You’d probably be surprised to hear that as a general rule of thumb, 97% of browsers of a commercial website don’t convert. This figure does of course vary between industries and internal structures, but the truth of it is, most of the people who visit your website do not convert and purchase.
This is a worry for those in marketing tech. Investing equal amounts of effort and spend into each person within that 97% cries inefficiency, as they won’t all meet the profile you’re targeting. A high-end, luxury car manufacturer is an ideal example. A significant chunk of their traffic will derive from car super-fans, but super-fans that aren’t necessarily viable customers. That could be because they can’t afford it, their lifestyle doesn’t permit it, or they can’t drive. Advertising to this group might well grow your adverts’ click rates, but it won’t help when it comes to improving cost per acquisition.
What marketers and advertisers should be doing is delving into that 97%, identifying who they are and how they can best engage with them. It’s not even certain whether or not the 97% converted, we only know they didn’t convert on the website. We all know that desktop, mobile and tablet devices are being used more and more, and consumers are taking to them to research, browse and check out specifications before deciding on a purchase, whether that’s in store or online. Attribution is an ongoing challenge for marketers and is one that shouldn’t be ignored – it can have a big impact on customer experience.
Imagine you’ve done your research online and then decide to go and make that purchase in store. Now imagine being followed around by adverts for that very product after you’ve bought it. It’s going to get on your nerves, particularly if that advert includes a discount you weren’t offered. You end up providing a less than favourable brand experience and wasting precious pounds from your budget, a far from ideal scenario.
Knowing the 97%
The industry needs to open up that 97%. It’s time to find out more about these people and make programmatic retargeting more relevant.
Additional insight and channels working in tandem means this is achievable. Advertisers and marketers need to join the online and offline to recognise existing customers and people who would never purchase. The contextual information, which often comes from third parties, needs to be taken into account and play a role in the decision-making process.
It’s all about data and the ability to use the right information to generate actionable insights. This data can come from a plethora of sources – first party, third party, channel specific and offline.
Accurately finding high-value customers and only targeting those with retargeting is a no brainer. Those people who are far more likely to be interested, far more likely to eligible and, importantly, who haven’t already gone and bought that product offline since visiting the website are exactly the people advertisers and marketers need to reach.
This is where we understand the value of a Data Management Platform (DMP), utilised with the right data. Without the relevant data in the right context, it’s impossible to understand each individual to the extent needed to be able to service them correctly. This is the case when retargeting valuable prospects who have yet to decide to convert, when deciding who not to advertise to at all (those youngsters who really, really want a sports car but are only teenagers) and when sending messages to an existing customer base.
Keeping customers loyal is just as important as convincing them to buy from you in the first place – a notion marketers and advertisers shouldn’t forget.
By Alice Travers, customer success manager at Experian
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