It’s the season where all retailers start to think about how to spike their sales as much as possible, and while there is a lot of marketing information and tactics which are generally inapplicable to companies selling products to the life science research market, there are certainly some things to be gleaned from the marketing fervor of the holidays as well. One that struck me was highlighted in an article posted today on the website of the E-Commerce Times. Before I say anything else PLEASE remember that this article is written with the target audience of retailers who are marketing to the average consumer making personal purchases – this is not who we are, not who we sell to, and a lot of the advise in there is not good for our purposes. What is good for our purposes, however, is the general idea of remarketing and how it can empower your marketing campaigns.
What is remarketing?
Remarketing is displaying targeted advertising messages to prospective customers who have already shown interest in whatever it is that you’re selling by viewing or responding to initial marketing efforts. For example, if you have a customer on your website who looks at product X, that indicates the customer is interested in X, so sending that particular individual a marketing message focused on product X would have a far higher conversion than either sending an unfocused marketing message to that customer or sending a marketing message to people who have not previously expressed interest in the product. A remarketing effort does not have to center on your website, however, but could be based around an e-mail campaign, online advertising, or even a well thought out print marketing campaign. In other words, remarketing is a fairly flexible tool that provides a far higher return on investment than traditional marketing, although it still requires that some form traditional marketing precede it.
Don’t just take my word for it, though – according to a study from comScore, remarketing yielded over 1046% more online searches for a product and 726% more website visitation within 4 weeks of exposure to remarketing, as compared to not utilizing remarketing. While they didn’t provide data on how the massively increased search and views figures relate to conversion, we can see from these figures that that the customer who has been remarketed to expresses far more interest in the product or brand than the customer which has not been remarketed to, and this increased level of interest is certain to lead to a dramatically improved conversion.
How are you utilizing remarketing? Is remarketing part of your marketing strategy? If not, how will you fit in this highly effective form of advertising?
One last thing while I have your attention – BioBM is offering 10% off all consulting and outsourcing contracts quoted before the end of 2010! Contact us now to take advantage of this one-time offer!