It is a unique opportunity to reconnect with them by using the insights collected to create perfect ads and meaningful journeys tailored exactly to that specific audience persona.
It is a great way to increase your marketing ROI and get more engagement with your ads.
This form of advertising has become more popular in recent years, but so many businesses still do not utilise the opportunity to its full potential.
It was initially used primarily by large financial brands.
Although small and medium-sized financial adversaries now also use retargeting.
Let us look at the basics of retargeted advertising, how they work, and why it is good for your firm.
Why use retargeting?
Advertising is difficult, because people often click away from your website or products without leaving their details.
This is one of the biggest challenges.
Prospects abandoning your marketing funnel.
If you do not have retargeting set up, that could be lost forever.
Retargeting techniques are in place to remind them to return.
Many people are familiar with the experience of browsing their favourite brand online, and then seeing advertisements of the products everywhere, reminding them to purchase.
These retargeted ads work because they are aimed at people who already have an interest in the product.
Within financial services, we would similarly target people based on the services they have browsed or searched for.
Are you still unsure why your financial brand should consider using retargeting? Here are some reasons:
Higher conversion rate than other advertising types
Studies have confirmed that retargeting has both a higher conversion and click-through rate than other forms of advertising.
However, one of the most striking stats is that click-through rates for display ads complemented with retargeting are 10x greater than display ads on their own.
This is due to the fact that people are more likely than others to convert if they’re familiar with the brand.
Increase client growth
Retargeting helps you reach prospects who have left your website.
The advertising technique allows you to increase sales from clients who have already browsed your website.
Like how Amazon recommends similar products to customers who visit a product page.
Similarly, retargeting already active prospects increases their likelihood of returning to your site or landing page to convert.
Increase brand recognition
Retargeting increases engagement and brand recognition.
It can also increase your company’s reputation, as it shows you have your prospect journey aced.
Many people associate retargeting with big brands.
Although it can be affordable for even smaller financial brands, and produce even bigger results!
It makes you look prominent in your industry if a prospect sees your ad multiple times on multiple platforms.
While you don’t want to be spammy, you also don’t want them to forget your name.
1. Types of Retargeted Advertising
There are many types of retargeting.
You may choose to use one or more of the following methods, depending on what type of financial marketing you are doing.
Website: This type of retargeting is the most popular. This shows your ad only to those who have visited your site or landing page recently.
You can target ads to specific pages, such as service pages or landing pages.
Search: This method is similar to website-retargeting, but it is less precise.
If a user searches Google for “financial advisers in London,” financial advisory firms in London want their ads to show them, because they are most likely to be looking for their services at the moment.
How could they do this if the user is not looking for them or does not know that their company offers those services in London?
Search is a great solution.
This behavioural targeting allows companies to appear their ads on search engine results pages (SERPs) and social media sites after users type in certain keywords.
Retargeting in general is popular among most marketers. 68% of marketing agencies have a budget for search retargeting, and targeted ads are also popular with consumers. 25% of online users say they enjoy being retargeted and find it useful rather than intrusive.
2. Where to use retargeted advertising
Retargeting campaigns are available on various platforms. Although Google and Facebook are the most used platforms.
This type of advertising, known as retargeting on Google, is part of the Google Display Network.
Your ad could appear on any website, even unrelated, because this vast network includes so many websites.
This is a good thing, as your ad will still target people who have visited your site or performed a relevant search.
Social media is another popular option for retargeting.
We see best results within the financial sector, with both Facebook/Instagram and LinkedIn.
Although it is also possible on Twitter.
Depending on your target group, one or more of these social networks can prove profitable for your retargeting campaigns.
3. Where to send retargeted prospects
Retargeting has many advantages, as we have already mentioned.
Although where to send retargeted prospects all depends on your goals.
Once you have decided what type of advertising you will use, you must also decide where your traffic will go. A few options include:
This is because a landing page removes all distractions and encourages users to take the final action they haven’t taken the first time they visited.
It is crucial that your landing pages have the same message as your ads with the correct keywords, in order to link it to your ad.
Promoting content: Prospects may prefer organic content over a service specific landing page.
This is useful for building authority, increasing traffic to your site, and educating your audience.
Examples of promoting content could be sending someone to a blog, video, webinar or other content that you wish to promote.
Directing ads to people already interested in your business makes sense.
It’s important to test your ads on multiple platforms to see what works best for your specific financial services and target audience.
Our retargeting strategies are planned to perfection, with the details of your audience in mind.
No longer an add-on service, retargeting is now seen as an essential part of any marketing strategy that helps reconnect with an audience you could have lost without the power of retargeting.
We’ve helped many financial brands around the globe exceed their advertising ambitions, and we’re eager to discuss how a holistic digital strategy could upscale your business performance too.