Why retargeting strategies can be beneficial to your business
Retargeting strategies are a crucial tool for businesses to reconnect with users, encourage them back to a site, and ultimately boost revenue. By displaying targeted ads to users who have previously shown interest or interacted with their brand, businesses ensure that they remain on the mind of users across the consideration process and eventually prompt them to make a purchase or any other desired action.
When properly used, retargeting has tremendous potential to be effective, but the challenge is in optimizing your campaign towards your specific business goals. Whether you’re looking for cart abandonment retargeting strategies or simply want to conduct your campaign most effectively, there are some specific rules to keep in mind to help ensure that you meet your business goals.
Best Retargeting Strategies—General Rules
Let’s start generally. Aside from more general retargeting best practices, the first and most important strategy for retargeting is that you should try to target all users; this includes:
Buyers—Users who have previously made a purchase with your company.
Shoppers—Those who filled their cart but abandoned it before finally making a purchase.
Visitors—Those who just visited your site but haven’t taken any particular action yet.
These groups are all different, but it’s important to target them all. By adopting an all-encompassing retargeting strategy, you maximize your opportunities to convert, and you’re able to cast as wide a net as possible. This enables you to build a wider pool of customers and ultimately drive stronger revenues.
Now, while you should be targeting everyone, that doesn’t mean that each group or retargeting strategy is exactly the same. Let’s take a quick look at five retargeting approaches you can take to reach different kinds of users or for specific kinds of products.
#1 Buyers—Showcasing products you know they’ll love
Buyers can be considered your lowest-hanging fruit. These are people who have already purchased a product via your site. This means that they have brand familiarity, have hopefully had good experiences with your brand in the past, and will require less convincing to actually make a purchase.
Buyer-focused retargeting strategies will generally focus on delivering personalized and relevant content to customers. Your campaign should be automated in a way that shows customers products they’re likely to be interested in to tempt them to make another purchase.
For example, you may have a customer who has recently purchased a dive computer. It may make sense to show that customer other diving-related products over an extended period of time, as you know that divers tend to build their gear piece by piece rather than all at once.
Retargeting strategies like this can help you reconnect with existing customers and ultimately boost lifetime customer revenue.
#2 Shoppers—Abandoned Cart Retargeting Strategies
Cart abandonment is one of the biggest headaches for marketers. You get a user all the way to your shop, they’ve done their research, they’re about to buy something, it’s in their cart, and around 70% of them don’t finish their purchase.
The reasons for, and rate of, cart abandonment on your site may vary, but once it happens, you’ll need to return to cart abandonment retargeting strategies to re-engage those users.
For users who abandon their carts, you can use a few approaches. If you have their information, you can use remarketing strategies like email reminders or push notifications.
If they haven’t signed up, you’ll need to rely on a retargeting strategy that shows users abandoned cart retargeting ads reminding them about the products they were considering. These can include discounts to entice them back or simply showcasing different features of products they were considering.
Done properly, abandoned cart retargeting strategies can be a simple way to increase your pool of buyers and ultimately drive stronger revenue by increasing the number of completed purchases.
See also: Retargeting vs. Remarketing: Are They Really the Same?
#3 Visitors—Retargeting strategies to encourage them to return
Visitors—who have engaged with the website to some degree but have yet to take a meaningful action like adding products to their cart or converting—represent the hardest group to convert. Despite this, they are still worth targeting. You will generally have very limited information and will need to rely on retargeting strategies to engage with visitors.
The creative ad offer here should focus on offerings that you know are most popular on your site, recommendations discovered through data-driven insights, or on showing your brand as a reliable and safe place to make a purchase. Visitors may take more time to convert, but they represent a large portion of overall traffic. If you develop reliable retargeting strategies, it will have an outsized impact on your overall revenue and customer base.
#4 Apps—Retargeting users to keep them engaged with your app
Websites aren’t the only place where customers can find your products. Apps can represent lucrative revenue sources for any company, but they also struggle with significant churn rates. To counter this, you can use app retargeting strategies to encourage engagement. Apps that use retargeting have a 70% higher retention rate at day thirty than those that don’t and an 85% higher rate by week twelve.
Some of your approaches will involve using remarketing techniques like push notifications, but adding retargeting into the mix is particularly useful. It can help you remind users about your app as they browse and provide a subtle nudge towards using it again. With that said, you need to be careful with push notifications, as overusing them can be a contributor to your churn rate.
RTB House works with app retargeting and has helped companies like Marisa beat revenue targets by 105% and Huuuge more than double the revenue from paying players!
#5 The Secret Sauce—Deep Learning Algorithms boost your retargeting strategies
How can you get these sorts of results? Well, RTB House takes advantage of Deep Learning algorithms in order to boost the effectiveness of all of our retargeting campaigns, no matter what retargeting strategy you’re using.
Deep Learning is effective because it helps us to automate the process of running a retargeting campaign, with the algorithm making complicated real-time decisions based on the data it receives from the campaign without the need for human intervention. This allows us to automatically select the user to show the ad, the creative that they will see when they see the ad, intending to maximize your return on ad spend. Deep Learning can do all of this more effectively than traditional Machine Learning algorithms.
Get the most out of your retargeting campaign with RTB House
Our last tip? If you want to make the most of a retargeting campaign, you need the right partner. A good retargeting partner has technologies that will add to your overall efforts and can provide advice on retargeting strategies that will help to overcome any challenges that your business might be facing when you conduct a campaign.
If you want to learn more, head on over to our contact page, and our team will be happy to help.
Good to know: The Top 20 Deep Learning Applications You Need to Know
