You’ve probably heard about the term retargeting. With Facebook ads it’s the best tool in any media buyers arsenal.
What Are The Benefits for Retargeting Campaigns?
Well let me tell you. Successful retargeting campaigns are the campaigns that usually run the most stable and predictable if you set it up right. This funnel allows you to retarget customers based on their behaviour on your website, which is great news because you have very focused audiences with intent if your prospecting audiences were done right.
The secret to having a great retargeting campaign starts at the top, making sure your exclusions are done right and that you are targeting the right audiences. When you have this under control you will see stable returns from your retargeting campaigns.
Who Can You Retarget?
The benefits of retargeting campaigns is that you add an extra contact point for a potential customer that either came in from your prospecting campaign or just old fashioned organic traffic. But for some reason they did not purchase your product and here’s where the importance of retargeting campaigns kick in.
Retargeting campaigns help you set up focused audiences based on specific events fired from your Facebook pixel on your website allowing you to create very focused audiences based on their behaviour on your website. This can be everything from the time they spent on the website to specific events such as add to cart and initiate checkout.
When you really go in depth you can create audiences based on each product using the URL’s or content ID’s and build audiences based on specific pixel events to allow you to have quality audiences and helps drive your average CPA down and your ROAs up at the end of the day.
But Do You Know How to Set Up a Retargeting Campaign?
There are 4 factors that you need to consider when setting up your retargeting campaigns.
1. Make sure that your exclusions from the Top Funnel down to your bottom funnel are based on your product research, knowledge and how frequently your customers need to visit your website.
For example, ask yourself how often do they need to buy your product. Is it something that they purchase every month or once a year?
This will give you a clear indication of how far back in the timeline you need to retarget your customers.
2. Consumer behaviour with your product is a large factor, this is almost the same, but this is based on how impulsive your product purchase is.
If it’s a high ticket item, potential customers might need a little more time before they make their purchase decision. Retargeting those customers over a longer period might work better than retargeting them within a day.
For impulsive purchases, consumers might need only one day to a week to make the purchase decision before they lose interest. This is something you can only learn through testing different retargeting periods.
3. Frequency, even though you have a better appreciation for ads than normal consumers, we are all still consumers at the end of the day.
There are times when you keep seeing the same ad and completely ignore it after a certain period, or even go as far to hide the ad.
Monitoring the frequency of your ad in retargeting is very important since you don’t want your brand to be associated with those mobile game ads you can’t get rid of. Making sure that you have retargeting specific ad creatives and copies. Utilizing creatives just for retargeting is important.
Here we’ve seen customers react better to product reviews for example since they have already seen the product and interacted with your website. This provides them with a feedback loop and also factors in the across the funnels they don’t see the same ad that they saw with the prospecting campaign.
4. Budget is the most important factor and this is where many retargeting campaigns fail.
When your retargeting campaign is running successfully it is easy to get too excited and start increasing budget. The only problem is that when your retargeting budget is too high, it will run out of juice fast and you will see the performance drop significantly.
It is important to keep a good ratio between your budget for your prospecting campaigns and your retargeting campaigns. It allows the prospecting funnel to continuously seed the retargeting campaign at a stable pace, where you will reach a point where you will never have to touch the campaign while maintaining stable performance.
Successful retargeting campaigns depend solely on how you set up your whole account.
It is meant to compliment your prospecting campaigns and doing it just right means that you have less work to do and focus on acquiring new customers.
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And that’s a wrap!
I’m Quintin, Media Buyer at DimNiko