If you don’t have a Facebook retargeting campaign set up for your business, we have just one question for you:
It’s one of those marketing no-brainers that professionals have been harping on and on about for the past couple of years, and yet the vast majority of small- to mid-sized businesses still aren’t doing it.
But you’re smarter than that, right?
Reports indicate that about two billion people use Facebook now, which makes any marketer worth his or her salt salivate. But what makes retargeting so powerful and effective isn’t a matter of quantity, but a matter of quality. Retargeting allows you to market to your own customers and potential customers.
In a very brief nutshell, here’s a quick explanation of Facebook retargeting for the uninitiated:
1.) A potential customer visits your website.
2.) Your website seamlessly, invisibly captures information about that potential customer so they can be found on Facebook later.
3.) You advertise to the potential customer later on Facebook, knowing that they already have an interest in your product or service.
Think of retargeting as the final nudge that pushes a potential customer into “buying” mode rather than being lost forever to “forgot about you completely” mode.
When people talk about low hanging fruit, they’re usually referring to something that’s easy to get, but because of its low barrier of entry, it’s probably not very good.
Facebook retargeting is the sweetest low hanging fruit because it makes client acquisition, sales, and calls-to-action substantially easier—without any of those drawbacks—because you’re selling to people who already have expressed interest in your business.
If you’re not already doing it, these concepts can and should help you think differently about your marketing strategy. Let’s take a look at five important considerations:
#1 – Retailers Need Retargeting to Get the Most Out of E-Commerce
Retailers new to e-commerce quickly learn that customer retention isn’t just important, it’s vital to the success of their business. With a whole World Wide Web out there of stores to choose from, you have to show your customers why you’re different, better, and worth choosing over the competition.
You also have to make sure your customers, both current and future, don’t forget about you.
Retargeting helps them remember why they visited your site in the first place—maybe the time wasn’t right at first, but when they see your product again (and again, and again), what they won’t do is forget. Or worse, buy a competitor’s product.
#2 – …But Service-Based Industries Benefit Tremendously Too
The notion that retargeting is only useful for retail, product-based businesses is, in a word, hogwash. Service based industries need retargeting for the same reason retailers do: to make sure that their customers don’t forget about them or go to the competition instead.
#3 – You Gain Customer Insights Impossible to Determine Any Other Way
For data-junkies, retargeting offers you unique insights into the behaviors and buying patterns of your target audience. How many times do they need to see your ad before they visit your site again? How effective was your retargeting ad at building a relationship or forming a new one?
Do you think this kind of data is useful? You bet it is.
#4 – Retargeting Helps Businesses Struggling to Scale
Businesses having difficulty scaling, particularly small- to mid-size ecommerce retailers, will find that retargeting helps them do exactly that. Potential customer losses will be mitigated and, thanks to lookalike audiences which we’ll discuss below, new “picture perfect” customers can be discovered.
#5 – Retargeting Can Help You Find Brand New Customers
Retargeting with Facebook allows you to find new customers with what’s called a “lookalike audience.” These are Facebook users who are very similar to the customers you already have, and thus are likely to result in a conversion. Lookalike audiences are often one of the best performing targets and can bring brand new people to your business.
Not Remarketing = Major Opportunity Cost
To say that not remarketing is a major opportunity cost is a bit of an understatement. Digital advertising has traditionally been a fast-paced industry, with new platforms and strategies popping up what seems like every few months.
Retargeting is here to stay thanks to its effectiveness and affordability. What other advertising method allows you to market to people who you know already like you?
(Or, in the case of lookalike audiences, are really, really probable to like you.)
Whether you’re operating a product or service based business, we encourage you to consider the benefits of Facebook retargeting—and remember, Facebook isn’t the only remarketing platform in the game either.
Sound confusing? It’s not so bad, especially when you have the right kind of help on your side. If you’d like to learn more about retargeting and enjoy professional assistance, please feel welcomed and encouraged to contact us today.