Retargeting, also known as remarketing, is a form of online advertising that can help you keep your brand in front of bounced traffic after they leave your website. For most websites, only 2% of web traffic converts on the first visit. Retargeting is a tool designed to help companies reach the 98% of users who don’t convert right away.
How Does Retargeting Work?
Here’s how it works: you place a small, unobtrusive piece of code on your website (this code is sometimes referred to as a pixel). The code, or pixel, is unnoticeable to your site visitors and won’t affect your site’s performance. Every time a new visitor comes to your site, the code drops an anonymous browser cookie. Later, when your cookied visitors browse the Web, the cookie will let your retargeting provider know when to serve ads, ensuring that your ads are served to only to people who have previously visited your site.
Retargeting is so effective because it focuses your advertising spend on people who are already familiar with your brand and have recently demonstrated interest. That’s why most marketers who use it see a higher ROI than from most other digital channels.
When Does Retargeting Work?
Retargeting is a powerful branding and conversion optimization tool, but it works best if it’s part of a larger digital strategy.
Retargeting works best in conjunction with inbound and outbound marketing or demand generation. Strategies involving content marketing, AdWords, and targeted display are great for driving traffic, but they don’t help with conversion optimization. Conversely, retargeting can help increase conversions, but it can’t drive people to your site. Your best chance of success is using one or more tools to drive traffic and retargeting to get the most out of that traffic.
6 Key Benefits of Leveraging Ad Retargeting whether you’re a B2B or B2C company:
1. Build brand recognition/recall:
Given the longer sales cycle for services and products in the mortgage industry, retargeting can be a great way to stay in front of your prospects, keeping them “warm” while building up awareness of your brand. This awareness will also add lift to other campaign elements offline as well as online. This approach helps build trust in your brand, a lot of which is needed for bigger decisions.
- Second chance to make an impression:
As mentioned at the beginning of this article, there are many reasons why people don’t convert or “bounce” from your site… maybe they’re not at the right point yet in the buying cycle, they may have gotten distracted by a phone call or something else happening in the office, they might be shopping around or maybe they’re ready to start the purchase process but simply forgot the name of your company. In any of these cases, retargeting is valuable.
Another reason for a site bounce could even be that the visitor didn’t stick around long enough to learn about all of the great features of your product or service. In this case you can retarget this prospect with additional information about the various features of your offering. One of them may strike a chord and encourage them to revisit your site and give your offering deeper consideration!
- Cross-selling opportunities:
Many technology companies in the mortgage industry sell more than one type of software that are often complementary to each other. Therefore, after an initial conversion for one product, you may then retarget that same customer with ads for one of your other products or even encourage them to purchase product upgrades.
- Retargeting creates another point of contact:
Many of us have heard that it takes 7 or more points of contact to convert a lead, right? Therefore, if your prospect has already been contacted through snail mail, has one of your business cards, has received a phone call from you and has been emailed in the past, then ad retargeting provides another point of contact with your brand…or several more points depending upon how you set up your campaign. All of these points of contact together serve to enhance brand recall, familiarity and trust.
- Selecting your audience:
With typical display advertising, you can’t select who can see your ads. With ad retargeting, you have much more control. Your campaign is set up to only target those who have viewed a specific page or pages on your website. These people are then targeted only with very specific messages relating back to the page(s) they visited.
- Segmenting and updating your clients/customers:
If you have the email addresses of current or past clients that fit a certain criteria you’ve set, you can target them with ads (and of course an email campaign) encouraging them to take a certain action.
One example could be a technology upgrade. Another example could be encouraging mortgagees in your portfolio who received financing in a higher rate environment to consider refinancing at a current lower rate.
There are clearly many advantages to retargeting… but this should never be a stand-alone tactic. Retargeting combined with many other communications tactics in a comprehensive strategy will give your brand and conversion rates incredible lift!