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As 2014 concludes, it is clearer than ever before that native retargeting solutions like those on Facebook work. Presenting relevant, timely advertisements to interested customers in places they’ll actually see them greatly improves both click-through rates and subsequent conversions. But are you doing everything you can to ensure that you’re maximizing your retargeting investment? There are three simple but powerful rules to remember when developing your retargeting strategies for the New Year.
1. Focus on the critical success factors that matter most in achieving your business objectives.
First things first – identify and prioritize what matters most for your business. Understand which customers, products, and transactions result in the strongest bottom-line wins. How many dollars do you need to make for every dollar you spend in order to achieve a positive ROI? Without laser-sharp focus on what moves the needle for you, it won’t matter how well you follow steps 2 and 3. You may have very high-volume products that, because of tight margins, aren’t especially profitable. Better to focus on the factors that have the greatest impact on your business’s success.
2. Resist information overload and organize your data around what matters most.
Big data is, well, big. There is a lot of information out there that concerns your business, but much of it is noise that will not help you achieve your ROI goals. Ignore that noise and organize your data around what matters most.
Break down your data into smaller pieces, and be thoughtful about how it’s organized and structured. Which products have the highest conversion rates? Which regional audience segments make you the most margin? Are you separating cart abandoners from customers just browsing on your site?
As you feed your data into a native retargeting solution, the bidder’s only job is to translate your data and numbers into a set of simple instructions to buy the right impression, at the right moment, and serve the right ad. Understanding your data, and structuring and organizing your audience segments, product feeds, and budgets, will enable you to best leverage your data and maximize your ROI.
3. Analyze, optimize, scale and repeat for maximum success.
Now that you know what is important to your business, and you’ve organized your data around these priorities, it’s time to leverage technology to achieve scale and real ROI success. A retargeting partner can work with you to take advantage of predictive modeling and programmatic buying to maximize the value of users within your target audience segments (e.g. cart abandoners) that have the highest probability of conversion. At Triggit, our post-click conversion algorithm, OTTO, constantly seeks to optimize against post-click conversions by predicting users who are most likely to convert, and bidding most aggressively for those users in price, frequency, recency and more. If you’re going after the end conversion, and the associated revenue, these are the users you want to spend money on. Programmatic, algorithmic, buying enables scale and maximum post-click conversion ROI.
These are all things marketers can do without the assistance of engineering. And relax; nobody gets everything right the first time. By working with a retargeting partner who provides transparent insights into how your audience segments and targeting groups perform, you’ll be able to glean valuable insights into assumptions made. You’ll then be able to turn those insights into actions that will progressively improve your results.
Concentrate on your success factors, focus in on the information that provides the most insights, share these with your retargeting partner, and take advantage of programmatic modeling and bidding to accelerate results. Here’s hoping that 2015 sees your highest ROI, strongest growth, and greatest achievements to date.