Remarketing is all about retaining your existing customers! Most businesses solely focus on working to acquire new customers whenever they are selling a service or a product. They don’t pay heed to formulate new ways to retain the customers that already exist.
But, previous data show that while the possibility that your product will be sold is just 5% to 20 % when you are selling it a new customer, the selling rate ranges between 60 % to 70% when sold to an existing customer.
Remarketing to Retain Existing Customers
In addition to being advantageous, retaining the existing customers is way cheaper. Even if you are low on budget, you don’t have to panic. Customer Retention is the new favorite in the field of Digital Marketing.
Here are some ways of Remarketing a business can apply and multiply its sales and revenue to a considerably high level. Read Below…..
Remarketing when Launching a Product
It’s quite challenging to launch a new product because then you are skeptical about whether it’s going to work or not.
Remarketing can be quite helpful in assuring that your new product launch is going to be a big hit among your existing customers.
Targeting the existing customers will make sure that they are going to check out your product. Some of which may turn into buying the product if that intrigues them.
You can do it by segmenting the existing customers and placing them into a separate category. And, then categorize them further as per their choices and preferences. This will make it easy to target your audience whenever there is a new launch.
Remarketing and Segmenting in that way will assure you with respect to adding to the revenue of the company.
Remarketing During Festival Seasonal Sales
Particularly during the festive and seasonal sales, the sales figures grow exponentially when it comes to online shopping or e-commerce stores.
This form of remarketing is an effective method as it helps in many possible ways. By targeting those customers who have bought something from your website previously will not only increase the chances of increasing your sales, but it will also make sure that you are not bothering them even they are interested.
You should make sure that the process starts a week or so before! It’s not going to work if you are advertising your product on the very day. This will further come up with buffer time to these customers would further make your product famous among their friends.
Work on Reducing the Final Stage Drop Off Rate
Upon analyzing sales pattern and everything you will realize that a large number of the customers have dropped off at the last stage. This is called “shopping cart abandonment rate”!
Data show that the Final Stage Drop Off Rate varies from 60% to 80% for e-commerce shops! You already know that the lower the shopping cart abandonment rate will be the more productive your business is considered.
Studying the probable causes of the increased rate of abandoning the shopping cart at the last stage is an important part of Digital Marketing. It may be your customer just noticed that the product cost is increased at the final stage
Here, comes in the picture concept of remarketing! You can increase your sale if you are successfully able to woo them to buy your product.
The perfect solution to this is, “showing up customized ads”! Design your ad in a way that it is a reminder to the customer that they still need to place their order. This is an important way of working on the conversion rate.
Cross-selling
Cross-selling is an effective tool with respect to retargeting the existing customers, particularly in the e-commerce industry. With cross-selling, you sell another product along with the one the customer has already purchased.
You can design relevant ads to retarget the audience that has recently bought something from your website. With the help of tools like Google’s Remarketing Lists for Search Ads (RLSA), you can engage an audience for 180 products if he has recently bought one.
The best way in this regards is that, if you are cross-selling a product it should be closely related to one it has already purchased.
The other way is to come up with discounts for a regular customer.
Study the behavioral pattern of the customer to target them accordingly.
Dynamic remarketing
Remarketing is taken to another level with dynamic marketing! It’s the process of dynamically showing to your customers’ ads reminding them on placing their order.
With Dynamic marketing, your most relevant product gets pulled from your Center and feeding it based on your customer’s search preferences.
Dynamic marketing can be perfected by using images with your ads.
Increase AOV
There are two important aspects, that is conversion rate and average order value (AOV)! While conversion rate reveals the statistics of the visitors on your website, while AOV is the total estimation of money that it had brought for your business.
AOV is the most phenomenal ways of increasing the revenue to your business! With the help of remarketing and AOV, you can calculate the total revenue generated.
The best way of increasing the Average Order Value is promoting bulk products instead of a single. Promoting products in bulk can have a tremendous effect on your business.
Conclusion
With Remarketing, the chances of your product getting sold increases. It has been found that most of the first-time visitors are not sure of placing an order.
They are sure about it only when they have visited 3-4 times. And, therefore, remarketing is an essential tool of retaining and working on the existing customers.