The Myth: Single retargeting strategies work better
Before we get into multiple retargeting strategies, we’d like to directly address the arguments in favor of a single retargeting approach. Many major providers argue that by using a single provider, you can get more bang for your buck.
This theory generally rests on the fact that your bids are coordinated and aligned by a single retargeting provider who has full vision of your campaign and can maximize ROI. Proponents of this approach will say that this reduces the risk of “overbidding” (where your providers bid against each other, driving the price up) and “frequency blindness” (where users are shown the same ad too often).
At first glance, this feels intuitive, but like many simple sounding statements, falls apart once you dig into it. The truth is that most retargeting providers don’t want to onboard multiple providers because it is against their interests. Additionally, strong players may not have experience working with other strong providers, so they may lack the data that demonstrates the benefits of multiple retargeting campaigns from a client perspective.
At RTB House, we are strong advocates of bringing in a second retargeting provider to any campaign. Numerous examples show that adding a competent second provider pays big dividends with comparatively little risk.
Intrigued? Then let’s dive into the intricacies of a multiple retargeting strategy.
What is a multiple retargeting strategy?
A multiple retargeting strategy is actually quite simple! Rather than allocating your entire advertising budget to a single retargeting provider, you select multiple providers, and decide where you allocate your spend. You can learn more about retargeting in general in this article.
What are the benefits of working with multiple retargeting partners?
There are two main benefits to onboarding a second retargeting provider. The first is technology. While the best retargeting providers don’t differ much in terms of inventory, some have very different technology than others. By onboarding a new provider, you can take advantage of more diverse innovations (like Deep Learning!), and get an instant boost to your campaign.
The second is competition. When you have multiple providers onboarded, it is possible to compare results and ensure that your providers don’t take their foot off the gas! In order to get comparable results with all your partners, you have to make sure yourself that both partners work on identical business terms. This will enable you to be safe in the knowledge that you are comparing apples to apples.
With the benefits covered, let’s take a look at some common concerns surrounding a multiple retargeting strategy, and how they can be addressed.
Will a multiple retargeting strategy dilute my ad budget?
The short answer? Not really. The longer answer: Most retargeting providers are good at scaling their operations to match whatever budget you give them, whether that’s up or down. You can adjust your budget allocation to each individual provider, without needing to overspend.
Indeed, by leveraging multiple providers you can take advantage of their unique technologies and approaches in order to improve the impact of your budget, improving your return on ad spend (ROAS).
Will using multiple retargeting providers risk audience cross-over?
Another common point of concern is audience cross-over. In theory, a badly managed campaign could lead to single users being bombarded with ads from multiple providers, leading to ad-fatigue, or just increasing the price of the ad due to bidding competition from two companies working on your behalf.
Generally, the scale of overlap is small when using good providers. This is because different providers use different technologies, which evaluate and select users using their own methodologies. This also helps to prevent the phenomenon of overbidding, as providers are unlikely to be competing over the same ad spots.
These differences have two main results. The first is that your reach increases, as each provider will naturally target different cookies (and therefore users). There will be some overlap, generally around 22%, however, this is actually desirable. Most users need an average of 2 clicks on a banner to drive a conversion, so you’re not wasting any effort, but actually increasing your opportunities to convert. Furthermore, by adding an element of competition you are encouraging providers to perform at their best, helping to drive additional conversions that you may not see otherwise.
Does it take more effort to work with multiple providers?
Another major misconception is that it takes more effort to set up and manage a multiple retargeting strategy. While there will always be some initial effort on the part of the client when starting a new campaign, good providers (like RTB House) will take every effort to make that process as smooth as possible. In our case, we provide excellent creatives, and work closely with our clients to ensure everything is set-up correctly from day-one.
Once a campaign has been set-up, the work primarily falls on your retargeting provider. All you will need to do is ensure that your business terms are consistent across providers so that you are always comparing apples to apples when monitoring campaign performance.
When should I use a multiple retargeting strategy?
Now that we’ve thoroughly debunked some misconceptions, let’s take a look at how and when you should use a multiple retargeting strategy.
There are many benefits to engaging multiple retargeting providers. It helps improve the reach of your campaign, and as a bonus, you are able to test multiple providers in order to determine which ones are giving you the best return on ad spend (ROAS). This healthy competition can help keep your providers on their toes, and ensures that everyone is always trying their best.
The results of using multiple providers can be quite impressive. For example, when RTB House came onboard as a second retargeting partner for KuantoKusta, the results of their marketing campaign were twice as good as when they ran with only a single provider.
How do I onboard multiple retargeting providers?
Well first, you should follow the best practices for creating and expanding your retargeting campaign. Then, onboarding multiple providers can be very simple if you follow some basic procedures. The key is to ensure that your retargeting providers are all following uniform KPIs and payment agreements.
This approach has two main effects. The first is that it is easier for you to measure performance between your different providers, and determine that the results are comparable. The second is that it makes onboarding these providers easier. When everyone is working towards the same target ROAS, conversion rates, and other KPIs, you don’t need to manage a complicated budget, even if you are not distributing your ad budget equally between all providers.
Is RTB house a good fit for a multiple retargeting strategy?
If you want to try out a multiple retargeting strategy, there are few better partners than RTB House. We have been a strong voice in encouraging the retargeting industry to embrace a multiple retargeting approach, and our technologies and processes are geared up to maximize the success of these kinds of campaigns.
In particular, our Deep Learning technology is a major differentiator. Most of our competitors still rely on machine learning. As Deep Learning is more sophisticated, we are able to take a more targeted approach, minimizing overlap, and maximizing conversion opportunities.
Don’t just take our word for it, we have a strong history of success stories as part of our multiple retargeting campaigns:
Automotive Classifieds – iCarros: Our team helped to boost conversions by 306% once we were added as a retargeting provider for iCarros
Gaming – Huuge: We helped exceed Huuge’s ROAS goals by 3-4, and boost revenues from players by 2.6 times compared to other providers.
Classifieds – Gumtree: RTB House proposed a multiple retargeting strategy that doubled conversions, and increased traffic by 33%.
Add another retargeting provider today!
Engaging multiple retargeting providers is the easiest way to significantly improve your retargeting campaign without increasing costs. You immediately gain access to providers using different technologies, which improves both your reach and conversion opportunities.
There are also soft benefits. When you have multiple providers, you encourage friendly competition, ensuring that quality of service remains high, with data gained that you can use to determine the quality of service your providers are offering.
If you’d like to learn more about how you can boost your retargeting campaigns with a new provider, our team is standing by to help you. Simply enter your details into the contact form, and we’ll be in touch to discuss your retargeting needs.
