Retargeting – when online targeted advertising is delivered to consumers based on previous Internet actions that did not result in a past conversion – has become more importunate (persistent) as we continue to increasingly use the Internet to shop, order food, book travel, monitor the news or for pretty much anything you want to do without leaving the house.
It is also becoming more widely used within the advertising arena. With so many similar brands in the market it is hard to differentiation yourself from the other guy, and this form of remarketing can help to successfully convert those lost opportunities.
Oddly enough, after reading Learmonth’s post I was having dinner with my friend Nancy who was “weirded out” by a similiar experience. Ever since she booked a room at Loews Hotel ads for the hotel began appearing on every website that she visited. She is a sales trader so PPC (pay-per-click), Twitter, retargeting, and cookies are not really in her vocabulary. So I thought it would be interesting to research if retargeting is as effective as marketing and advertising professionals believe and how it actually works.
According to Criteo, a company that specializes in scalable personalized retargeting, more than 90 percent of website visitors leave before converting (i.e., making a purchase, downloading a white paper, etc.) Other research has shown that it can take at least seven follow-up emails or phone calls with prospects to actual convert them to a sale. If we are only tracking those visitors that convert on our physical websites, we are simply losing out on a possible sale down the road. Websites these days are optimized for search and have the technology to place cookies on each visitor’s computers to measure the site’s true audience size, but that is only capturing IP addresses most of the time. Then they have us, until we remove all our cookies and empty our cache.
So how do these retargeting customized ads work? When a prospect/client browses your website they become tagged with a snippet of code, which tracks which products they have shown interest in. When they leave the website and begin visiting other pages that’s when the retargeting begins. Banner ads customized to their search on your site start appearing on sites all over the web, from news, social networks, blogs, etc.
Companies that are using retargeting firms, such as Fetchback, in their marketing strategy have seen a 592 percent increase in ROI and conversions up by 94 percent. There are many other benefits to this form of behavioral marketing. It helps streamline all of your campaigns and the frequency of the ads helps keep your brand on the top of prospects minds. (Most services have an integrated feature that allows you to place a limit on the frequency at which the ads appear, so you don’t bomb your potential clients and “creep” them out because everywhere they go they see you.)
Plus, your ads are not static on a particular site related to your industry, which usually does not yield a lot of traffic because that market is already saturated and are either already your clients or know who you are. With retargeting your ads you are only reengaging with new prospects that have already shown interest in your brand; you can focus on what their needs are and manage your ROI.
In short, retargeting helps build your brand and online presence, while increasing the chances of reengaging your audience. It is not going to convert all on its own and has to be used with traditional marketing tactics to be effective. So don’t eliminate your current strategies. It is also important to measure the effectiveness of your retargeting campaigns, ensuring it is worth the investment and that your conversion rates are higher.
This article from Inc. Magazine highlights a retargeting success story involving Scottevest and its partnership with firm AdRoll.
There is one downside to the growing popularity for converting leads more efficiently via retargeting and that is the possibility that people may have the choice to opt-out (a do not call list for the Internet) of all behavioral targeting ads. What does that do for brands that are following the rules and not hunting down prospects on the web? We lose the opportunity to generate qualified leads for our sales team and revenue for the company. If you do use retargeting make sure you limit your reach frequency because when people begin to feel harassed and stalked by brands they will opt-out; I would.
Is your organization taking on the strategy of retargeting advertising? If so, how successful have you been with campaigns and reengaging lost prospects? Do you think we should have the right to opt-out of all behavioral targeting ad campaigns or just the irritating ones? Please share your thoughts and ideas with me and the BurrellesLuceFresh Ideas readers.
Early on in my career I received a phone call from a client who began the conversation with, “Hey Valerie, I want to introduce you to a friend of mine…”
I very much enjoyed and respected this client and was thrilled that he wanted to introduce me to his friend. In my mind I fantasized about his intentions. Perhaps we would all go out for dinner, or maybe he was setting me up on a date… my thoughts were interrupted by the words “director of corporate communications” and “in charge of media monitoring.” My heart began to pound as I realized what was happening. I was getting my first referral!
Today I regularly receive such phone calls, but the thrill has yet to go away. While referrals add up to quantitative results of your efforts to build relationships, they also offer bona fide proof that your relationship is one of trust and confidence (Cue Sally Fields, “They like me, they really like me!!!)
In order to earn new business, you’ll need to invest both time and resources and maximize your opportunities in the most efficient manner. Below are 5 steps to help you become more strategic in your relationship building and increase the number of referrals you receive:
1. Perform a SWOT analysis. Identify your own strengths, weaknesses, opportunities and threats and thenclearly identify the organizations you are targeting. As you consider different prospects and prospect categories, evaluate the customer needs against your analysis. Brad Douglas, vice president of sales and marketing with Shipley Associates, offers some excellent considerations to help you better assess your opportunities for targeting the right customers.
2. Determine the influencers you need to reach. As mentioned in this post from the Harvard Business Review, you may think you know the decision maker, “the one that is described in the RFP or articulated by those who actively participate in the formal decision-making process.” However, there are often key influencers within the organization who carry informal power as it relates to your opportunity. Take the time to uncover and develop those relationships.
