The world we live in today, the amount of data that’s being passed on every day; every second, and by everyone, is surprising. Yes, we’re talking about data on the internet.
Nothing on the internet is more valuable than customer data. Especially the data collected and maintained by the eCommerce websites is generally a gold mine. It not only contains demographics and locations but also your online shopping history.
For instance, a custom eCommerce website design plays a crucial role in identifying and organizing customer data, and it also drives the best customer decisions.
These historical metrics of customer shopping matter a lot when you are planning marketing activities like Remarketing or Retargeting.
So, what is Retargeting or Remarketing?
Have you ever been followed by a product you browsed on Amazon and left without making a purchase? That product’s image follows you everywhere on social media or blogs is basically what we call remarketing.
You are already interested in buying the product and it is being remarketed to you wherever you go on the internet.
Remarketing when powered by personalization provides great returns to the brands. In fact, Accenture in 2012; determined that 56% of people are most likely to buy from a brand that recognizes them by their name.
Retargeting is a complicated space for marketers and hence not everyone gets it right the first few times. It is the most tricky tactic because it’s so easy to get wrong. If you decide to retarget, here is a quick tip. Work on either of these goals for maximum ROI.
- Retarget for upselling;
You can upsell a software subscription the best with retargeting.
- Retarget for cross-selling;
Let’s say someone has bought a men’s t-shirt in a certain style and category. You can promote other products of the same theme and category to them again and again.
Apart from these two goals to focus on, here are some remarketing strategies that have shown great returns for us when we were doing retargeted marketing for a client.
Get into the Details
The magic lies in the details. The database you can gather from maintaining an online eCommerce store is tremendous. You can know the average shopping budget of customers using the data of their previous purchases. Using this data you can target ads for products in the same range and better reviews. Hence, increasing the chances of more sales for different products.
Build a lookalike audience
Facebook is the first social media platform that allegedly allows you to create a lookalike audience. Once you have behavioral data of a specific customer segment, Facebook can grab more profiles for you that show similar behaviors. Add these new profiles found on Facebook are new potential clients who look alike your actual customers. Since the interests are the same, results can be expected.
Segment the audience smartly
Once you have a huge pile of customer data based on their interests you can further filter it by identifying more common aspects. Some segments you can make are based on the average value of the purchase in the past, inactive purchase, abandoned cart, email subscribers, and numbers of pages browsed.
Identify the aspect that gives you the most revenue and allocates a higher ad budget for them and hones the personalized shopping experience.
Treat Algorithm as human
The algorithm is really smart for handling remarketing activities. The next big thing in advertising is also developing segments based on the audience’s behavior. A basic example of this is retargeting the customer who has already added a product to their cart but hasn’t bought it yet. Try and understand where the targeted audience stands in a sales funnel. Understanding where a lead is in the purchase cycle gives you more insights into their intent. So you can decide which ad you want to show them and why.
Although, some brands retarget ads to customers the same way for all of their audience sets. It’s a sheer waste of budget and effort. You’ve to be really smart and with a knack for marketing to do retargeting right.
You can always consult digital marketing experts or branding agencies to assist in running the campaign. I hope these strategies help you the way they helped me retain my ROI for the clients.