88% Of Digital Marketers Employing Retargeting Tactics To Re-engage Users But With Numerous Impending Challenges

Must Read

Apple iPhone 12: Not For India And You Must Not Fall Prey To Apple’s Marketing Machine

The cat is out from the bag, finally! Apple iPhone 12 has launched in the most sophisticated...

Musk Slashes Tesla Car Price Twice in One Week, Served With A Side of His Wacko Humour

Time is witness that Elon Musk and eccentricities come along as a combo package.

Micromax is Back, Sets Eyes On Xiaomi’s Crown

A fallen pioneer, banished from its own motherland by collective foreign forces, has finally roused itself up!

Retargeting has become the hot favorite technique in the online advertisement space to lure in more and more customers and increase the market sales for a particular brand because in general only 2% of shoppers convert on the first visit to an online store and the next 98% have to be brought back by retargeting. Hence Retargeting, also known as remarketing by Google Inc. (NASDAQ:GOOGL), is a form of online advertising that can help keep a brand in front of bounced traffic after they leave its website. Therefore, if an endorser is not using retargeting as a part of digital marketing strategy then probably it is being retargeted by some other brand that is using this methodology.

The Retargeting Trends and Challenges

Despite of this retargeting trend becoming an integral part of the digital marketing world, still many marketers are unfamiliar of its effectiveness. Hence, to understand the state of retargeting amidst the marketers, Marine Software conducted a survey of 233 enterprise marketers and inquired about their retargeting practices and challenges. The report highlighted that in the present moment 88% of marketers are currently employing this tactic to re-engage users who didn’t purchased on their initial visits to their consortium. The rest 12% who haven’t implemented this practice of retargeting attributed the main reasons as poor past performance, poor fit with marketing goals, lack of budget, and privacy/regulatory constraints for keeping it out of their marketing mix. However, over 50% of this group said that they had plans to start retargeting within the following 12 months.

retargeting marketing

The most preferred channel for retargeting deduced in the survey was display followed by search. The popularity of these two mediums can be accounted due to their alignment with Google AdWords retargeting offering through GDN (Global Development Network) and RLSA (Remarketing List for Search Ads).

Advertisements

retargeting channels

89% of marketers who were retargeting, reported of using a combination of Google’s retargeting tools, search retargeting through RLSA, and display retargeting through GDN. However, with Google, Bing, and other major search engines moving to secure search, the opportunities to retarget search queries have abated.

retargeting on Google

Marketers are even focusing on retargeting across multiple channels, but the drawback attached with this phenomenon is that over 50% of such promoters reported having disparate goals for each channel they were retargeting on and according to a recent Econsultancy/Oracle report, only 10% of marketers said that their messaging, execution, and delivery were aligned when performing cross-channel marketing.

Marin Software Chief Marketing Officer Matt Ackley talked about the effectiveness of combining Facebook and display retargeting; “It starts with the premise that the path to conversion is a multi-channel path. It’s not like somebody just uses search. It’s not like someone just goes to Facebook and gives all their information. I think the fact that it is a multi-channel path means that you have to be present when you’re implementing different types of targeting strategies. You have to be present across channels in order to stay top-of-mind.”

Attribution, sufficient list volume, and lack of transparency are ongoing challenges

The most tedious task for the marketers in terms of redirecting is to attribute their performance across various channels. Hence, to get a better idea of how to attribute their performance they can employ lift tests to determine how much lift is attributable to the retargeting campaigns, and what, if any, cannibalization from other marketing efforts.

Also, generating sufficient volume when retargeting through Google RLA’s is another ongoing challenge for the marketers both in quantitative and qualitative aspects which hold true for large brands and advertisers as well. However, list volume in the survey seemed less of an issue on the social and display channels.

Lack of Transparency occupied the third spot in this list of challenges to be faced with redirecting by the advertisers. Transparency can be molded into different senses by different companies, but the common themes basically involve an amalgam of media transparency, performance transparency, and pricing transparency. Most of the above listed spheres are addressable but a number of these issues can be attributed to the misaligned incentives that can possibly come into picture when a particular brand works with a retargeting company who charges on a CPC (Cost Per Click) or CPA (Cost Per Action) basis, while purchasing inventory on a CPM (Cost Per Mille) basis.

Advertisements

Retargeting budgets: Limited but liberal

The retargeting tactic being adopted by almost 90% of marketers now as a digital marketing strategy seems already a prevailing ploy, but in contrast the allocation of budgets for this gambit still makes it seem an experimental stratagem which needs to prove its performance. Almost half of the marketers claimed that they did not have a fixed budget for retargeting. Furthermore, 51% of marketers told that they spent 10% or less of their budget on retargeting.

retargeting monthly budget

On the whole, the substantial competence of retargeting to drive positive ROI has successfully increased its presence in marketing budgets as more than 50% of marketers plan to escalate their retargeting spends across search, social, and display over the next 12 months. In addition to this, the emerging retargeting modes like mobile and video targeting also appear to be propitious opportunities of growth in the following year and it would not be surprising if they gain a large share of retargeting market strategy in the coming times.

3 COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Reliance Jio Set To Blitz The 5G Smartphone Market With Jaw-Dropping Price

Cometh the revolution, cometh Reliance. This time the price of 5G smartphones under the radar of Reliance.

Micromax is Back, Sets Eyes On Xiaomi’s Crown

A fallen pioneer, banished from its own motherland by collective foreign forces, has finally roused itself up! Micromax has...

The Future of The Workplace And Retraining in 2020 And Beyond

The pandemic has upturned businesses, lives, and even the outlook of our future. It has caused millions to lose their jobs, and...

Musk Slashes Tesla Car Price Twice in One Week, Served With A Side of His Wacko Humour

Time is witness that Elon Musk and eccentricities come along as a combo package. Wednesday’s announcement was no different....

Youtube SEO for Business Is An Imperative Skill In The Era Of Internet

The Internet has taken the world by storm ever since its advent. It has revolutionized many processes and industries. The Internet has...

Huawei Plans To Divest Honor And Bid Adieu To Budget Smartphones

Looks like Huawei is trying to follow the same path ByteDance has followed to keep TikTok alive. Just like...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

More Articles Like This