Retargeting Strategies: Winning Back Lost Opportunities

In marketing, capturing and maintaining user attention is a constant issue. Attention spans are shrinking, and establishing a meaningful connection with your online audience is a challenge faced by businesses of all sizes.  

Sometimes, as we work to attract visitors to our websites or online stores, it's disheartening to witness a significant portion of those visitors depart without converting – leaving behind a trail of lost opportunities.  

Almost 97% of first-time visitors exit the website without making a purchase. However, not all hope is lost when users abandon our website or online store. This is where the power of retargeting strategies comes into play.

What do we mean by retargeting? Think of it as the virtual equivalent of that friendly salesperson who remembers your name and preferences when you revisit a store.  

Now that you know have more context, let’s explore effective strategies for turning abandoned interactions into successful conversions.

What is Retargeting?

According to Mailchimp, Retargeting campaigns remind your website’s visitors of your products and services after they leave your website without buying. After visiting specific pages, it allows you to retarget them and show your visitors relevant visual or text ads when they visit other websites.

Retargeting enhances your brand's visibility by enabling you to connect with an audience that has previously demonstrated interest in your products.

How Does Retargeting Work? Example Included  

Retargeting focuses on consumers who have interacted with your ads, website, and emails or left an abandoned item in the cart. Let’s explore an example to understand retargeting at its best:    

Imagine you're shopping online for a new camera on a photography website. You browse through various models, compare features, and even add a couple of cameras to your cart.  

However, you get busy and close the website without making a purchase. Later, while scrolling through your social media feed or reading an article on a news website, you notice ads showcasing the exact cameras you were considering.  

These ads are a result of retargeting efforts – the photography website uses cookies to track your online behavior and then displays tailored ads across different platforms you visit.  

The retargeting ads serve as a gentle reminder, prompting you to revisit the website and potentially complete the purchase you had initially contemplated.

Why Is Retargeting Important in Marketing?

Retargeting builds visibility for your brand, allowing you to reach an audience that has already expressed interest in your products. Still, it has yet to make any conversion with a powerful message.  This is where the true significance of retargeting shines.  

Consider the fact that most users don't make a purchase or take a desired action on their first visit to a website. They might be in the initial research phase, comparing options, or simply distracted by other tasks.  

By keeping your brand in front of these potential customers through well-crafted retargeting ads, you're essentially nurturing a relationship that might have otherwise fizzled out.  

Currently, 70% of marketers are using retargeting to increase brand awareness because rather than showing your audience the same ad over and over, retargeting will show them an ad that is relevant to their past behavior, hoping to drive them to make the conversion.

Effective Retargeting Tactics to Re-Engage Potential Customers

Now that you know the context behind re-targeting, we are providing you with the most effective tactics that will guide lost opportunities back into your sales funnel, rekindling the flame of engagement and providing a second chance at conversion.

Pixel-Based Retargeting

Pixel-Based Retargeting is a dynamic strategy that utilizes a clever piece of code – a pixel – to reignite connections with your website visitors, while tracking their behavior.  

When a visitor interacts with your site – whether by exploring product pages, adding items to the cart, or even just lingering on a specific section – the pixel takes notes.  

Subsequently, this information is used to display targeted ads to these users across various websites they visit. Although it requires some programming knowledge, many tools make it easy to install, here are our suggested third-party platforms you could use to make the most out of pixels:  

AdRoll

MailChimp  

Criteo  

Note: What makes pixel-based retargeting so powerful is its ability to serve users with relevant content precisely when they are most engaged.

List-Based Retargeting

List-Based Retargeting is a potent approach that capitalizes on the contact information your potential customers willingly provide. To use this strategy, it is necessary to create a list of your customers' email addresses or phone numbers.  

Digital channels such as Meta, LinkedIn, Google, and Twitter allow you to upload these lists and show ads and images exclusively to these consumers who have already left this information beforehand and therefore have shown interest in your product or service.  

Bonus: Some platforms allow you to choose a lookalike audience based on your customer's characteristics which entitle you to expand the reach of your campaigns  

Are you considering implementing a retargeting campaign?  

While retargeting holds immense potential, it's essential to approach it with care. Audiences can sometimes find retargeting ads intrusive if not properly managed. To mitigate this, ensure your campaigns are well-timed and your ads are crafted to resonate with users' interests and needs, and the best part is we are experts in retargeting!  

At Lean Marketing, our team maximizes opportunities for better results. We work with highly trained professionals in these optimization techniques for your paid campaigns which will make your products sell more efficiently.

Take advantage of all your sales opportunities and let your customers cool off. Let us advise you on the adventure of Digital Marketing. Contact us today!