3. Utilize ALL of your current relationships. While most organizations have a sales team or business development group, I am a firm believer that everyone in an organization, regardless of title or department, should consider themselves a member of the sales team. If you are proud of your organization and even if you are not (though you may want to ask yourself why are you working there?), it is your responsibility to help your company grow. Communication and collaboration between the sales team and other departments is essential. Beyond your organization, consider your vendors, partners and affiliates, clients, industry contacts, and even personal networks. If you aren’t actively using LinkedIn it is a great place to start organizing and expanding your network.
4. Ask for the referral! It is interesting that many people shy away from asking for a referral when they need/want it. Consider what’s stopping you. Are you afraid of creating an uncomfortable or potentially annoying situation? If yes, then that is good because it means you are thinking about and potentially being considerate of the person you wish to ask. And that is what distinguishes a “pushy salesman” from a friend you want to help. So be professional to and respectful of the person you are asking, their relationship, and their reputation. But don’t let that stop you from asking. After all, if you have real relationships, qualified targets, and a product/service you believe in, the person you’re asking should have no issue referring you and the person you’re introduced to will soon be thanking your friend for making the introduction.
5. Beyond ABC’s… ABH. While I certainly understand and appreciate the need to “Always Be Closing,” my personal philosophy is to “Always Be Helping.” In sales, and perhaps maybe in life, your reputation is everything. So be the person you want to be perceived to be – whether or not it meets an immediate business goal. In this case, that person is one who is helpful and informative and acutely aware of the needs and goals of his/her clients, prospects, colleagues, friends and family. In other words, take every opportunity to add real value and help them achieve their goals.
How are you making the most of one of your most precious resources – your relationship with others? Do you find it easy to ask for referrals and network when needed? What tips would you add to the list? If you are having trouble, what do you think is holding you back? Please share your thoughts with me and the readers of BurrellesLuce Fresh Ideas.
August in Washington, D.C., where I work, exemplifies the “dog-days” of summer. Congress recesses and it seems everyone else does, too. The slightly slower pace allows us time to reflect on the first half of the year, and make plans for the last two quarters.
“Third and Fourth Quarters Will Define PR Recovery” headlined a recent PR Week article. To summarize: Just because there was an upswing in the first two quarters of the year, does not mean the industry has truly emerged from the downturn.
So how can you help your organization emerge successfully?
1. Efficiency is a term thrown-around a lot, but it is still an important concept to PR that few have mastered. One friend, who works at a Fortune 500 company, said she wrote down everything she did for a few days. She was shocked to see she was not as good at multi-tasking as she thought. Her advice was to try to focus on completing a project before you look at the next email or tweet. This mirrors a similar idea expressed in a recent BurrellesLuce Fresh Ideas post by my colleague Colleen Flood, who attended the PRSA Counselors Academy back in May and learned that people can only do one thing at a time, as our brains haven’t yet involved to truly multi-task.
2. Mary Fletcher-Jones, Fletcher Prince, said via LinkedIn, that she plans to review clients who came on, clients who left, and what they purchased. I plan to do some of this same reflection and I think it is good for public relations, sales, and client service professionals to incorporate this practice on a regular basis.
Here are some other ideas for your August refection time:
Review budgets for the rest of 2010 and start on the 2011 budget.
Look at your PR/marketing plan, and decide if you need to make some mid-year changes.
Take time to read industry blogs and articles. What new tactics can you learn and put to use?
If you find you don’t have time for good refection, you might need to review your staffing needs. Do you need to hire someone to help with new projects/campaigns?
Set some new personal goals for the rest of the year. A life coach once suggested posting your main personal goals where you see them often, like on a Post-it note on your desk.
Do you have other suggestions for a mid-year review? Please share some of your insights. How are you working to help your organization emerge from the recession?
PATRICE TANAKA: I’m Patrice Tanaka, co-chair and chief creative officer of CRT/tanaka.
BURKE: Patrice, at your agency you have some world-renowned talent. What are some of the challenges that you’re facing in the PR and media relations industry as far as some of the area of expertise that you have?
TANAKA: Well, because our agency is–has really kind of developed beyond just media relations, many of our assignments are integrated communications assignments that involve, yes, media relations. And by media relations, I mean traditional and social media. So that in and of itself is a much bigger territory for an agency to cover. But beyond that, we also get involved in branding work, we get involved in advertising sometimes for clients, we get involved in event marketing and even trade support programs. So every assignment that we take on is very different in terms of its scope, including the scope of the media relations that we do for clients.
BURKE: It is a whole new landscape out there that we are all struggling with, for sure. But where can people find you in social media?
TANAKA: Well, you can find me on LinkedIn, Facebook and Twitter. That’s about–and I’m on Foursquare now, though I’m not really that active. I’m not a mayor of anything yet.
BURKE: Lots of territory they can still stalk you, then. Patrice, thank you so much for making time today.
brands in the market it is hard to differentiation yourself from the other guy, and this form of remarketing can help to successfully convert those lost opportunities.
referrals add up to quantitative results of your efforts to build relationships, they also offer bona fide proof that your relationship is one of trust and confidence (Cue Sally Fields, “They like me, they really like me!!!)
To summarize: Just because there was an upswing in the first two quarters of the year, does not mean the industry has truly emerged from the downturn.
