Stopping Advertising to save money is like stopping your watch to save time!
To Understand about Remarketing and Retargeting, let’s Learn about Growth Marketing First!
In such a crowded and aggressive environment, it’s hard for a company to stand out. Every company’s major goal is customer acquisition with minimal customer acquisition cost (CAC). It is a process used to bring consumers down the marketing funnel from brand awareness to purchase decision.
In today’s cut throat competition its imperative for a company to not only acquire customers but also to retain and provide a wholesome personalized experience that adds value.
In order to break through. It’s become increasingly important to have a marketing strategy that is creative, sustainable compelling. A strategy that not only helps with customer acquisition, but one that is a breeding ground for virality, word of mouth, and organic growth.
Here’s where growth marketing comes in. It’s like the Gen Z of marketing. It takes the traditional marketing model and adds layers such as A/B testing, value-additive blog posts, data-driven email marketing campaigns, SEO optimization, creative ad copy, and technical analysis of every aspect of a user’s experience.
The insights gained from these strategies are quickly implemented in order to achieve robust growth.
It’s a way for companies to expand their business by delivering personalized buyer journeys and tailored customer experiences via marketing automation platforms to go beyond the standard “attract and capture” model of traditional lead generation and instead focus on extending the customer lifecycle. Some of the examples of growth marketing campaigns are: Loyalty points, Referral programs.
Customer retention ensure the customers you spent time and effort acquiring continue buying more of your products and services. Your customers have more choice than ever when it comes to deciding what to buy and who to buy it from, so brands must continually earn customer trust and keep them engaged whilst building a long-lasting relationship.
Loyalty campaigns are a great way to keep your engaged customers coming back for more. For example, if your brand has a membership program, find ways to incentivize their experience.
Nielsen found that 92% of consumers trust recommendations from friends and family more than any other source of advertising, so a strong referral can serve as powerful social proof for engaging new users.
The Role of Retargeting and Remarketing in Growth Marketing?
Remarketing and Retargeting are two digital marketing tactic which have a common goal in mind that is to retain, engage and re-engage the customers. Both remarketing and retargeting revolve around the same concept but each works differently.
Retargeting shows an ad to a consumer who has visited the site or searched a related keyword in the past, whereas Remarketing sends an email to past customers.
Won’t it be ideal if the customer always made a purchase in the first visit. 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.
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.
People need more than one interaction to feel compelled to buy the product they show interest in. Every time customer sees your retargeting ads the brand gains attention and more recognition. The high click-through rates and with repeated exposure brand awareness is created.
This makes sense when considering that Facebook boasts an average monthly user base larger than China’s population, which produces over 22 billion ad clicks per year.
On Facebook alone, retargeting ads drive three times more engagement than traditional ads.
Focus on creating eye-catching advertisements with enticing calls-to-action. Aim to create memorable advertising with minimal copy and simple design, so your audience absorbs your message quickly and takes action.
Remarketing refers to the process of reaching out to current or past customers and re-engaging them based on their previous purchases or actions. Remarketing typically uses email to reconnect with audiences.
Remarketing examples include sending emails that:
- Highlight sales or deals on products related to the customer’s past purchases.
- Promote products and services that are complementary to the customer’s past purchases.
- Introduce new offerings that are related to the customer’s past purchases.
- Remind a customer that they have something in their cart.
- Include a coupon when a customer hasn’t made a purchase in a few weeks or months.
Like retargeting, remarketing is also an effective way to drive conversions from warm audiences. eMarketer reported that 81% of customers were at least somewhat likely to make additional purchases as a result of targeted emails, and Campaign Monitor found that segmented email campaigns could drive a 760% increase in revenue.
Remarketing is used for reaching your previous customers. Its primary goal is to re-engage customers to continue buying from you. This is all conducted through email and SMS messaging and is a cost-effective way to make sales.
Your emails will offer reminders, exclusives, and incentives of any kind. The goal is to maintain top-of-mind awareness, and increase your customer lifetime value (LTV).The basic idea behind remarketing is to reach out to users who already know your brand or products and, for that reason, have much higher chances of converting.
It’s all about targeting the user on several occasions, personalizing them as we go along, and encouraging the user to move along the conversion funnel.
Some of the Remarketing email includes:
- Coupon: It would be strategic to offer deals to past customers who are loyal and reliable, long-time customers of yours.
- Free gift: Free gifts are a good way to coax past customers to repurchase without having to offer a discount. To ensure you profit, offering them the gift as long as they spend a minimum amount on something else. For example, “Spend $30 or more to receive this free gift.”
- Run a promotion with a time restriction: This method will accelerate the amount of purchases made, and makes the deal more memorable, as customers have to act fast. Starbucks uses this method with their rewards programme.
Social media plays a very important role in reaching out to potential customers and keep them engaged with the company.
According to a report by Target Marketing, 68% of marketers surveyed invest in social media retargeting. People spend as much as 3 hours on an average on social media.
It’s easy to get the customers engaged and get them compelled to buy the product’s five times more costly to acquire a new customer than it is to retain one.
What’s convenient about remarketing and retargeting is that the people you’re reaching out to have already interacted with your content in some way. They’re more likely to know and trust the brand subsequently, more likely to make a repeat purchase.
The engagement rate on Remarketing and Retargeting ads (400% more engagement, by the way) is fiercely higher than if you were trying to capture a target market that isn’t familiar with you yet, continuous improvement provides insight regarding how your audience responds to particular messages and allows you to make educated refinements to ad creative.
When setting up social media Retargeting campaigns, it’s important to remember that a campaign should be unique to the organization and audience and tailored to marketing goals. This is an ongoing and evolving effort, which requires continual testing and refinement.
Remarketing and Retargeting basic goal is to target audience who are aware of the brand or have shown interest in buying a product and engage audience who are most likely to make a purchase and build lasting brand awareness and recognition.
Remarketing and Retargeting go hand in hand with growth marketing. Growth marketing basically means to build a relationship with the customer and create a personalized experience for the customer and building a long -lasting relationship which adds value both to the customer and the brand.
This is where Remarketing and Retargeting play important role by interacting with the customers and providing them unique customer centric experience while also creating brand awareness. Gone are the days of traditional marketing.
You can choose from a variety of ways to segment people based on their traits or behavior and target them accordingly, which allows you to create a relevant advertising experience that drives more purchases. This is customer personalized experience.
Looking for a customised growth experience? Contact us to know how we BrandPipers can do for you!