Before making any financial decisions like home buying or refinancing, most educated buyers do a lot of research and comparison before jumping in. They delve themselves into the internet to look for the best mortgage that will give them the lowest rates. And boom, they found one!
Suddenly, life gives them little distractions. There is a phone call from the big boss. The kids are wailing. And before the customer can complete the application, there is an emergency meeting.
Marketing experts have developed a solution for these instances, retargeting. How does retargeting work and how can you maximize this digital strategy to give you more conversion? Read on to know the smart tips to use this technique effectively.
What is retargeting
Retargeting is a practice of targeting online consumers with advertising based on their previous online activities. Say, a consumer visited a mortgage site. Upon leaving that website, the consumer will notice that an ad of the prior website appears. It tries to direct the visitor back to the site and fill out a form.
This retargeting is called site retargeting. Other than site retargeting, there are different types like search, email, social, CRM and more. This article will focus on the site retargeting.
How does it work?
Once you left the mortgage site and visited another, the previous website will display their ad on the next site you visited. How so? If there is ad space on the latter, the former will bid for that ad space. If it wins, that mortgage company’s ad will appear.
If you click the ads, revisited the site and fill out the form, the site will insert a “burn pixel” in your browser. It will untag you so you will no longer receive their ads.
Why Use Retargeting?
Retargeting both works on B2B or B2C markets. It can help support a residential mortgage broker or correspondent and increase the number of quality leads.
It can also help build brand recognition. Given the longer sales cycles for the mortgage industry, retargeting is a great way to stay up front of your customers while creating brand awareness. This strategy helps build trust in your brand, which is needed for bigger decisions.
Other than brand recognition, retargeting makes another point of contact. You might have heard that it takes 7 or more points of contact to convert a lead. Then, retargeting creates another opportunity to keep in touch with your prospects.
If your prospect has been contacted before through a phone call, email, business cards, retargeting creates another point of contact. The more exposed your prospects are to your brand, the more it enhances brand recall and brand familiarity. It will help build trust which is necessary for closing the deal.
However, there are instances where the consumers get annoyed by these retargeting campaigns. To convert potential customers rather than disturb them, below are five tips to note.
1.Tie Ads with a Specific Product Campaign
It is important to determine what particular product your customer is interested. It can be done by dropping cookies on the user’s browser only when they visit a certain page. It will help you filter those who are interested in and on what kind of products. It allows you to promote ads with the exact products that are in line with your customer’s interest.
Say, a customer is looking for a refinance loan. He then navigates the web and land on your site. He explored the page with refinancing loan offers and was about to fill out the form. However, his phone rang and he has an emergency meeting with his boss.
While browsing the web on the next day, he sees an ad from the mortgage lender he visited the other day. He then completed the form and it records the conversion.
An example above shows that the ad is relevant to the needs of the customer. Once the customer applies for the loan and gets approved, a profitable ROI is attained.
2. Adhere to the Compliance Regulations
Avoid using “trigger words” in the ads and ads that contain rates should include a disclaimer and more information on the landing page. Retargeting is still governed by the same compliance regulations of all online advertising.
3. Limit the Frequency of the Ads
According to SeeWhy, 26% of the customers who are exposed to retargeting are likely to return to the website. Moreover, CMO.com stated that 70% of the website visitors who are retargeted with ads are more likely to convert on your website.
Sounds too good to be true. However, if this technique is done incorrectly it can be annoying and disturbing to some customers. To avoid this to happen it is advised to limit the amount of exposure. Some retargeting specialists recommend 7-12 times for an ad to appear for 30 days.
However, in setting the length of time, consider the type of product that you are promoting. For instance, it will take more time to decide on getting a mortgage loan than on an auto loan.
4. Do cross-sell
If the first-time buying experience of your customer is rewarding, a second purchase from the customer is likely to occur in the future. Maximize your site retargeting by cross-selling additional products.
5. Segment Your Audience
One of the factors that will determine the success of the campaign is to know your audience. Pick an audience that needs your mortgage services and can help you with your strategic goal. Is it about brand awareness? Increasing customer acquisition or cross-sell a newly-acquired customer? Whatever your goal, make sure you are targeting the right audience.
There are a lot of digital marketing strategies out there that will give you more conversion. Retargeting is worthy to mention as it offers a lot of benefits to businesses both B2B and B2C.
If you have plans to build a business in the future, it is vital that you know how to introduce your brand in the online world effectively and Reverse Mortgage Rating might be a great help for you. Business is not just all about selling and money, it is more about trust and relationship. Money is only an effect of all these factors and your efforts.
You may also like: What is Link Retargeting?