Ever tried running digital campaigns to give your business a much needed boost on Facebook?
You would have probably already realised that optimizing your campaigns for better results and optimized costs is very important.
Retargeting is that one aspect of advertising on Facebook, that will help you achieve both goals – successful promotion of business and optimized marketing budgets.
What is Facebook retargeting?
Retargeting is a marketing tactic that helps businesses target people from their audience who have previously shown interest in them. Be it them visiting their website before or liking a promoted post previously, this technique targets those who have made an interaction with the business before – as these are people who are more likely to convert.
In this tactic, you analyse your website visitors, use the data to segment them into customer personas and target them with tailored ads on Facebook based on their interest, and type of interaction. This technique is also commonly known as Facebook remarketing in the digital space.
Why should you leverage from Facebook retargeting?
TL DR: Facebook retargeting helps boost conversions and lowers the cost per acquisition.
The biggest advantage of this marketing tactic is that you’re practically using all your marketing budgets to make reach out to people who are interested in your business, or are more likely to be. So every time your advertisement is clicked, you’re 80% getting a sale!
Here’s taking a look at the benefits of using Facebook retargeting for your business:
1. You achieve a lower cost per click
Facebook traffic is known to be less targeted than the search engine traffic. This results in a lower cost per click of Facebook retargeting as compared to retargeting on search engines. On search engines, you rely on what the customer looks for while finding a product or service; on the other hand, on social media it is more of push marketing.
But it is important here to keep in mind the targeting possibilities of Facebook. They can be as general and as granular as you want. Create a hyper targeted audience for your campaign – people who have shown interest in your business before, but not converted. They are the ones who are more likely to click on your advertisement.
But with retargeting too, the thumb rule is to consistently add value to your audience. Personalize your campaign messaging in such a way that they feel they are being addressed – make use of the data you captured on-site as well as social data points.
The higher the relevance of your campaign, the higher the click through rate and engagement, leading to a much lower cost per click.
2. You get a higher conversion rate
With the rising competition, making people who don’t know of your business convert on your digital campaign can be tough. They don’t tend to trust a new name in the market, unless one of their own recommends it or they see others like them engaging with it.
But in retargeting, the digital ads are only targeted at those who do know about your business. These are people who landed on your business website looking for something and went away without converting into a customer.
This could be because they found a better deal on a similar product on some other website or they simply decided to stall the purchase for later. But they are the ones who are more likely to convert with a slight nudge.
Hence, running a retargeting campaign, excluding people who have already converted, can result in a high conversion rate.
3. You can garner social proof
Social proof plays a very important role in the digital market today. People like to interact only with businesses who have had a track record of happy customers. As a matter of fact, most online buyers choose to do 61% of their research on a business – including the ratings and reviews it has received, before engaging with it.
You can use a slightly general retargeting campaign – targeting your existing as well as potential customers. This way most of your existing customers will engage with the ad, leaving positive comments about the product – which serve as the social proof or that little recommendation for all the other potential customers who can see the ad.
The higher the engagement you receive from existing customers, the higher is the conversion rate of the potential ones from your audience.
4. You can boost your market reach
Retargeting campaigns can not just be used to reach out to existing and potential customers, it can be used to reach out to an audience that has similar demographics and online behaviour as them. This helps you tap into Facebook’s vast audience, find your target market easily and expand your reach.
This can be done using the ‘custom audience’ option on Facebook. You can upload the data you have of those people who have visited your website to create a ‘lookalike audience’. This ensures your ad reaches those people too who your targeting could possibly be missing out on.
Over to you
Facebook retargeting can help a business optimize their marketing costs and improve their ROI. But like any other ad campaigns, it is important that the marketer consistently A/B tests these ads, analyses and tracks their results closely in sync with their performance on other digital platforms, and optimizes them for better results. These could be small changes like that of the call-to-action or the copy of the campaign.
While setting and running social campaigns is found to be fairly easy by most marketers, keeping up with the analytics of each is often a challenge. Most digital marketers miss out on real time conversions and other metrics that define the success of their campaign. This is where having a unified analytics and reporting dashboard, as offered by Adalyz, comes in handy.
The tool is nifty for all those marketers who want to track, compare and optimize their marketing campaigns across various social channels without having to switch platforms, or risk missing out on important data points.
So if you think Facebook retargeting ad is the best suited for your next campaign, ensure you have created separate versions of it to cater to different segments in your target audience and have a powerful analytics tool to measure its success closely.
Every marketer should leverage from remarketing and retargeting capabilities of social media. Have you?