Retargeting is a type of marketing where advertisers persuade visitors who visited their website or store to come back and complete a particular action. It is a form of marketing that allows advertisers to reach out to targeted audiences who have initially indicated an interest in their product or service by visiting their website or store. That is the reason why retargeting is known to have a high conversion rate.
Over time, retargeting has proved to be beneficial for businesses in terms of re-attracting and retaining prospects who visited their store or website. Yet, a recent survey by The Manifest found that only 43% of companies invest actively in retargeting advertising, and a good number of businesses avoid it totally as they feel it is too aggressive.
Users are always distracted and busy, and that is why only 2% of visitors who visit a store or website for the first time are likely to make a purchase. Retargeting helps marketers and businesses reach the other 98%.
Contrary to what many believe, a lot of users say they enjoy retargeting. In fact, with the recent survey carried out by experts, only 11% of consumers reported having a negative experience with retargeting ads, but over 85% reported having a neutral or positive experience. 23% of customers said they appreciated the retargeting ads as they reminded them of products they had browsed in the past. Below are some ways in which retargeting can make your business successful.
Better Conversion Rate and More Leads
There are but a few marketing strategies that convert better than retargeting. With retargeting, targeted users are always the ones who have already indicated interest by browsing the website. For one reason or another, they were unable to place an order. Therefore, retargeting those visitors is just like a reminder to them, and marketers who use this strategy have recorded more than 50% increase in sales.
Improved Brand Awareness
When you retarget users, they tend to see your ads when they browse the web on other platforms. So imagine when a user comes across your ads ten times a day, and then you have over 100 users you are retargeting who also come across your ads on an average of 5 times a day. That will definitely lead to a massive increase in traffic and brand awareness.
Retargeting is relatively cheap when compared to search ads and other marketing strategies. It costs $10 on average to reach 1000 views. Given that the retargeted users are already interested in the product, there is a higher chance of conversion per click.
Businesses that are not retargeting are leaving money on the table for their competition. There is no sense in spending a lot of money to drive traffic to your website, only to see your visitors leave. Retargeting is the only way you get their attention back.