Cold calling is not a very efficient method of chasing down leads and pursuing conversions, but for a long period, it was one of the best strategies out there. Fortunately, technology has saved sales professionals from the arduous task of blindly throwing darts at consumers. The Internet has dramatically improved both the quantity and quality of generated leads. Thanks to inbound marketing, some of these leads even generate themselves.
Despite all of these innovations, not every prospect results in a sale — at least not on the first visit. With a little digital persistence, strategies such as retargeting can take a bite out of these missed sales opportunities. By using display ad exchanges and other targeting technology, companies can employ digital sales efforts focused on warm online prospects — those consumers who have demonstrated an awareness and interest in a product, but have yet to commit to a transaction.
A prospect who declined to make a transaction was once considered lost to a business forever. Now, these warm prospects can be tracked across a display network. They can be targeted with continued marketing campaigns to increase brand awareness and, ideally, deliver an eventual sale. Some companies may fear that such practices are impractical or too expensive to justify, but retargeting has proven successful time and again. Read on for some tips on how to maximize your success with these warm prospects.
Employ a Rotation of Retargeting Ads
Because retargeted consumers have already moved down the sales funnel, they're closer to the point-of-conversion and result in higher conversion rates than untargeted ads — as much as 2.5 to 3 times higher, according to Marketing Land. Even so, it's important to understand how these consumers respond to being retargeted. A fatal flaw of many unsuccessful retargeting campaigns is that they don't diversify their approach. The consumer is exposed to the same advertisement again and again to no effect.
Typically one of two things is happening: Either the consumer is annoyed and purposely ignoring the ad, or the repeated content has become so familiar that the consumer is visually tuning it out.
To keep drawing the consumer's attention, it's wise to employ a rotation of ads that focus on different consumer motivations. The same is true if you're using email to retarget warm prospects. Diversity among your retargeting content will help draw attention to your campaign, and different motivations could resonate with individuals.
Close Deals With an Incentive
As Digital Marketing Magazine notes, the strongest call-to-action is a promotional offer. If a consumer stopped just short of a transaction with your brand, she may be very close to making a purchase. Integrating a promotional offer into your retargeted ads could provide just enough incentive to bring the warm prospect back and trigger a conversion.
Not every instance of retargeting will produce a paid customer, but brand awareness is a good consolation prize in these circumstances. Businesses should remember that increased brand visibility can, indirectly, lead to sales down the road. In this way, retargeted consumers represent a huge opportunity to extract some value out of a failed conversion attempt.