Remarketing: the most obvious way to increase ROI?
As April arrives, it is always accompanied by the first warm weather of spring and a number of bank holidays.
As the rays of sunshine creep through, the office is looking slightly more empty than normal as people take extended weekends, and this led me to think about ways that email marketers can be more efficient in their promotions, and enjoy their bank holidays more.
It reminded me about remarketing and the opportunities it presents to email marketers.
Put simply, remarketing is when marketers target contacts again after they have started a key action, but not completed it.
It is basically targeting the traditional 'wastage' that happens when you have a conversion rate of less than 100%.
When looking at an e-commerce site, this could be people who abandon their carts.
For an insurance company, this could be people who start completing a quotation request form, and then give up half way through.
This waste can be down to a number of reasons, many outside marketers' control - an urgent phone call, time for tea and a host of other distractions.
Perhaps the most serious of these is when the site fails, and remarketing allows you to send apology customer service messages to prevent negative brand perception.
It also gives you that "second bite of the cherry” to drive incremental revenue.
When you do some quick maths, it’s obvious what a huge opportunity this is. If you have a 5% click through rate and a 20% conversion rate on your site that means for every five people that click through only one is converting.
Therefore, targeting the other four who have shown a clear interest with persuasive communications will increase the conversion rate and revenue significantly.
Technically, setting up a remarketing program is fairly simple, if you are working with any of the leading UK based ESPs.
With a little bit of tracking code similar to Google Analytics, the ‘sakes funnel’ or every stage on your web site can be tracked and target segments built for your promotions.
The trick is very much making those follow up promotions relevant and effective.
I don’t know about you, but if I could double my conversion rates, I’d be creating fewer campaigns, reduced unsubscribe rates and be able to enjoy my bank holidays even more….