- Only 2% of website visitors convert on the first visit.
- People who view retargeting ads are 70% more likely to cover up.
Yes, retargeting works. Retargeting provides the ability to connect with customers, interact with prospects who have already shown interest in your brand, products or services, generate more revenue, improve conversion rates and maximize the ROI of your digital marketing program.
How can marketers use retargeting holistically to amplify their overall marketing strategy?
To help answer this question, Ascend2 and SharpSpring Announcements (formerly Perfect Audience) aligned The 2021 survey on retargeting prospects in April 2021. The 176 marketing professionals surveyed retargeting budgets greater than $ 2,000 per month. here is a link to report. The report provides breakdowns for B2B marketers, B2C marketers, enterprises, SMEs, management perspective, and more.
Here are some startling statistics from retargeting research:
- B2C Marketing ‘ the two main retargeting challenges are advertising fraud (43%) and attribution (37%).
- B2B Marketing ” the two main retargeting challenges are resources (38%) and brand image (36%).
- Primary consideration of leaders when evaluating a new retargeting solution is customer service (54%).
- 83% of marketers rate their retargeting technology quarterly or monthly.
- Only 27% of marketers are extremely satisfied with their ability to determine ROI of their retargeting program.
- 77% of marketers are concerned about ad fraud.
- 88% of marketers are use AI to optimize their retargeting programs or plan to do so in the coming year.
- 88% of marketers say having a single view of attribution is important.
Here’s a more in-depth look at the research study:
1. The most successful retargeting professionals evaluate their technology more frequently.
Finding the right technology is essential for success. 83% of marketers evaluate their retargeting technology quarterly or monthly.
Why the obsession with evaluating retargeting technology?
One idea is that most marketers, 77% to be exact, use retargeting as part of their Facebook and Instagram advertising strategy.
69% of them use retargeting as part of their Google advertising strategy.
When marketers start retargeting, it makes sense to use the retargeting features within the Facebook and Google platforms. But as your program grows, it’s difficult to have a single view of attribution when using multiple platforms. Testing retargeting platforms is a logical step in getting a single view of attribution. Plus, changing your retargeting platform isn’t a complicated process like changing your marketing automation platform or email service provider.
Bottom Line: Don’t be afraid to test and change your retargeting platform. A small improvement in performance can dramatically improve your return on investment.
2. Only 27% of marketers are extremely happy with their ability to determine the ROI of their retargeting program.
Measurement and attribution matter. It’s time to improve the ability to determine ROI. It starts when you can see the ROI of each ad, so you know which ones to stop, which to continue, and which to give another chance.
Having a holistic view allows you to see ROI from a single dashboard, make better decisions, and make those decisions quickly. 2020 has taught everyone the need for speed!
3. Unique view attribution is essential for 88% of marketers.
Coming in # 1, 88% of marketers say it’s important to have a unique view of attribution. “A person with a watch always knows what time it is. A person with two watches is never sure. This saying sums up the market’s frustration with attribution.
How can Facebook, Google, and others all claim credit for a conversion? Marketers want and need a single view of attribution to make better decisions.
Coming in second, 77% of marketers are concerned about ad fraud.
How do you minimize ad fraud?
Your retargeting platform should constantly monitor advertisements for fraud. Ask your service provider what they regularly do to identify the fraud and eliminate the source before it costs you money.
4. 88% of marketers are using or planning to use AI to optimize their programs.
The age of AI has arrived. 88% of marketers are using AI to optimize their retargeting programs or plan to do so in the coming year. AI is no longer a tool exclusively for businesses; it is now integrated into your retargeting platforms. Ask your service provider how AI is being used to optimize your retargeting program.
- Can you use AI to optimize a specific KPI?
- Can you use AI to optimize your ad and your conversion funnel?
5. Retargeting solutions require better customer support.
47% of marketers see “improving customer service” as the characteristic their retargeting platform should improve on.
What is the most useful type of customer support?
- Email: 57%
- Live Chat: 51%
- Phone call: 48%
The outlook for retargeting is optimistic. Artificial intelligence makes the difference, technology can be frequently reviewed to improve performance, a single view of attribution is possible, high quality customer service is to be expected, and the ability to determine ROI is the key. goal. Download the 2021 retargeting outlook for research-based strategies, tactics and trends for retargeting in the coming year.