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 bobber… and cast again, retargeting the 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 target’s 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 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 they’re 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.
To read the rest of this article, click here for a PDF of Connect Daily magazine.