Ever need a little nudge to get something done? Whether you use to do lists, phone reminders, post-it notes, or that helpful reminder from your spouse, sometimes we need a little reminder.
The same is true when it comes to marketing. We market to our prospects or customers with the most exciting offer we can think of and yet…nothing. They take no action. They don’t click or engage whatsoever. Is anyone even there?
Yes! Someone is at the other end but they need a little nudge – and that’s where retargeting comes into play.
Consider this: generally, less than 2% of shoppers buy something on their first visit to your website or online store. Retargeting can help you convert the remaining 98%.
Done right, and you can see 60% higher CTR and cost-per-click than your traditional advertising.
What is social media retargeting?
Chances are, you’ve been retargeted to! You’re browsing a website – let’s say a shoe company. You check out a few pages, maybe even add a pair of shoes to your cart but don’t actually purchase. For whatever reason, you weren’t convinced enough that it was the right purchase for you. The next day you see ads popping up on the websites you normally browse (news sites, Facebook etc.) for that same shoe company (and if they’re good at it, that exact pair of shoes you didn’t purchase yet).
That’s how brands use retargeting to convert prospects into customers and convince them to complete a sale.
But in my experience, you can use retargeting in a slightly different way. The principles are the same – you are trying to target the individuals who are already part of your email list, visitors of your website or similar audience but on the channels they’re already using – like Facebook, Instagram or LinkedIn.
In one of my previous posts, I wrote about how I revamped the marketing strategy for Etsy Marketing Tool (EMT), a marketing automation tool for Etsy sellers, to increase signups by 270%. One of the things I didn’t mention was how we used social media retargeting to boost click-through-rates (CTR) and reduce our cost per click.
How social media retargeting can boost your metrics by 60%
With EMT, we had tried traditional social media marketing campaigns on Facebook. We chose the demographic that best fit our needs and ran a few Facebook ads to target this generic audience. Unfortunately, we saw really high cost-per-click rates and low CTR.
Then, we shifted focus to instead target a very specific audience using social media retargeting. We already had a list of over 10,000 active Etsy sellers and uploaded it to Facebook’s advertising platform as a “custom audience.” With Facebook’s matching tools, we were able to run our campaign to 10,000 potential clients rather than the generic demographic that we were targeting before.
By targeting a more specific audience, and using educational content in the advertising, we improved our cost-per-click and CTR by over 60% compared to industry averages.
How to get social media retargeting to work
Here are a few tips to make social media retargeting more effective:
- Focus on a very specific niche – we used a custom audience to segment our message to. By targeting a specific niche, you can see much more ROI
- Use educational content rather than a traditional ad – our customized Facebook campaign linked to educational videos on Etsy selling rather than a call-to-action to get Etsy marketing automation software (SaaS)
- The more data, the better – since Facebook’s custom audience allows you to match to their existing social profiles, the more data you have, the better. I recommend over 10 data types (email, name, phone number etc.)
There’s a lot of people who say social media marketing is dead. Sure, it can be difficult to reap benefits from it, considering social media channels constantly change their algorithms and restrict how much of a business’ content can appear in their users’ newsfeeds.
But done well, it can reap a huge ROI. When you try social media retargeting, you make the most of social media and the amount of information that social channels like Facebook have on their users. It not only boosts brand awareness and keeps your company top of mind, it can result in a much bigger return on clicks like it did for us.
A little nudge that goes a long way.