Do you know that more than 90% of the people return from an e-commerce without converting from their 1st visit?
On an average more than 49% of the people take at least 2 website visits before making a purchase! Online Shopping carts are abandoned over 70% of the times. Consumers don’t eventually buy 60% of the products left in their carts! The question perplexing all the Digital Marketing Manager’s mind is ‘How effective is our Remarketing strategy?’
Some of the largest e-commerce players derive 30-50% of the paid marketing transactions from Remarketing campaigns. Even in the Travel and Real Estate space, re-marketing has become one of the primary strategies on digital. How often have you gone to a airline flight booking portal with the intention of booking a flight between Kolkata and Mumbai from Jet Airways? I am sure that a very customized ad giving you the same/best deal on the circuit must have excitedly followed you on other websites that you visited. Another example, when you go to a Fashion apparel website to buy a quirky red sheath dress, doesn’t the same dress get remarketed to you along with a catalog of similar products?
Guess what? These same seemingly invasive ads have been one of the most remarkable stories in the Ad Technology solutions that Google has come up with in the last few years. Dynamic remarketing has become one of the key weapons in a digital marketer’s ammunition.
The world of e-commerce in India is getting exceptionally competitive with the burgeoning number of heavyweights coming into picture. What becomes even harder is to get the bang for the right buck (and not the right bang for the buck), where the buck itself is dwindling. The CMOs of the world are under increasing pressure to enhance their marketing campaigns to get their ROI on track. DRM is a game changer if used in the right way. Dynamic remarketing works on the classic marketing philosophy of ‘Right Product for the right person at the right time’. Let’s go deeper into what this philosophy calmly postulates.
Right Product: A consumer is more likely to buy a product in his re-visit if he has already shown consideration for the same in his previous visit. Thus, it makes sense to re-market to him the same products that he already has viewed but not purchased.
Right Person: A product is more likely to be purchased by a consumer if he has added it to his Cart or Wishlist, as against a simple product detail view. Thus it makes sense to go aggressively after cart-abandoners or wish-list audience.
Right Time : The purchase decision cycle of a consumer is very short in e-commerce. Thus it makes sense to go much more aggressively after people who have very recently shown interest in your product. A product is more likely to be purchased by a consumer if it has been viewed or added to cart recently.
The CMOs of the world are under increasing pressure to enhance their marketing campaigns to get their ROI on track. DRM is a game changer if used in the right way.
Dynamic Remarketing helps us to accomplish all the above 3 in a seamless manner thus proving itself as a key part of the performance marketing arsenal.
While every business thrives on getting more and more new users to its website, without an effective remarketing setup, all the efforts in driving new traffic to the website will go in vain. DRM helps us to close the transaction loop which a particular display, paid search or social campaign starts. DRM To say the least, the journey from a top of the funnel exploration phase to a purchase culminates with the Dynamic Remarketing campaign.
For more information, read our E-Book on ‘The Holy Grail of Dynamic Remarketing Strategies‘ and create the perfect remarketing strategy for you brand.
Authored by: Shubhankar Bhagwat | Sr. Manager – Business Strategy