Devoted anglers often say that the worst day fishing is better than the best day working. But if they hope to catch at least a few bluegills or tommycods, they aren't likely to waste a day sitting around with no bait in the water, especially if they have had a few bites and know the fish are there. They are going to assess the situation and fish with the most appropriate bait and tackle. And, if after awhile they don't get any bites, they might be inclined to reassess, put on a different lure, try different bait, adjust the weight or fiddle with the bobberand cast again, retargeting their prospective dinner.
Marketers have long used the term retargeting when referencing the practice of engaging customers and prospects from new angles (new bait). A few years ago, automation software helped marketers retarget customers and prospects with timely emails. Today, savvy marketers are starting to retarget customers and prospects by delivering customized online ads across the internet based on their targets recent browsing history and the practice is growing.
Anglers often consult the tide charts, note the phases of the moon, and chat up the locals in an attempt to determine optimal fishing opportunities the right fish with the right bait at the right time. In recent years, anglers have realized that the proper use of a sonar fish finder takes a lot of the guesswork out of locating fish. With this technology, an angler can learn to distinguish between fish, vegetation, schools of baitfish, or forage fish and debris and fish or not fish, accordingly.
Right User, Right Message, Right Time
Likewise, marketers now have access to technology that can eliminate the guesswork and help them target the right user with the right message at the right time. A strategic retargeting program executed with a smart strategy, audience segmentation and dynamic creative is one of the best ways to deliver that experience for your customer, says Jackie Lamping, senior director of marketing at AdRoll, the global leader in retargeting with more than 15,000 clients worldwide. It just makes sense to invest marketing dollars engaging people who express interest in your product or service, and the response rates are incredible.
Generally, 2 percent of shoppers make a purchase on the first visit to an online store. Retargeting helps bring back the other 98 percent by tracking visitors (by placing a cookie) and displaying your ads to them as they visit other sites online. The strategy of delivering repeated messages to this highly targeted visitor is getting strong results for businesses. And the strategy is improving as the technology evolves. Based on our research, more than 50 percent of performance marketers have started using mobile retargeting as part of their integrated advertising strategy, Lamping says. Over the next year, we'll see mobile and cross-platform retargeting play a bigger role in ad campaigns throughout the industry.
Retargeting is getting a marketing foothold by effectively converting website visitors that didn't initially complete an action (for example, make a purchase) online and the strategy is rapidly expanding. It is no longer just about trying to reel in the elusive one that got away. Retargeting has taken many forms and is no longer limited to that definition, says Ben Plomion, VP of marketing at Chango, a programmatic advertising company that uses live-profile technology and is one of the top new growth companies in the country. In essence, marketers can leverage more intent data points and leverage different sources of inventory display, Facebook and Twitter to achieve their branding, acquisition or repeat purchases goals.
Retargeting especially makes sense for strategic marketers looking to improve ROI and save money. First, it allows you to tap into demonstrated customer intent and target ads to very specific people who have already raised their hand to say theyre interested in a particular product or service. With retargeting, no impression is wasted on audiences who will never buy what you're selling, Lamping says.
Second, it connects your ad campaign across platforms and devices desktop, mobile, tablet, Facebook, Twitter, Google by targeting individual users and dynamically optimizing your bids and creative based on the actions and behaviors taken. Retargeting holds the key to delivering highly personalized ad experiences at scale across a multi-screen landscape, Lamping says.
Wrong User, Wrong Message, Too Many Times
|"One of the biggest mistakes compaines make is not collecting sufficient data to see how the campaign is performing so that they can make the necessary adjustments."
- Arjun Dev Arora, Chariman & Founder, ReTargeter
For a more effective campaign, it is essential to identify media waste typically associated with running standard retargeting campaigns. Do you really need to retarget every consumer equally? Plomion asks. Some consumers have expressed the highest form of intent, and should be served ads in better placement and with higher frequency. On the other hand, other consumers may not be as valuable to you. Perhaps they already converted. Or perhaps they will never convert.
Arjun Dev Arora, chairman and founder of ReTargeter, a top 100 in Inc.s Fastest Growing Companies report, says one of the biggest concerns most brands have before starting a retargeting campaign is the fear of annoying, creeping out or otherwise overwhelming their prospects.
The concern here is a valid one, and fortunately one that is easy to avoid, Dev Arora says. You have to set frequency caps in a retargeting campaign. Although one of the goals of retargeting is to create brand ubiquity and be top-of-mind when your targets are ready to buy, you have to limit impressions and continually assess the effectiveness of your campaign. Just like with other marketing channels and programs, you should avoid over-saturating your message with any individual user.
Dev Arora says its also important to continually evaluate your creative and optimize your campaign by adding layers of data to further refine your retargeting. One of the biggest mistakes companies make is not collecting sufficient data to see how the campaign is performing so that they can make the necessary adjustments.
If your aim is optimal fishing, consider upgrading your tackle box by adding a well-managed retargeting program. It is proving to be a valuable component in an integrated marketing strategy. In the epic fishing tale Jaws, when Chief Brody gets an up-close look at the size of the shark that's circling their small fishing boat and realizes the magnitude of their task, he tells Quint, the grizzled shark-hunting captain, You're gonna need a bigger boat.
And, if you're going to engage prospects and land them get your marketing message heard above all the noise in the digital world and convert prospects to customers youre going to need a bigger boat. Or perhaps a boat equipped with the right gear and the right tools to deliver the right message to the right people at the right time.
8 Questions to Discuss With Your Retargeting Vendor
- What is your reach?
- Do you have enough intent data to be effective?
- How transparent is your reporting?
- Are you agile enough to make the right adjustments?
- How recent is your data?
- How granular are your audiences?
- Is your retargeting efficient?
- What are the true costs of acquiring a customer?