You probably put a lot of thought into marketing strategies to get the attention of potential customers, as you should. But what about those people whose attention you’ve captured, but aren’t quite convinced yet, or maybe just aren’t yet in the market for what you’re offering?
You could keep your fingers crossed that they come back, or you could actively try to recapture their interest.
Retargeting, that’s how.
Marketing is about so much more than attracting new customers. When executed effectively, retargeting can improve customer retention and recapture those potential customers who need either convincing or reminding that your business has what they need.
And successful retargeting campaigns are key in strengthening brand awareness and bringing stray leads right through to actual sales. You want your brand to be top-of-mind when potential customers are in the consideration phase at the top of the top of the funnel, and be able to convert lower down the funnel.
What is retargeting?
Retargeting, or remarketing, is a marketing tactic that you can use to reach potential customers who don’t convert right away. The primary method of retargeting is currently through the use of third-party cookies to retarget website visitors, but with Google announcing the end to its support of third-party cookies (currently extended to 2023), it’s important to understand other retargeting strategies.
For example, if you run an awareness-style video to a wide audience, retargeting video views with a call to action, you can use it to retarget visitors. Consider adding a call to action that takes interested viewers to a landing page. You can separate your audience by engagement, for example, based on parameters like percentage of video content viewed, interest, and more.
Put it this way, someone who watches 80% of your fintech or financial brand’s videos is going to be much more likely to convert that someone who has only watched 8%, so focusing your next level marketing at the 80% crew is going to be much more efficient and cost-effective.
Video is actually a great format for retargeting, with a recent Cisco study showing that visual content will make up 82% of online consumer traffic in 2022.
You can also offer lead magnet content like free ebooks, webinars, or downloadable checklists that help you to build your email list and retarget effectively. Retargeting should be a part of your holistic, omnichannel marketing strategy that supports your overall campaign goals.
When to run a retargeting campaign
There are various different situations that call for using retargeting. Obviously your aim is to turn slight interest into a burning need for what your business is offering, and there are specific circumstances that might help.
It could be that you have a new product or service that you want to showcase, and that might tip your audience towards conversion. Or maybe you have a particularly popular offering that the people you’re retargeting haven’t come across.
And, of course, just building brand awareness is a valid, and valuable, situation that successful retargeting campaigns can help with. If you can get it right, you can ensure your brand isn’t forgotten and passed over for your competitors.
6 strategies for an effective retargeting campaign
Here are some tips for getting your retargeting campaign right, tactics that we find the most successful when working with fintech and financial services businesses.
1. Avoid bombarding your audience
Overly forceful retargeting could annoy your audience, or even make them feel uncomfortable. You know that creepy feeling when you’re suddenly seeing ads for the same thing everywhere? Yeah, don’t be that business. It could even be more damaging than just losing customers—remember how serious complaints about businesses in financial industries can be!
2. But…don’t do too little
We don’t go over the top and bombard your audience with retargeting ads, but don’t over-rotate and do too little. Aim for the goldilocks approach (not too hot, and not too cold). Look to find the right balance to really see the value of successful retargeting campaigns.
3. Make an effort with your campaign
It might seem obvious, but for the best chance of really recapturing the attention of your audience, you need to make sure your retargeting ads and messages are on point. They should be creative, relevant, and not redundant. And it goes without saying, there needs to be a strong CTA.
4. Align your retargeting to your customer’s journey
Someone who has only seen your brand once is going to need a different approach to someone who has experience with your business, or is further along your sales funnel.
5. Make sure it’s relevant to your market
Fintech or financial services audiences are often in the market for a specific product or service. While different offerings might be relevant to them, others might be very unsuitable. For example, if someone is looking for a consumer loan and you retarget for a business credit card, it could be relevant in some situations, but you also run the risk of giving the wrong impression to your audience.
6. Measure your retargeting campaign
With any marketing strategy, you need measurements and KPIs in place to help you understand what is and isn’t working. Some helpful metrics are:
- Ad Impressions: The number of times an ad has been displayed (viewed).
- Clicks: The number of times an ad has been clicked.
- Money Spent: The amount spent on delivering ads.
- Click-through rate (CTR): The amount of impressions that resulted in a click (percentage).
- View-through conversion (VTC): When a visitor sees an ad, does not initially click, but returns within a certain time window, usually 30 days.
Keep your brand in front of your prospects
Ultimately, you want to make sure that your products and services are at the forefront of people’s minds when they’re in the market for them, and retargeting helps you do just that. While it doesn’t guarantee a sale or a sign-up, without that awareness, they’re much less likely to choose your business.
Retargeting is a crucial part of your marketing strategy, here at CSTMR, our team of paid media experts have the skills and experience to create a retargeting campaign that maximizes the value of every customer touchpoint.
To find out more, why not take advantage of a free strategy session?