Know more about Facebook Retargeting Strategy
What is the first thing that strikes your mind when you hear the word social media marketing? Is it not Facebook? Yes, and we can’t agree more to it.
Facebook’s retargeting strategy is one of a kind and it is a powerhouse of advertising. If brands are not considering running advertising campaigns on Facebook, then we are sure you are missing out on a huge goldmine.
We have compared this to a goldmine because it allows the brands to reach new, existing customer lists and the ones who were interested but couldn’t act upon.
First, let us start with the basics - What is Facebook Retargeting?
Facebook retargeting is a PPC strategy that helps find people who have already visited the website and use that data to create advertising campaigns to target those people and convince them to come back and make a purchase.
You might be wondering, from where do these users could possibly be reconnected from. We will give you a peek into it
- Customers who have shared their emails for subscribing
- Followed Facebook page or made some action like commenting or liking on the page
- Interacted with a Facebook event
- Customers might have watched on-platform videos including ad videos.
- Interacted with the app
- Viewed certain pages of the website or might have taken certain actions on it
- Interacted with Instagram page in some way
With the above-collected information, custom audiences can be created according to their personas and retargeted to connect back to the audiences.
These ads can also help brands to create more complex and well-targeted ad funnels that are more likely to convert.
The question of whether the Facebook retargeting strategy works or not will always arise until it is answered with the right statistics. Let us prove you with the stats now.
- Website visitors who are retargeted with display ads are more likely to convert by 70%
- The click-through rate (CTR) of a retargeted ad is 10x higher than the CTR of a typical display ad
- 44% of consumers say that they would likely become recurrence buyers after a personalized shopping experience with a particular brand.
Now, let us move from “Why”, “Where” and get into “How Facebook Retargeting Strategy will generate better results?”
There is a plethora of Facebook retargeting strategies which are flexible enough to initiate specific and customized goals which explain that additional targeting criteria can be added like age, gender, location, interests, etc.
1. Reminding about abandonment carts: Customers just love adding products to their online shopping carts and leave them abruptly. We don’t blame them for that, as we should respect whatever they do, but it is okay to remind them about the items that they have left in the cart. This strategy is executed by offering coupon codes, free samples, introductory offers, discounts, or free shipping. By using the retargeting campaigns, there are high chances of converting a solid chunk of those abandoned carts and bringing out potential sales.
2. Reaching out lost customers: There are customers who not just leave the shopping carts, but there are customers who might have drifted off by visiting a few product pages and didn’t put the items in the cart. There could be many reasons for this, as the customers might be looking out for other versions of the same product. So, the strategy of reaching out to lost customers can be done by targeting the users who clicked specific products but were not ready to get converted. Another strategy that can also be used is linked retargeting, where it allows retargeting ads to the ones who have interacted with a product link on social media. This retargeting strategy keeps the product and the brand fresh in the minds of the audience.
3. Motivating customers with incentives: Who doesn’t love incentives and customers just love it when they receive it from the brands that they want to purchase from. These visitors are ripe for retargeting on Facebook and are offered free trials or special incentives like limited-time discounts on popular products to keep them engaged.
4. Creating sales funnel: People are not going to get converted the first time they see an advertisement. This is not something to get disappointed off, but instead, there are ways to slowly get these people converted into customers.
Facebook ads can be created by setting up a sales funnel where it can be started by creating a Facebook ad with brand awareness. This will introduce the brand as well the product to the audience in the first place and then retargeting ads can be created for the customers who have engaged with the previous ad and focus on converting them with top priority.
5. Follow-up ads: Sequencing of ads is required for brands to do, as this will let them follow up with the customers and let them get enough exposure to the brand before taking them to the next stage. This retargeting ad strategy will work by looking at the website traffic and setting up a specific time on each individual in a sequence of ads and with different timelines.
Coming to an end, we would say that Facebook’s retargeting strategy is basically about yielding high engagement and a high conversion rate. This incredible strategy is mostly for the cold audience, where the ad campaign can be refined only for the relevant users, lookalike audiences so that redundancies can be reduced.