The Digital Marketing industry in India is growing at an almost a 33 % rate and is expected to exceed the 255 billion mark. Currently, there are more than 500 million internet users in India and the number is expected to surpass 800 million by 2021. It is expected to produce more than 20 lakh jobs in India. Let’s understand what is remarketing and the benefits of remarketing.
Digital marketing services are expanding and the number of internet users is increasing even as you read this. Customers are hooked to their mobile devices and check their phones every 9.6 minutes. With so many users relying on the internet for accessing news, information about the products, buying the products, selling the products or for leisure time, today having a digital presence has become critical for any brand or a company.
The internet audience, today, is much more diverse than it ever was and the graph will only keep widening instead of narrowing. Hence, it is important to target the right market and reach the right customers. But, with an increase in the number of internet users, it has become difficult to maintain loyal customers online. Digital marketing trends have been expanding ever since, to reach the right customer at the right time. And one such tactical practice followed in the world of digital marketing is ‘Remarketing’.
What Is Remarketing?
Every action that a user takes digitally is tracked. In a layman’s language, the term used can be as simple as stalking. Yes, that’s right. A user is stalked by a company, and the websites and platforms he visits are tracked.
Remarketing is basically re-targeting your customers, who have previously digitally interacted with you or visited your website. If you have visited a particular company’s website, it then traces your online action and accordingly places ads on the websites and platforms you visit.
There has been a 70% increase in the conversion rate with remarketing tactics and every 3 out of 5 customers reconsider the product when the product is remarketed to them. Remarketing ad clicks are usually 10x higher than the usual ad clicks.
Offline marketing can not be like a fish market where you can yell the lowest price of your product and drive customers to you. However, you can subtly do this in online marketing.
For instance, If Gold’s Gym wants to target people who are visiting Cult in an offline scenario, it will not be possible. But the same is possible online. When people are searching for Gold’s Gym offer or deals, Cult can remarket their offer or deal to the same customer.
Image Credit – Google
How Does Remarketing Work?
Now, if you’re questioning how can they do it without the user’s permission, well, think about it again. When there is a pop up with two options ‘accept’ and ‘decline’, which is displayed on a website when you visit it and you select accept, you permit them.
So, yes, you allow the website to track your online activities. Well, it might be a little off from a user’s point of view. But, it is the most beneficial wand for a company or a brand to reach its customers.
Image Credit – Google
The Benefits of Remarketing?
1. It helps generate leads
The ideal conversion rate of a website visitor is approx 2% only. Remarketing helps to target the other 98% of visitors who could be potential buyers for your product or service. It increases lead generation and thus increases the consumers.
For instance, if a person has visited a particular product on your page and then left without taking any action; remarketing tactics will pull the customer back to your page. It will propel the customer to take the next action that is adding the product to the cart or taking the final action by making a purchase.
2. It increases brand recalls
Today, the market and the number of brands present online are diverse. Remarketing helps to create a brand recall. Remarketing ads drive customers’ attention to the website’s content. Customers tend to get lost amidst the diverse product range and information available online and remarketing ad reminds them of their previous interaction with the brand.
3. It improves the relevancy of ads
Remarketing helps to target the customer based on his interest level. For instance, if a customer has visited the Adidas website for sports shoes in the past and is later visiting the Nike website; the remarketing tactic will display Nike’s ad regarding sports shoes to grab the customer’s interest. If the ad here has an offer detail that is beneficial for the customer, then there you go. Nike will benefit from driving that particular customer to its website, which might result in a purchase.
4. It saves cost
Since remarketing helps you target customers who have already shown some interest in your product offering or service, it helps you directly reach potential customers. It saves your time and energy in identifying new customers who might or might not be interested in your offering. It thus saves your cost and helps you spend less money to get the desired results.
5. It attracts your competitor’s customers
It sounds interesting, isn’t it? Yes, Remarketing helps you attract your competitor’s customers as it pops your ads on similar websites. Thus, making it easy for companies or brands to target their competitor’s customers. So, be happy stealing your rival’s customers with this tactic.
To listen to him, you can view his talk here: