It’s remarkable what you can do with technology in the area of digital targeting these days. After recently completing a pilot on ibm.com, retargeting proved to be a cost-effective solution that generated impressive results in click through, conversion, and sales rates. Amazingly, when comparing ad-retargeting sites to a control group, they were 5x more effective.
Over the course of the entire campaign, performance averages were $7 per conversion for retargeting vs. $710 per conversion for standard run-of-site banner advertising — Pretty impressive in my book.
For those of you not aware, retargeting is the practice of using targeted display ads and personalized emails to re-engage visitors who left your web site without purchase or conversion. These ads will essentially ‘follow you’ across your favorite web sites, intending to remind you of the interest you originally had in the site or shopping cart that was abandoned.
A secondary benefit of the ad-retargeting pilot was gaining the knowledge of where my target audience is on web and how they use it. I sat fascinated as I learned my prospects tend to read trade magazines like e-commerce weekly and Business network news, they live in Seattle & NY and are more likely to respond to an offer on Friday afternoons. Now, I can use these details to boost my next media buy or campaign or event…
As competition for a finite universe of shoppers intensifies, retargeting has emerged as an indispensable tool in a marketer’s online kit. I feel better about no longer sitting back with my fingers crossed, hoping my prospects will return. Not to mention that getting to know my customer more closely is a fantastic secondary benefit. Now how cool is that?