Making remarketing make sense.
According to a recent study from Google, 96 percent of online consumers visit a website and then leave without completing a purchase action. The aim of remarketing, also known as behavior-based marketing, is to encourage those lost conversions to come back and engage in more meaningful site interactions.
Once a set of tactics reserved for large organizations, highly sophisticated click-tracking tools and customer data now allow businesses of all sizes to leverage remarketing and access unprecedented insights into consumer behavior.
Today’s marketers use behavior marketing in several ways such as placing target advertisements, posting relevant social media updates, crafting compelling email copy and personalizing text message campaigns. For the most part, web- and mobile-based behavior marketing rely on keyword targeting and tracking interactions.
A remarketing tactic, in its simplest form, keys off of a tag on a webpage that places a cookie on a visitor’s browser. That cookie is then used to target the same user through paid search and display ads. Remarketing lists are created based on the way that pages and actions on a web page are tagged–the more tagged pages and actions, the more information can be learned about a customer.
This type of keyword-based behavior marketing is not limited to search engines, but extends to website visits as well. If a specific product page is tagged with corresponding buy-flow information, the marketer can identify which product a visitor expressed interest in and even attempted to purchase. This visitor could then be targeted differently than someone who simply visits a page and bounces.
Technology as an Enabler
Just a few years ago, only larger, data-centric organizations were able to invest in data mining, but small businesses across all industries now have access to the tracking tools necessary to take advantage of digital remarketing. With simple-to-use third-party tools and services available from Google, Facebook, Criteo, and other technology providers, it has never been easier for businesses of all sizes to set up their own remarketing campaigns.
Using Google Adwords specifically, marketers have a comprehensive view of which consumer behaviors lead to desired website interactions. The amount of data shared between AdWords campaigns and Google Analytics is immensely beneficial if it is used correctly. Whether you wish to target consumers to drive purchases of a specific product or are more interested in bringing general attention to your brand, you should seek to select the appropriate mix of technologies necessary to achieve your goals.
Implications for SMBs
Remarketing is specifically beneficial to small and medium-sized businesses (SMBs) with limited marketing budgets and resources. The practice enables higher website impression conversion rates–leading to a lower cost per customer acquisition and moving people through the sales cycle faster and for a much lower cost. Businesses can track their first interaction with a potential customer, how long they evaluate site content, and what offers ultimately drive them to make a buying decision.
However, to avoid investing or wasting what limited resources small businesses have, SMB marketers need to keep in mind that behavior marketing is not a mutually exclusive form of marketing, but rather complements existing marketing campaigns. The purpose of behavior marketing is to make current marketing efforts more effective than they already are. If your overall marketing plan is ineffective, behavior targeting will probably not produce dramatic results as it is not meant to improve unsuccessful campaigns.
Ensuring Remarketing Success
If you your organization seeks to launch a remarketing campaign, consider the following steps to make your efforts as successful as possible.
- Leverage multiple channels. Most marketers select a single channel for their remarketing campaigns, such as display, banner, Facebook or video advertising. However, marketers must capture customers and execute tactics depending on where they are in a buying cycle–this may even require the use of mobile marketing tactics.
- Segment remarketing lists. Using Google Analytics or other popular web monitoring tools, marketers can group website visitors according to specific behaviors and offer them very targeted offers. For example, visitors who view a series of continuous web pages but do not complete a purchase should be categorized differently than those who simply visit your home page and bounce.
- Test tactics and readjust. As you execute remarketing campaigns, you will probably find that revenue goals and consumer preferences change continuously. The key to navigating an evolving marketing strategy is to “fail fast” and quickly learn from what works and what doesn’t. This understanding could lead to changes in your website content or even your business model.
Behavior marketing is all about logically deducing which groups of targeted customers are more likely to take action. The main idea is to skillfully use what you have in terms of marketing content, other assets, and knowledge of consumer behavior.