co What's the Difference Between Retargeting and Identity Resolution? |

You probably aren’t too concerned if you’re lucky enough to have a website that gets millions of monthly visits. Most small businesses don’t have that luxury and every visitor is an extremely valuable prospect. Especially when you realize that only about 2 percent of the people who visit your website will actually take action, like register or even make a purchase. In many cases, they’re comparison shopping – and you’ve got plenty of competitors. So, how do you get them to recall, and return, to make the purchase from you?

You retarget them. It’s a sophisticated process, but it can be explained in four easy steps.

  1. Someone visits your website and checks out the products or services you feature.
  2.  They leave without making a purchase.
  3. Then, they start seeing ads for your products on other websites they visit.
  4. They’re reminded of your offer. So they return to your website and buy it from you. Or they visit your physical location.

 

Here to remind you

Retargeting can be a powerful way to scoop up missed sales. Consumers are 70 percent more likely to convert because of relevant messaging based on their previous online behavior. Retargeting has been shown to lift engagement rates up to 400 percent. And while it might be a bit unnerving for a small minority of us, 60 percent of consumers say they’re not creeped out by being followed across the web by retargeting ads. In fact, 25 percent say they appreciate being reminded of what they looked at.

 

Sales funnel friendly

The traditional sales funnels depend on delivering specific types of content depending on where someone is on the buyer’s journey. Increasing general awareness can be accomplished with articles, explainer videos and social media. Interest and evaluation can be increased with case studies, whitepapers, email campaigns, newsletters, and webinars.

Retargeting ads offering these specific types of content are extremely effective ways to move a customer further along the buyer’s journey. Yes, this marketing tactic isn’t just for reminding a potential buyer they saw what they want on your website first.

Pretty slick, huh? There’s just one problem – and it’s a big one.

 

Who are these people, anyway?

All of these people who are being reminded of your product or service deepen their recall of you, but unless your retargeting ads result in getting a prospect to identify themself, you have no idea who they are.

The platforms offering retargeting – such as Google, YouTube, and Facebook – are known for their walled garden approach. You don’t own the relationships you’ve started to make with prospects using retargeting. It’s because you do not own your data.

Let’s say you use both Facebook and Google to retarget people who visit your website. It’s highly likely that you are paying them both to reach the same people. But you can’t ask them to give you this data so you can see the duplication. It’s not portable. It also means you can’t use it on other platforms such as email.

Retargeting does an excellent job of chasing after anonymous prospects and keeping your product or service top of mind. It’s an encouraging source of future, potential sales – but it’s not an effective way to reach the 3 percent of people in your market actively looking to purchase the product or service you sell.

How do you find those people? And how do you move past the anonymous nature of retargeting?

 

Better than retargeting

Successful companies know it’s time to stop being held ransom by advertising platforms who take a walled garden approach. Retargeting prospects is great. Identifying them is better.They’re taking advantage of machine learning and artificial intelligence (AI) to remove the anonymity of who’s interested.

The process known as Identity Resolution can monitor and capture prospect behavior across all online shopping vehicles – desktop, mobile, tablet, smart speakers – in real time. The result is the delivery of actual names and contact information of people in your market actually looking for what you sell right now.

These companies are no longer following anonymous prospects across the web and reminding them with retargeting ads in the hopes that they’ll trigger a sale. They’re getting daily lists of people to contact. And because the data is portable, they can use it on any platform, including email, to reach them.

Identity Resolution is the next, and much better step to lead generation. Learn more about it here.