Retargeting: Re-acquisition Remedy
ADOTAS – We are in an era of diminishing attention spans. The Internet is rapidly expanding — millions of websites will soon become billions, and each feeds the unique interests of Internet savvy shoppers.
With each new website comes yet another distraction for your potential customer, thus increasing the likelihood of losing a customer who stood at your doorstep, knocked on the door but turned around to leave before taking the final step inside.
Sound familiar? Has your company invested large sums of marketing dollars into acquisition tactics such as search, SEO, affiliates, only to see your customer visit and leave without purchasing?
Fortunately, personalized retargeting is the remedy to re-acquire the departed shopper. A recent Criteo study of their top online retailers found that retargeted prospects are 70% more likely to buy than non-retargeted previous visitors.
This growth of Internet shoppers is a double-edged sword. At one end, online retailers have more opportunities to interact and engage more shoppers than ever before. As these opportunities continue to increase, retailers should stock up their inventory and get ready for the downpour of demand… right?
Not so fast. At the other end, you have dozens of sites offering similar products driving the shopper to conduct “comparison shopping” and forget their original purchase intentions. Before you know it, your almost-customer is off to another site in search of a product they had originally intended to buy on your website.
Retargeting is a proven marketing tactic used to prevail over online shopping distractions. Retargeted ads drive highly your highly qualified prospects back to your website. You have already spent acquisition money to attract these customers — however, by nature more than 95% leave before making a transaction.
Although the basic levels of retargeting (static and segmented retargeting) do the job, personalized retargeting — which displays unique personalized ad with products your prospect has viewed — further increases the effectiveness of retargeting.
Product-level personalization of ads increases both CTR and conversion since the ads are more relevant to the specific product interest of the consumer. When a consumer clicks on a product image within the ad — they are brought directly to the “buy now” page for the product — expediting the product purchase cycle.
Need more proof? Another Criteo study showed that retargeted prospects spend 50% more than non-retargeted prospects. These numbers are speak for themselves — it’s no wonder why companies are jumping on the retargeting bandwagon. Retargeting technologies that have the capability of showing your potential customers additional product recommendations could actually increase the original order value by up-selling and cross-selling products and services.
With retargeting, your acquisition dollars have not gone without reward. Many companies think they can get away with the assumption that the shopper will automatically revisit their site, but as your competition diversifies and online shoppers become more savvy, the likelihood of this happening is not nearly as likely as in years prior.
If you’re not re-engaging the visitors who have gone astray then you’re simply wasting a good portion of the money you’ve spent in search and acquisition tactics. Although you cannot control the rate at which shoppers initially leave your site, with the personalized retargeting you can control the manner in which you bring them back to finalize your sale.
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