Posted in Marketing and Strategy Terms, Total Reads: 406
Remarketing is the action taken by companies during declining sales, to reintroduce a product/ service. The company remarkets the product as something that has been improved to reignite interest and hopefully improve sales. Remarketing online is when companies display ads as per the browsing history or interests of the user, which increases the probability of them liking ads, from which the company can generate revenue.
Under a general behaviour, a customer goes from a shop to shop enquiring about products or services that are of interest to him. His behaviour points to the shop keeper that the customer or the individual has an interest in the particular interest or service and maybe on some later day purchase the product or the service. If the shopkeeper did not have time and resources constraint he would send an employee to follow the prospective customer in order to close or seal the deal, but since in real life the constraints exist and the feasibility of such actions become unviable such a practice is not followed.
With an increase in digitization and advent of technology, with more and more customers adopting for online purchase of goods and services, tracking their activity and behaviour has become easier. Remarketing is a way to market to customers who visited or saw a particular item but did not make the purchase by the use of targeted ads to the defined audience which had previously visited your site and are browsing elsewhere around the internet at this moment of time.
Remarketing works well for the website visitors at point of entry (mobile, laptop). Monitor their behaviour, make guesses about their intent based on a particular set of criteria. Now after adding to the remarketing list they are targeted by working with a display network or real time bidding exchange.
Remarketing helps you achieve:
1) Reduced cost
2) Better Conversion Rates
3) Improved return on investment
4) Precise Targeting
5) Cost Effective Targeting
The targeting achieved is based on customer segmentation, geo targeting, Purchase behaviour, visiting behaviour, etc. In order to achieve maximum return from this the criterion needs to be modified dynamically and as frequently as possible in order to get better results.