In a recent insight, ad spending in the digital advertising market is projected to reach USD 740.3 billion in 2024. Digital marketing’s exponential growth in advertising has been the driving factor for this prediction. However, only a tiny percentage of these businesses use retargeting.
Continue reading to explore what’s retargeting and why it is vital in digital marketing.
What is Retargeting?
Retargeting, or remarketing, is the process of targeting potential customers who have visited your local store/website/mobile application. Implementing this strategy can lead to increased conversion rates, opportunities to sell your other products, and help you establish your brand. Adding a code known as pixel code to your website can assist you in tracking and capturing the details of your website visitors.
Benefits of Retargeting in Digital Marketing
As with traditional marketing, retargeting also has its benefits. Let’s take a look at them.
Creating More Touchpoints
In digital marketing, touchpoint creation enhances customer engagement. So analyze your customers’ behavior and create a plan with specific touchpoints for retargeting purposes. This could gradually boost your chances of conversion.
Examples of potential customers include website visitors, lead form submissions, dropped-off users, and old customers. These touchpoints can be created via various channels, such as email marketing, push notifications, search ads, display ads, social media marketing, and more.
Cost-Effective
The main benefit of retargeting is that you target only audiences who are already interested in or familiar with your brand. With personalized retargeting, you can improve your ROI effectively. This strategy can also help you guide the customers in their sign-up to the product-buying step.
Opportunity to Cross-Sell
With retargeting, you have more options to target different audiences. You can segregate your existing clients based on their portfolio and target them by cross-selling other products. This can improve your company’s revenue generation and customer retention. It can also work effectively during the launch of new products and services.
How Do We Measure the Effectiveness of a Retargeting Campaign?
Analyzing every campaign is integral to identifying its performance and gaining insight to guide your next campaign. So let’s examine the metrics that can be checked:
Goal Setting:
Defining an end goal before launching a retargeting campaign is essential for evaluating the overall campaign’s success. The goals include the number of visitors, lead form signups, increased traffic from a particular demography, etc.
Engagement Rate:
Try checking the engagement rate of each communication channel to find out the best-performing channel. This can identify the gaps in your campaign and allow you to tweak it for a better result. Even a change in website visits from a particular channel/demography can add value to your campaign performance metrics.
Conversion Rate:
Analyze the conversion rate. This result of your retargeting campaign can give you insight into whether your marketing objectives have been met.
With the increase in the usage of digital marketing, retargeting is a great strategy for you to improve your revenue and customer base. If you’re looking for a digital marketing agency, then SocialJack Media is here to assist you with versatile solutions for all your digital marketing needs. Contact us to explore more.
