5 Key Benefits of Retargeting for Brand Awareness and Sales
What happens to the people who visit your website but never call, email you or fill out a short form?
What about the people that you see “open” your emails in your email campaigns? Why don’t they contact you?
There are many reasons why people don’t take the time to pursue the next step with your company, whether that be requesting a demo if you’re a fintech vendor or contacting you for more information on any other mortgage industry product or service.
They could be comparison shopping, conducting research on a specific topic, casually browsing or maybe they just got distracted.
Whatever the reason, the bottom line is they’re now gone. The first impression you made can be quickly forgotten once they move on.
Retargeting technology gives you the opportunity to make a second, third, fourth impression and more.
In fact, most people either like or have a neutral feeling about seeing an ad reminding them of a search they were conducting. Only about 1 in 10 have a bad impression…and that could well be due to a bad strategy and/or not following some basic best practice guidelines.
What is retargeting?
Everyone reading this post has been retargeted before. For those of you unfamiliar with this term, retargeting is the practice of targeting consumers with online advertising based on their previous online activity.
For example, if you visit the website of a mortgage company, you might later see an ad for that lender while shopping on Wayfair, watching a “how to” video or reading a news story.
This is called “site retargeting.”
Site retargeting is nothing new and many lenders have been using it for years. B2B marketers in the mortgage industry are warming up to it quickly.
How does retargeting technology actually work?
Now, when you load a web page that has ad space for sale on it, in real time the retargeting company will bid on that ad space and serve up the mortgage company’s ad if they have the winning bid.
If you were to click on that ad and revisit the page, fill out a short application and submit it, then the mortgage company’s website would (or should) insert a “burn pixel” in your browser so that you no longer receive their ads. A burn pixel is a snippet of code that will untag you so that you no longer receive ads…one of several best practices associated with retargeting.
Retargeting historically has most often been used, and is highly effective, in selling products with very short sales cycles…like shoes, electronics, furniture and the like.
However, the practice is quickly gaining momentum with B2B and B2C marketers that provide services with much longer sales cycles, like mortgages and technology for mortgage companies.
6 Key Benefits of Leveraging Ad Retargeting whether you’re a B2B or B2C company in the mortgage industry:
- Build brand recognition/recall: Given the longer sales cycle for services and products in the mortgage industry, retargeting can be a great way to stay in front of your prospects, keeping them “warm” while building up awareness of your brand. This awareness will also add lift to other campaign elements offline as well as online. This approach helps build trust in your brand, a lot of which is needed for bigger decisions.
- Second chance to make an impression: As mentioned at the beginning of this article, there are many reasons why people don’t convert (or “bounce” from your site)…maybe they’re not at the right point yet in the buying cycle, they may have gotten distracted by a phone call or something else happening in the office, they might be shopping around or maybe they’re ready to start the purchase process but simply forgot the name of your company. In any of these cases, retargeting is valuable.
Another reason for a site bounce could even be that the visitor didn’t stick around long enough to learn about all of the great features of your product or service. In this case you can retarget this prospect with additional information about the various features of your offering. One of them may strike a chord and encourage them to revisit your site and give your offering deeper consideration!
- Cross-selling opportunities: Many technology companies in the mortgage industry sell more than one type of software that are often complementary to each other. Therefore, after an initial conversion for one product, you may then retarget that same customer with ads for one of your other products or even encourage them to purchase product upgrades.
- Retargeting creates another point of contact: Many of us have heard that it takes 7 or more points of contact to convert a lead, right? Therefore, if your prospect has already been targeted through other campaign activities, then ad retargeting provides another point of contact with your brand. All of these points of contact together serve to enhance brand recall, familiarity and trust.
- Selecting your audience: With typical display advertising, you can’t select who can see your ads. With ad retargeting, you have much more control. Your campaign is set up to only target those who have viewed a specific page or pages on your website. These people are then targeted only with very specific messages relating back to the page(s) they visited.
There are clearly many advantages to retargeting…but this should never be a stand-alone tactic. Retargeting combined with many other communications tactics in a comprehensive strategy will give your brand and conversion rates incredible lift!