BY AARON GREGERSON
By: Aaron Gregerson, Chief Digital Officer, MarketMatch
If you were to ask an internet-savvy consumer directly, you might get the impression that remarketing will hurt your campaign’s potential. After all, “Banner ads don’t work.” However, when asking digital marketing experts, every one of them will whole-heartedly tell you, without a doubt, that remarketing works. Remarketing is one of the most efficient and effective tools that digital marketers have in their tool kits to generate brand awareness and reinforce product marketing.
By the Numbers
According to CMO.com, not only does remarketing work, but most consumers, who like the idea of ads being directly targeted at them, also see it as a positive thing.
- 30% of consumers have a positive or very positive reaction to retargeted (remarketed) ads.
- Only 11% of consumers feel negatively about remarketed ads.
- Remarketing can boost ad response by up to 400%.
- Remarketing ads tend to enjoy higher average click-through rates than their banner ad counterparts.
The fact of the matter is that the representation of products and site visits in remarketing ads changes consumer behavior. As marketers, there is an understanding that message repetition and frequency is key to successfully converting a new consumer to your product or brand. Remarketing is the digital equivalent of being able to run a national television ad campaign during the Super Bowl – without the enormous cost tied to running those spots. What’s more, the audience is highly targeted.
In financial services, remarketing is even more critical to success than in the Amazon or Zappos retail world. Financial consumers will take longer to consider a decision before becoming a new member or purchasing a new financial product. Therefore, repetition and recall are the foundations of a dialogue that eventually brings that consumer back to your credit union.
Strategizing Your Remarketing
Your credit union’s remarketing, similar toyour entire digital plan, also needs a strategy. Remarketing strategy has the ability to be as simple or as complex as your credit union needs. In the past, it was perfectly acceptable to create one remarketing campaign based on total site views. But today’s consumers desire a more personal touch. As digital marketers, there is a need to create personalized marketing experiences in order to generate more conversions.
This means more refined remarketing techniques.
Remarketing works by giving you the ability to track your credit union website visitors.The visitor of your site, by way of having a tracking cookie placed on their web browsers or device, can then be tagged for remarketing. Those cookies correspond to remarketing code and serve up the relevant advertisements when your website visitor then goes on to visit other websites or social media.
If you have ever shopped on sites such as Amazon or Zappos, you are likely to have experienced remarketing first-hand. Both of those online retailers have a strong remarketing strategy. As online-only retailers, they have to. Not only does Amazon and Zappos, for example, remarket to you in order to pull you back to their websites, but they also remarket the specific products that you were looking at while on their site.
Categorizing Your Remarketing
Your credit union can take the same concept and scale it appropriately to develop a remarketing strategy that is relevant to your website visitors. Creating a remarketing strategy like this allows the credit union to present the most relevant ad possible to the visitors of specific pages on your website.
For example, if someone visits your Checking Accounts page, they should begin to see remarketing ads for your checking account when they use other sites or social media. If you integrate the rates of credit union accounts within product pages, and they scrolled to that viewing area, visitors can then be served ads relating to the rate on the account.
Typically, remarketing strategy is categorized into one of three executable options. There are then sub-strategies within each category to ensure relevant and accurate ad placement. The categories of remarketing strategy correspond to the marketing buyer’s journey. For simplicity, the journey will be kept to a four-step process of Awareness, Consideration, Conversion and New Member by which people come to your credit union.
This remarketing strategy is used primarily in the “Awareness” phase of the buyer’s journey. Visitors are tagged for remarketing when entering through a landing page separate from your website or with a global site tag for use in large rebranding/brand awareness campaigns. This strategy requires fewer specific ads to be created and is targeted at gaining returning visitors of the page or site. Broad remarketing:
- Generates awareness through broad placement of remarketing ads.
- Is helpful in brand recall and recognition.
- Is typically a pay-for-impression (or view) campaign.
This type of remarketing strategy is typically used in the “Consideration” phase of the buyer’s journey. Users enter your website or landing page through either organic searches or referral links from emails, inter-site content or other websites. From there, the visitor views a specific page (or pages) on your site. Remarketing ads are triggered based on the pages visited, content seen, or products viewed. Path remarketing:
- Creates a customized, relevant approach to remarketing ads.
- Is helpful in consumer recall for specific products.
- Helps in completing call to action elements.
This remarketing strategy is typically used at the end of the “Consideration” phase of the buyer’s journey to move the user toward “Conversion.”Visitors typically enter a page on your website or a landing page through organic searches or paid advertisements. Within that page, there is at least one call to action element that is left uncompleted. The call to action can be anything ranging from an application link click or filling out a form. If there is more than one call to action on the page, each can coordinate to remarketing ads that will be relevant. The remarketing ads target the visitor to bring them back to the page and get a conversion on the call to action. Non-complete remarketing:
- Is targeted at specific actions not taken.
- Is helpful when reaching consumers at the end of the buyer’s journey.
- Is typically a pay-per-click campaign.
These remarketing strategies typically work in conjunction with one another, fueling the credit union digital marketing engine that converts mere website visitors into new members.Campaign objectives and the overall measurement of ROI will fuel which strategy you are likely to move on first. The key is to understand which tactic belongs where and ensure that visitors are remarketed in a relevant way.
It is important to remember that a good remarketing strategy cannot stand on its own without a great digital marketing strategy base to build from. Often an afterthought, remarketing needs to be at the forefront of the credit union digital campaign development. With proven success in driving conversions, it is a critical component to the success of the brand’s digital marketing.
Aaron Gregerson is the Chief Digital Officerfor MarketMatch, a full-service marketing consulting firm that provides energizing expertise, ideas and strategic marketing thinking for credit unions. Aaron brings over 12 years of financial marketing and business development experience to the industry. Aaron focuses on digital marketing, strategic planning and promotion, branding and market segmentation with his clients to help grow credit unions in meaningful ways.