Remarketing Vs Retargeting
Throughout marketing, various strategies have proven to be very effective – two of these are retargeting and remarketing.
Although the two are often easily confused and labelled together, they are different methods. In this article, we will be exploring what each of them entails and how you can effectively use them within your own marketing strategies.
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What is Remarketing?Remarketing refers to the process of reaching out to a current, or a past customer and re-engaging them. The re-engagement will be based on their previous behaviour, such as purchases, actions or interests. Remarketing will often revolve around the use of emails, which will require a customer list to complete. It is usually used as a technique that is part of a larger retention marketing strategy. Similar to retargeting, remarketing will approach a warm audience to effectively drive up sales. Remarketing emails entail:
- Highlighted sales, deals or promotions on products that relate to their previous behaviour
- Product and service promotions that complement that customers previous purchases
- Reminders of an item left in their cart
- Involve a coupon for a customer who hasn’t made any recent purchases.
Benefits of RemarketingRemarketing is an effective tool to use if you:
- Are looking to focus on re-engaging current or past customers
- Have minimal to no budget for ads
- Already have an engaged email list.
- Drive sales
- Save on ad expenditures
- Promote awareness
- A high conversion rate – this is the highest payoff for email retargeting campaigns. The conversion rates can be as high as 41%, which is enormous in comparison to the average eCommerce conversion rate of 1-2%.
- Easily recycled and redesigned content marketing material.
- Greater revenue – remarketing emails generate nearly four times greater revenue than non-targeted campaigns.
- Cost-efficiency – there is no charge to send emails.
What is Retargeting?
Retargeting identifies consumers who have taken an action online and will then target them with digital ads.
The process will deliver online ads to the consumer based on their past behaviours or interactions with your site. Unlike remarketing, you will not require a customer list as your pixel will collect all of the required information for you.
Retargeting works by adding a pixel to your brand’s website; the pixel will then collect the data of consumers who visit the website and how they interact with it.
The data is then used to create appropriate audiences that are based on their actions, which can then be retargeted through Google or social media ads.
Benefits of Retargeting
Retargeting is an effective tool to use if your brand is:
- Looking to focus on attracting new customers
- Driving more site traffic than triggering conversion
- Not in possession of an email list.
As a technique, retargeting can support your business to:
- Drive sales
- Increase registrations
- Promote awareness.
The benefits of using this strategy include:
- Well-timed targeting – your ads will be shown to your target audience at appropriate times, such as after they have interacted with a product or your brand, which is when they are most likely to make a purchase.
- Focused advertising – remarketing lists can be created for your main audiences, such as cart abandoners.
- A much larger reach than can be achieved by remarketing.
- The ability to measure success statistics – you can easily measure how successful your ads are based on their success rates and price.
How to Retarget
The largest concern that is associated with retargeting is annoying consumers by overexposing them to your campaigns. This can be resolved by putting a limit on the frequency of the ads.
Limiting the exposure of the ad will also prevent the consumer from becoming ‘ad blind’. This will help to elongate the ads lifespan as it will create an assortment of ‘fresh’ ad exposure.
You should also bear in mind that different consumers are at various stages of the buying cycle. If the cookie length limits the ad’s exposure time, you could potentially miss buyers who might not be ready to purchase your product or service during the exposure of the ad.
Segmented retargeting can increase your conversion rates if you have a number of different services or products available. It will allow you to target your audience in a more specific and direct way that is in accordance with their product of interest.
How to Retarget a Google Ad Marketing Campaign
1. Sign in to your Google Ads account.
2. Select Campaigns from the menu.
3. Select the plus button.
4. Refer to the ‘Goals’ section and select your preferred outcome results.
5. From ‘Campaign Type’ select Display Network.
6. You will now need to set up parameters for your campaign, these will include:
- Campaign name
- Location and language
- Bid strategy.
7. Select additional settings for more advanced options such as scheduling and device targeting.
8. Select Audiences, this will be located in the ‘people’ section.
9. Select “Remarketing’.
10. Select the preferred audience.
11. Select save.
How to Retarget a Facebook Marketing Campaign
Before you can retarget your consumers on Facebook, you will first need to install Facebook pixel to log your consumers’ behaviour. If you have an app, you might also want to consider the Facebook SDK as this will offer you an insight into who is using your app and how.
Once the Facebook Pixel has been created and has collected enough information to use for remarketing purposes you can then move onto the next step.
1. Go to ‘Ad Creation’ and start creating the dynamic ad.
2. When selecting your audience, select ‘retarget ads to people who have interacted with your products on and off Facebook’.
3. Choose a retargeting option:
- Viewed or added to cart but not purchased
- Added to cart but not purchased
- Upsell products
- Cross-sell products
- Custom combination.
4. Enter the desired duration.
5. Select ‘Show advanced options’ to customise audiences or select lookalike audiences.
Creative Remarketing and Retargeting Ideas
We’ve selected some strategies to boost your remarketing and retargeting strategies. These can easily be incorporated into your campaigns to benefit your brand.
A product bundle, also referred to as product sets, are an effective way to introduce products and services to a consumer while also driving up sales.
The strategy involves selling a collective of products as a combined package. These usually consist of complementary or similar items. An example of a bundle would be a fixed price service, alongside complimentary items such as a meal and a complimentary drink.
The benefits of bundling can include:
- An effective increase in average order value.
- The ability to cross-sell items if the product bundle includes items from new categories.
- Price comparison becomes more difficult as consumers are prevented from searching for the lowest price available.
Offer Discount Codes and Coupons
Coupons and discounts are a great way to entice consumers to have another look at your brand, inspiring them to purchase from you. By offering a discount or coupon, you are also likely to prevent your customer from leaving your site and browsing others for a potentially lower price, as well as introducing your various other products to them.
It can also provide that extra incentive that the consumer needs. Sharing the benefits of your offer could potentially be the missing piece of motivation your consumer needs to seal the deal.
Encourage Cart Abandoners to Check Out
You can easily target your consumers to complete the check-out process, sometimes it only takes a simple reminder that can help drive up conversions.
If reminding them that they still have a live cart isn’t enough then you can notify them when there is an offer or a deal on one of their particular products!
For more expert advice on marketing strategies, you can contact a member of our team who will be happy to help! For more information, you can browse through our blog or our array of case studies!