For several years now, online advertising has boosted the e-commerce industry yet despite the ease and convenience it brings, recent research shows that not even 3% of visitors to your website will end up getting to the ‘add to cart’ stage.
For every online business, be it a large retailer or sole trader with dreams of enjoying the laptop lifestyle, the realisation that even those customers that do get so far as to place the goods into the cart still may not complete the purchase is a sobering thought.
Knowing that they had come so close only to seemingly fall at the final hurdle can be frustrating when you know how hard it has been just to get people even to your site.
Many times, it’s not because they have had a last second change of heart and now don’t want to buy the product or service.
More often than not it will be because they have had to momentarily halt their purchase to attend to another matter with the intention of returning to complete the transaction but never get round to doing so.
This is where dynamic retargeting with Facebook can help both you and your prospective customer nudge the sale over the line and make the sale seamless and hassle-free.
So what is Facebook retargeting? You may think that this means starting all over again from scratch. In actual fact, the reverse is true and is a feature that has been created precisely to avoid you having to do that.
Retargeting is the practice of focusing in on those shoppers or site visitors who have demonstrated some interest already on whatever it is that your site is selling. It’s success is based on the premise that rather than attempting to appeal to a cold target audience, it hones in on people that are already warm to your product or service and make them a repeat visitor, who, as everyone knows, is more likely to become an actual customer.
It works by duplicating the price, product description and exact image of the product the customer was interested in (together with any extra wording or irresistible offer just in case they had been looking elsewhere for a better deal) and puts it back in front of them when they use Facebook so they can pick back up from where they left off.
The benefits of Facebook retargeting are very powerful and if this is something that you haven’t heard of or haven’t considered, here are ten good reasons why retargeting has to become part of your online advertising strategy.
1. Boost Awareness of Your Brand
There’s little point sending out one communication to a prospect and expecting them to remember who you are. Studies show that you need around seven interactions with someone before they start to notice your brand and develop sufficient trust to take any sort of positive action let alone make a purchase.
So for those that don’t buy your service or product at the first attempt, retargeting reminds them of your existence, places you at the front of their minds and increases your chances that when they are ready to finish their purchase that it will be you that they go to. Businesses pay huge attention to brand awareness campaigns for this very reason and retargeting is a fantastic tool to help achieve this.
2. Spread Your Message To People You Already Know Are Interested In Your Business
Given the choice between being handed a list of names and phone numbers and calling them one-by-one to see who might be interested in your business or returning a call from someone who called you about your business, which do you call first?
Facebook retargeting is like returning a phone call. You have a customer that has already shown an interest in what you are offering. Now all you need to do is help them finish what they started.
So rather than throw energy into chasing those people within your target audience who might have an interest in your business, Facebook re-targeting reaches those that are genuinely interested prospects.
3. Improving Cost Effectiveness
Advertising is a significant part of any online budget and maximising your ROI is the goal of any campaign. Historically, a lot of faith has been put in using banner ads, however this still relies on the hope that the customer will take some form of action.
When you re-target the online user, you are increasing the likelihood that the person who has already checked out your website will take it that little bit further which will improve your conversion rate and ultimately your advertising investment return.
4. Improved Transaction Insights
Retargeting with Facebook gives you a much better awareness of what happens once a visitor leaves your site, showing you the location of where the greatest proportion of retargeting conversions are being captured
Statistics from all of your retargeting campaigns will help you to shape your advertising in the future to make them more efficient and improve the quality of site traffic resulting in more efficient and effective digital marketing.
5. Achieve Greater Sales
It goes without saying but every business needs sales and a digital marketing strategy that includes retargeting will see a noticeable improvement in revenue. Regardless of the industry they may operate in, all businesses need to generate sales in order to survive and thrive.
6. Maintain Your Digital Marketing Performance
All aspects of digital marketing will continue to change as technology evolves and becomes more advanced and retargeting is no different. By starting with retargeting now, you will evolve with it as it improves and reap the rewards of a deeper understanding as it advances.
What about the numbers?
So how does retargeting stack up numerically? Below are some statistics about how retargeting boosts your business.
7. Retargeting leads increases your conversion rates by 147%
If evidence were needed about how powerful it is to use retargeting as part of your digital marketing strategy to regularly be at the forefront of people’s minds then this is it. It cannot be stressed enough that these leads are people that have already expressed interest in what you have to offer.
So although of course you need to focus on continually finding new prospects and encourage a fresh set of customers, don’t overlook the warmer prospects that are already knocking on your door. Retargeting ads to previous site visitors is an efficient and smart way to get sales.
8. Of all of the visitors to your website, only 2% take action on the first visit
So for every 100 people to your site, 98 click away and are unlikely to ever return. If your site has been one of many that they are looking at just to compare your offer with others they have in mind, what will motivate them to pick your site over your competitor when they come to buy? To set yourself apart from your rivals, retargeting lets you remind your prospects about your offering.
9. Of all of the re-targeted prospects 26% of them will return to your site to complete their checkout online
Straight away you can see how much more likely you are to get a conversion from a retargeted prospect over a first-time visitor. You are missing out if you are just letting those people who clicked away from your site with items still in their shopping cart. They had done their research and were about to make their purchase but for some reason (and it might be they got distracted) they didn’t finish it.
You should be able to find out from your ecommerce site just how many times you had an abandoned shopping cart over the last month. Statistically, you can get a quarter of those as customers by retargeting them. Don’t worry too much about what you might have missed out on in the past as long as you don’t ignore the opportunity to introduce retargeting into your digital marketing strategy.
10. 60% of people will pay attention to adverts for products they checked out on other sites they looked at.
You don’t need me to tell you how true this statistic is. You’re searching for a new pair of running shoes and as you move across different online retailers, the same pair of shoes keeps popping up wherever you go. They’re one of many that you looked at but these ones are your size and your colour. The algorithms used behind retargeting campaigns today are incredibly sophisticated so why not outsmart your competitors and let your product or service be the one that is always in the minds of your target audience?
So How Do You Set Up A Facebook Retargeting Campaign?
It’s not difficult to get started. The first thing you need to do is connect your own product or service to Facebook to create a product catalogue.
After that, you should add in some events from the Ads Manager which then authenticates you on Facebook before setting up your initial dynamic retargeting campaign and advert and before you know it you’ll be converting those visitors to your website.
The benefits of Facebook retargeting are easy to see and it has been around long enough to have a proven track record. As technology evolves, so will retargeting so the sooner you add Facebook retargeting to your digital marketing strategy the sooner you will turn more of your website visitors into customers.