With so much marketing technology around us, businesses are already reaching out to people who’ve already come in contact with their brand. Either they visited your site, saw an advertisement campaign by you, or have clicked on a PPC ad, brands have marketers are enabled to target them and market them again. If you are still looking to advertise, market, take your business online or need incredible ROI, join the best digital agency Australia to uplift your business.
What is Remarketing?
Remarketing is all about re-engaging your potential customers through email campaigns. From shopping cart abandonment email campaigns to upselling marketing emails remarketing brings your sales funnel. It is a popular method used by the marketers to target their ad campaigns to people who have visited their website before. This is why it is referred to as ‘re-marketing.’ It only targets people who have already shown interest in your business to generate more traffic to your site. Hiring an Instagram ad agency can help your business to remarket more valuably.
Advantages of Remarketing
- Retargeting for email campaigns have Higher conversion rates as 41% compared to the average eCommerce conversion rate of 1-2%.
- Recycling and repackaging your content marketing material will save your marketing on your product costs across the board.
- Remarketing emails generate nearly doubled revenue compared to non-targeted campaigns
What is Retargeting?
Retargeting is all about targeting people who have shown interest in your product or service but have not completed a transaction. Whether the interactions have done through visitors taking place on your site though clicking on the navigation or watching a video, it can be tracked by a snippet of code in a browser called cookies. When the visitors leave your website, the browser cookie follows them to other search engines to monitor their other actions. And this is how it gathers the visitor’s data. Therefore, you have “retargeted” them in your advertising based on their previous interactions with your website. Businesses can either choose to enable cookies for all visitors or particular users that take a specific action. This helps to retain users that are interested in your brand and through retargeting, it serves to increase conversions and sales.
Advantages of Remarketing
- It enhances your ability to advertise across the internet to reach website visitors with the most engaged parts.
- It offers you an additional discount to select more compelling ad copy, or changing your approach to make the sale.
- It stays at the top of customer’s mind to make your leads.
The Conclusion of Remarketing and Retargeting
Both are powerful branding and conversion optimization tools that works as the great part of a successful digital marketing strategy but they can’t drive people to your site. Overall, we have cleared that there is a big difference in both, the most essential thing to focus that whenever retargeting and remarketing is their shared, the motto has always been to re-engage with the potential audience that are interested in your brand. This not only increases your conversion rate but also enables you to target the users that mostly purchase from your brand.
The recent pandemic has driven economies to the brink of a global recession. What started as a mild slowdown could now potentially turn out to be an economic avalanche. According to a recent report published in The New York Times, Australia has plunged into its first recession in 30 years. Another study published by Fast Company suggests that 21% of business leaders predicted an economic downturn in the next two years for the world economy. So, the economic recession is very much a reality today and can severely damage businesses all over the world.
The good news is that like every recession in history; this will also run its course and fade away. While the economy is in recession, businesses tend to be cautious of expenditure and adopt more austere measures to sail against the winds. This is crucial; however, it cannot be a permanent solution. Like in life, business leaders also need to hope for a good time. But it is equally important to prepare for the worst. Therefore, making business recession-proof through various digital marketing initiatives is a way to adopt today.
How can digital marketing help you sail against the winds?
In times of recessions, consumers deliberate much before putting their money on any endeavour. They look for the reputation and trust that a company has made in the market before choosing it as a partner. Therefore, the chances to attract potential customers solely rest on the reputation you have built in the marketplace, the visibility you have achieved and the message you send to your target audience. Digital marketing is one such platform from which you combine brand building with a smart media strategy to get through trying times of downturn.
To keep you sailing through this, your potential customers should know that you are the best option they have got in the market to do business. Positive brand building initiatives by professional digital marketers can be a game-changer in these times. Your lead generating activities through social media optimization and SEO activities can put you on the growth path even if your deals are not closed immediately. If you have leads at a slowdown time, you will have something to work on rather than having no opportunities when things are booming again.
Digital marketing efforts at a time of recessions
Aim for a wider reach
Today almost everybody is online and businesses have their online presence. Pandemic has also fueled digital transformation and many marketing teams are entirely reliant on digital marketing. Getting wider reach for your business was never so convenient and indispensable, especially with widespread digital transformations. Multiple channels such as websites, social media, email, newsletters, etc. are handy in gaining wider reach for your business.
Invest in targeted marketing
Traditionally, the business was all about going out and selling your products or services in the local market. Digital marketing changed them all. Now the entire world is your potential market. Therefore, it is more crucial to focus on targeted marketing. To bolster our business prospects, we need to up-skill our digital capabilities and focus our business according to the target customers’ demographics, interests, and age group. Target marketing paves the way to reach your customers and serve them directly.
Work on data-driven insights
Even in times of recession, knowing your customers and their preferences is critical. This can help in creating fool-proof marketing strategies to fulfil their requirements. Smart use of data gathering and tracking programs such as Google Analytics will give a comprehensive data-driven insight, so you learn about the pattern of sales reports and consumer trends. Through this, you can track the best performing campaigns and continue running them so that business remains trickling in during times of recession as well.
Work on Customer Retention
There is no denying that getting a new customer in an economic slowdown is an uphill task. The best and probably only way to sustain the tough times is to retain customers. The best businesses in the world thrive on repeat customers. An increase of 5% in customer retention can bring 25% to 95% more in profits. Therefore, retaining and keeping your customer engaged are the ways to go if you want to make your business recession-free. Customer engagement can be enhanced through promoting interaction on various digital channels, including discounts on your website, targeted high-quality content, informative emailers, entertaining social media posts, etc. Also, following up with customers after purchase to know customer experience can go a long way in client retention.
Recession is no daily share market crashes that the economy may recover just as quickly. Yes, recessions are also not a permanent phenomenon and fade away, but their repercussions are far-reaching and can debilitate a nation’s economy. In these times, you have to build and defend your brand image through smart digital marketing strategies. O3 Digital is one of Australia’s reputed digital marketing agencies, which helps you increase your online reach and leverage its expertise and experience in SEO and social media marketing.