The rise of remarketing
Remarketing has become more of a marketing buzzword in recent years as businesses look to promote brand awareness and target the customers that are teetering on the edge of a purchase. Statistics from Mailchimp show that 97% of website users never return to a website, which is why remarketing can be a valuable tool for the re-engagement of that majority. Remarketing is a form of advertisement that uses a small piece of tracking code known as a ‘pixel’ to track user journeys on a website, and to present specific messaging back to them on other platforms such as Facebook, Twitter and Instagram. It acts as a method of nurturing leads who have shown previous interest in your brand or products, essentially turning window-shoppers into your customers.
Even when users reach the stage where they are about to convert – for example, if they have a product in their basket – there is no guarantee they will do so. According to Statista, the global average cart abandonment rate in 2020 was almost 70%, a percentage that has been steadily rising since 2014. There are several reasons that conversion may be interrupted in a digital user journey, and these do not necessarily mean that the user has lost interest in carrying out an action on a website. Particularly in the B2B sector, the decision making process is far more complex and can involve a number of individuals such as gatekeepers, influencers, and buyers.
So, why use remarketing?
Retargeting allows you to maintain brand awareness throughout this process, particularly if other brands are being investigated as alternatives, and encourage that final purchase decision to be made with reassuring content that builds trust. Statistics from eMarketer show that 65% of online viewers notice & consider ads showing products they viewed from another page. For customers making a more straightforward purchase or perhaps signing up to a mailing list, the busy nature of modern life means that there are many factors and distractions that may prevent someone from immediately converting.
Retargeting can be a more cost-effective option for small businesses, particularly those with a niche audience that can be more difficult to target with generic content such as Google AdWords or social media display advertising. These channels often encourage the continual spending of a budget on gaining exposure for your ad based on demographics. However, when your audience can’t be conveniently categorised, or is based on needs as opposed to factors like geography or age, that budget can be burned through quickly. The key to effective retargeting is personalisation. Dynamic remarketing entails offering a specific product or service based on the pages a user has visited. This means that you are spending money on putting your brand in front of prospects that have already expressed an interest, rather than a general audience.
The use of tracking data must be treated with care, particularly as browsers such as Firefox, Safari and Google Chrome have either removed or plan to remove third-party cookies. Third-party cookies essentially tracked users’ internet activity and put individuals into groups that could be used for targeted advertisements, with a host of privacy concerns associated with the use and storage of this personal data around the web. Remarketing will be relatively unaffected, as it relies on first-party cookies, which take information from your own website instead.
With the race to offer more personalised experiences for customers in the digital landscape, and to capture users’ attention among the noise of other brands, retargeting is a cost-effective solution that can be adjusted according to available budget – and, more importantly, measured to determine its success.
Our Marketing Matters articles are published on the first Thursday of every month in Suffolk Free Press. For more information on remarketing and our digital marketing services, get in touch with our team on 01787 388038 or email email@example.com.