Remarketing is an effective strategy that could potentially increase conversion rates for your company, whether it be converting website visitors into customers or spreading brand awareness. Tirendo, an online European tire company, emerged with one of the greatest success stories, increasing conversion rates by 161% after incorporating Google Adwords into their marketing campaign. While most companies are likely to benefit from remarketing, let’s take a closer look to help you decide if this is a good strategy for you.
Most simply put, remarketing (sometimes referred to as retargeting) is a marketing strategy to remind consumers that you exist. After tracking data from the behavior of an online consumer, remarketing can be initiated in 5 different forms:
1. Email Remarketing: Have you ever started an online order, distracted yourself, and then left your online shopping cart only to realize three days later you never ordered the product? If the company is using email remarketing, they would have sent you an email. Email remarketing can be used to re-engage past website visitors based on their prior activity.
Stat: 60% of online shoppers leave their purchase before starting the checkout process (Baymard). Check your online audience data. If this statistic applies to you, consider email remarketing.
2. Video Remarketing: Do you ever wonder why the video ads shown on YouTube are often closely related to a product you recently researched? Some companies use video remarketing to visually engage and remind a past website visitor about their product or service.
Stat: 85% of internet users in the United States watch videos online (HubSpot). Meet your audiences where they are.
3. Standard Remarketing: A standard remarketing advertisement often does not seem entirely relevant to the consumer because it is designed for a range of viewers. If your marketing goal is to grow brand awareness, this would be an effective option. However, if your goal is to guide a consumer to a specific product, you should consider dynamic remarketing.
Stat: It will take about 5-7 brand impressions before someone remembers your brand. Brand familiarity is an important factor in a consumer’s purchase process.
4. Dynamic Remarketing: This method requires more technical effort because the dynamic advertisement is customized to display the interests of a specific customer. This form of remarketing would be effective if your goal is to convert shoppers into buyers.
Stat: 81% of consumers conduct online research before committing to the item (Adweek). Do you provide accessible information that is helpful to your customer’s purchase decision?
5. Remarketing Lists for Search Ads (RLSA): Some businesses readjust their bids and ads on searched keywords to increase the likelihood of reconnecting with a consumer. If a customer visited and then left the website of a company using RLSA, bids would be placed to guide the online user back to their website.
Stat: The average consumer uses about six touch-points before buying a product. What are the purchase processes of your customers?
As digital marketers, we value the increased conversion rates that result as a benefit from remarketing. The average click through rates of a remarketed ad are 70%, which is 10 times the amount of a regular display ad. These results show that remarketing is helpful to the consumer purchase process. Instead of asking whether or not to use digital remarketing, consider which remarketing strategy would be most effective for you.