The Power of Facebook Remarketing
So you check out this awesome stay at Bali, Indonesia the other day on your regular booking site, and later found that the very same hotel is stalking you on Facebook? Of course, you didn’t intend to the book a stay immediately and were merely looking at the options in front of you for your upcoming holiday! But hey, it is right there, in front of your eyes, teasing you, coaxing you to go and make the booking. Welcome to the world of Remarketing.
Before we dive deep into Facebook Remarketing and its benefits, which we can guarantee, are plenty, let us understand the concept of Remarketing.
What is Remarketing?
The technique of Remarketing is a fairly new concept that has not been in use for less than a decade. Marketers use this clever system to help their website visitors turn into potential customers by placing ads on their specific product(s)/service(s) across different internet sites.
This is done by placing cookies during your browsing session in any website. So the next time you check out a pair of Manolo Blahnik’s on your favourite shopping site and are presented with an ad of the same shoe on other websites you are visiting, don’t be surprised!
Facebook Remarketing AKA Custom Audiences
Like Google Adwords, Facebook also has Remarketing options. The term Facebook uses for Remarketing is Custom Audiences. There are three powerful sources for creating a custom audience for your business. You can use Facebook power editor to choose different retargeting options while creating your campaign.
A. Customer List
Facebook allows you to upload email addresses or phone numbers of your existing customers. You can now create targeted ads to your existing customers on the very same platform.
B. Website Traffic
Place the Facebook pixel code onto your website and create a set of custom audiences. You can retarget these website visitors on their Facebook page, by placing your brand or product ad.
C. App Users
So you have a mobile app and there are people who have installed your app. How do you activate them? Place a snippet of a code from Facebook onto your app and you can now inspire your audience/customers to come back for a purchase, right on your app.
How does Facebook remarketing really help?
1. Sell to your existing customers
It is easier to sell to your current customers than to find new ones. According to statistics,
8% of your repeat customers can bring in 40% of your revenue.
The marketing dollars you spend on customer acquisition cost (CAC) can be brought down when you use the ‘customer list’ option in Facebook retargeting.
Imagine a customer who has bought a bicycle from you. You may want to show him an ad on cycling accessories. The tendency to buy products related to the previous purchase is quite high. Create any set of audience, based on their purchase pattern and target ads that are relevant to them to ignite a purchase.
2. Sell to the ones who liked your page
Facebook allows you to choose the custom audience of people who have liked your Facebook page. If you have a fan base who are not active but have liked your page, there is a potential to convert them into future buyers. Send ads with offers their way to drive them back to your website for a prospective sale.
3. Target website visitors for new leads
By building custom audiences using website traffic option, you can now target visitors who came to your website in the last 180 days. This is a great option if your intention is to build awareness. Let us say that, there is a visitor who spent considerable time in the children’s section of your website. She is obviously interested in kid’s items. Although no purchase happened immediately, she is likely to buy in the near future. You can now show your bestselling kids products on her Facebook page and bring her back to your website for a purchase. Isn’t it cool?
4. Target audiences based on specific products/page
If you are an e-commerce store that sells hundreds of product and has visitors that come to different pages, you can target them, again on Facebook with ads specific to the page your user has visited. You can run different ads at the same time targeting your visitors based on the time they have spent on different pages. This is one form of targeted marketing and has proven to be extremely effective.
5. Tap into Lookalike audiences
If you run a marketing campaign, you already know the target group you would like to reach to.
Imagine that your target group is men between the age group of 25 to 30 with interest in football. With the help of lookalike audience, you can now find new leads of those, who fit into your ideal target group and show relevant ads to them.
6. Avoid overlapping audience for effective reach
The beauty of Facebook Advertising, like we said earlier is plenty. When you tap into lookalike audiences and intend to run multiple ad campaigns, there is a high chance of repetition. Although your potential customer will see the ad multiple times, which is not necessarily a bad thing, the reach of your campaign will remain low. Therefore, use the overlapping audience function in custom audiences and filter your target group before running an ad.
Facebook is not just about getting new likes anymore. The power of their remarketing/retargeting tool helps you get closer to your existing customers and find new leads at a potentially lower cost. Tap into Facebook remarketing today!