Retargeting gives you a second or third chance. Retargeting tracks people who visit your site. It then displays your ads in front of them as they visit other sites.
Why should the CMO or VP of Marketing care about retargeting? You’re the one who explains why marketing is not supplying enough leads to sales. Be sure your team is not ignoring retargeting as a potential lead source. After all, doesn’t everyone want a 2nd or 3rd chance at a potential customer?
Online retailers convert 2% on the first visit. Retargeting brings back the other 98%. Is your marketing team bringing back 98% of the visitors for another shot?
Looking to increase the number of leads marketing supplies to sales? Consider this study by ComScore. The study revealed 18.7 billion searches took place on the major search engines. Another 9.9 billion searches took place on non-search engines. That means 35% of all searches are outside of your typical reach. This is where retargeting brings them back.
Retargeting is the lead source your team may be ignoring. Ask your digital media, brand, or program managers if you’re utilizing retargeting. Done well and you’ll see a shift in budget allocation to retargeting. The key is to balance budget dollars. Don’t sacrifice campaign dollars that are working for you. Balance the budget allocation to develop the initial contact. Invest in retargeting to get that 2nd or 3rd chance.
Making sure your team selects the best retargeting vendor is crucial. Confirm they are leveraging your buyer personas when selecting. Not knowing where your customers digitally hang out can be a fatal mistake.
Let’s discuss an example of how not knowing your personas can cost you big. Your team selected Google Retargeting. How can you go wrong its Google right? Now let’s assume your buyers are all over Facebook, this is where they digitally hang out. Google is limited to its own publisher inventory. If you want your ads to appear in Facebook, select another vendor.
This retargeting scorecard includes 25 key vendor considerations. Let’s discuss these 5 core areas for consideration:
- Self-Service verse Full Service:
- Self-Service may not be right for you if your team has no bandwidth
- Do they provide support across all areas and transparency in reporting
- Reach & Inventory:
- Personas are critical to maximizing your return on marketing spend
- Don’t have detailed personas, start there before considering vendor selection
- Dynamic Personalization:
- Dynamically inserting the actual product the visitor viewed on your site
- The more targeted the ad to customer intent, the better it converts
- Creative & Branding:
- Detecting product colors to blend them in avoids the template look
- Brand integrity is critical, consider this in the selection process
- Consider demographics, geography, purchasing patterns, etc.
- Does gender matter? Remember the more targeted the better
Download the Retargeting Vendor ScoreCard to determine and select the right vendor.
Every time your customer sees your retargeting ads, you gain more traction and recognition. The time is a critical factor we have not addressed. If the ad pops up too frequently, you look like a stocker. Not enough and you miss the opportunity.
Consider these 2 scenarios (travel plans or tractor purchase) when determining time/frequency.
- Travel plans, you can’t avoid to be patient. The retargeting plan should have high frequency and a relatively short duration. You may consider 2 types of retargeting programs. One for the near term plans and one based on travel frequency.
- Purchasing a large tractor. The retargeting plan may have a low frequency and longer duration. Understanding the buyer personas and average sales cycle length will help define the pace.
As you can see from the vendors highlighted here, there are many options. Making sure your team selects the right vendor is critical to your success. After all, you’re the one who explains any lead short fall to the CEO.