10 REMARKETING STATISTICS YOU NEED TO BE AWARE OF IN 2020
Are you considering implementing a remarketing campaign in 2020?
With traditional forms of marketing like print, television and radio ads, you only have one chance to make an impression on a potential customer. Online marketing, on the other hand, has greater flexibility. Remarketing, also known as retargeting, allows marketers to show ads specifically to people who have already visited their site.
In essence, remarketing not only gives marketers a second chance to make a first impression, but also allows them to follow up an initial impression with a stronger sequential message. Remarketing is a valuable tool for increasing display ad revenue. And with the right insights, it can be even more powerful to boost your remarketing in 2020.
We’ve found 10 remarketing statistics that will shed some light on just what a powerful marketing strategy this is and hopefully give you some insights to push your click-through and conversion rates upward.
1. Remarketing Conversion Rates Increase with More Ad Impressions
Click-through rates are known to drop over time. But with remarketing, the opposite is actually true. A user is far more likely to engage with a remarketing ad after having seen it several times before, than they are with a brand-new generic display ad. In fact, within remarketing campaigns, conversion rates actually increase over time, up until the user has seen the ad about five or six times.
In addition, it has been found that people who do click on retargeting ads after having seen them five to six times before, become nearly twice as likely to convert. This is due to brand reinforcement through multiple messages.
2. The Average CTR for Retargeting Ads is 10 Times Higher than Regular Display Ads
The click-through rate (CTR) is 180.6% higher for retargeted users on the display network. These retargeting statistics mean that a retargeting campaign, on average, performs nearly 10 times better than a regular display ad campaign. A CTR of 0.7% is a significantly better conversion rate of online visitors compared to other digital advertising strategies, which could make a meaningful difference in ROI. The conversion rate is 291.7% higher for retargeted users on the display network.
3. Facebook Retargeting Statistics Indicate that You Should Remarket to Website Visitors from the Past 15 to 30 Days
According to Facebook retargeting statistics, if you deploy retargeting ads after too much time has passed, people would typically be less likely to engage with and click on your ads. The reason for this comes down to recollection. People who have visited your website in a more recent time frame are more likely to remember the visit and the content on your website. Facebook recommends that remarketing ads be targeted at users who’ve visited your website in the past 15 to 30 days.
4. Retargeting Can Increase Conversion Rates By Almost 150%
According to retargeting stats by DataXu, retargeting conversion rates can vary from industry to industry. Ecommerce customer service businesses, for example, see an average of 128% increase in conversions with retargeting, while financial services can see an average growth in conversion rates of as high as 147%.
5. Retargeting is the Best Display Advertising Strategy to Increase Brand Awareness
A study evaluated six different online display advertising strategies to measure their effect on brand awareness or search activity. The study found that of all the media placement strategies evaluated, retargeting had the highest increase in brand-related search queries, at 1,046 per cent.
6. 37% of Consumers Click on Retargeted Ads Because They Like the Product Shown
There are plenty of reasons why people click on display ads. Retargeting ads statistics indicate that being drawn to products in retargeting ads is the most common reason why people click. Other reasons include a convenient way to visit a website that users already intended to visit (28%) and the desire to find out more about the product in the ad (21%).
7. Retargeted Website Visitors are 8 times cheaper to reach per click
Sometimes prospective customers need a little extra nudge to convert. This extra motivation is provided by retargeting. People who visit a website after having clicked on a remarketing ads are 8 times cheaper to reach per click and more likely to convert compared to those who aren’t targeted for a second time.
9. According to Remarketing stats Retargeting Ads Cost About Half of what Search Ads Cost
Measured on cost per click (CPC), search ads can be quite expensive, especially in highly competitive industries. Retargeting ad clicks, on the other hand, typically cost anywhere from twice to 100 times less. This is mainly because they have better click-through rates (CTRs).
WordStream found that for every 0.1% increase or decrease in the CTRs of your ads, your click costs can go up or down by as much as 21%.
10. CTR Decreases Nearly 50% after Five Months of Running the Same Ad
While conversion rates increase as a user sees an ad repeatedly, it has also been found that CTR tapers down over time. Users who’ve seen the same ad for a couple of months start getting user fatigue and ads then begin to blend into the background. Remarketing stats indicate that CTR decreases by almost 50% after five months of running the same set of ads. To avoid this, it’s a good idea to run different ads depending on the part of the funnel the potential customer is at, and rotate your ads every few months.
Get Outstanding Remarketing Results with the Help of Remarketing Experts
When it comes to online marketing, sometimes, it’s the second impression that matters the most. Since most of your online shoppers do not spend their money on the first website visit and require that extra nudge to convert, remarketing can be a useful tool in your online marketing mix. With the help of remarketing experts you can boost your online conversions and increase your website’s profitability.
Infographic by Will Fleming , 2020, “Remarketing - What it’s All About and Does it Really Work?”, from I-Com.net, Manchester, accessed 13th November 2020