Retargeting is one of the black arts of digital media. It promises great things and makes sense in terms of conversion/revenue recovery if deployed correctly. This post outlines two audiences I find particularly receptive to retargeting for conversions and revenue generation.
From experience retargeting non-converting visitors of the home page, inner page or campaign landing page rarely works. There has to be some interaction with the conversion on the users’ side, ie. they have to add and item to the cart, part fill out the conversion form or navigate partially through the checkout for retargeting to be most effective.
In essence, visitors must to have expressed a real interest and considered the conversion/purchase at some point by taking action to partially complete the process. A click-through from the SERP, display ad or social media post is rarely enough to place these people into the potential purchasers set. Many of these people are merely window shopping.
Deep Funnel Retargeting
By retargeting people who entered the funnel but didn’t follow through with a transaction or sign-up, we can effectively recover a portion of cart abandoners at a higher conversion rate than any other custom audience.
This is the most effective use of media spend, especially when we consider that between 67.89% of all carts are abandoned. These are the people most likely to convert if pushed to do so via correctly retargeted messaging, therefore recovering the revenue lost via abandonment.
Existing Customer CRM
Another valuable audience to consider are those people who have purchased from your site or converted in some other way. These people can be retargeted as per the conditions of your CRM program, eg. to join your loyalty club or avail of special offers only available to existing customers.
This club mentality is very powerful and can ultimately increase the overall value of your existing customers by increasing frequency of purchase or increasing AOV in return for the kickbacks they get as part of your rewards club or retargeting program.
These are just two audiences worth retargeting simply for their overall value to your business. The first sits very much in the acquisition space while the other is about growing revenue/conversions from your existing customer base.
As retargeting can be costly and ineffective if done incorrectly audience choice and likelyhood of conversion behaviour is the most important factor to consider when launching into any campaign.