing on Facebook
Remarketing on Facebook is similar to that on Google. Facebook requires you to add the pixel code to your website in order to track the users and target advertisements to them on Facebook. You can set a custom audience on Facebook to carry out your remarketing strategies.
Why you must focus on remarketing strategies more than keyword-targeted advertisements?
Low cost per acquisition
Targeting advertisements to users who already have similar interests or who have already visited the website while searching for it makes more sense and result in more conversions than targeting ads to someone alien to it. According to a study, online consumers are open to receiving retargeted advertisements. While the majority of consumers (60 per cent) remain neutral about retargeted ads, 25 are actually in favour of them as they remind them of what they were looking at previously.
Marketing funnel can be bypassed through remarketing
Remarketing strategies have the ability to teleport the targeted users directly to the products page or the checkout page and turn them into the captured lead while bypassing the other stages of the marketing funnel. According to a study, 28% of the consumers feel retargeted ads to be a convenient way to visit a website they already intended to visit.
Remarketed ads are economical as compared to keyword targeted ads
Some keyword-targeted ads could cost as high as $50 per click. But remarketing advertising strategy benefits you by saving that cost and targeting to users which will have better CTR. As a matter of fact, the cost of retargeted ads is 2x-100x less than many keyword-targeted ads.
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A startup consultant, dreamer, traveller, and philomath. Aashish has worked with over 50 startups and successfully helped them ideate, raise money, and succeed. When not working, he can be found hiking, camping, and stargazing.