Retargeting, which encourages previous website visitors to return to your site, plays a vital role in converting visitors into customers. Over one quarter of visitors will return to a website thanks to retargeting. Display retargeted visitors are three times more likely to click on an ad and, after returning to the website, they are 70 per cent more likely to convert.
Today digital marketers understand the importance of retargeting but, with more varieties than you can count on one hand, which retargeting strategy is best for you?
Successful retargeting starts with better understanding your visitors
Targeting specific audiences, based on demographics or behavior, has been a popular advertising approach for years. But in order to successfully retarget consumers, companies need to better understand their visitors.
Some advertisers buy large audience data pools from aggregators to better understand their visitors. This third party data can help companies who want to target a particular audience, but it won’t give you an edge over the competition… After all, they have access to the same data.
First party data, which is all the data that a company collects about consumers from their website and systems, such as a customer relationship management (CRM) program, is extremely valuable. First party data is exclusive and belongs to the company that collects it, not an aggregator. And, because it is data that the company collects, it can be as specific as a company desires. You could build audience data pools of 27-year-old males who like to buy a very niche brand of wristwatch or 54-year-old mothers who are researching how to remodel the kitchen. First party data is unique to your business and the most powerful data to drive performance and engagement of retargeting campaigns.
As the advertising landscape evolves, we’re seeing the rise of a new type of first party data: stated visitor intent. iperceptions’ Active Recognition for Retargeting leverages this type of data, collected from website feedback, to go beyond what we know the consumer has already done and anticipate what they are likely to do in the future. iperceptions unique and patent protected approach recognizes the intent state of an anonymous visitor, so marketers can create more relevant campaigns aligned to visitors’ stated intent. This is why stated visitor intent is a fundamental requirement for the new wave of intent-driven retargeting.
The challenges and opportunities of intent-driven retargeting
The average conversion rate for a website is around 2%. This means that nearly all of the people who visit a site for the first time leave without some form of desired action. Retargeting addresses this by getting visitors back to the site to convert. One of the most effective ways to retarget is through aligning retargeting campaigns to the intent of visitors. Today, many digital marketers leverage behavioral data to try to retarget according to a visitors’ intent.
However, from iperceptions research, we know that behavior does not always paint an accurate picture of the visitor. For example, a visit to the cart is often considered to be an indication of purchase intent, yet when asked directly, more than half of people who visit the cart say they have no immediate intent to purchase.
iperceptions Active Recognition for Retargeting is a key innovation as it leverages feedback from actual website visitors to align campaigns and bidding strategies to visitors’ stated intent.
Intent-driven retargeting, the most adaptive kind of retargeting, drives better performance and engagement by appealing to a consumer’s pre-existing interest or reminding a consumer of what they already had the intention of buying. Instead of advertising to everyone, a company can identify the intention of cohorts. This means your budget and bidding strategy is better spent because advertising can be appropriately targeted to the intent of a group.
Guest post by Ivan Roubtsov, Director Product Marketing at AdGear, a digital advertising technology company
AdGear Technologies, Inc. is a digital advertising technology company, providing software and services for the digital media industry. The company's full-stack advertising platform offers customers advanced advertising analytics, attribution measurement, ad serving, real-time bidding and exchange technology. For more information please visit - adgear.com and adgear.com/trader-rtb