Remarketing is an integral part to any company online selling products to remain competitive. With so much competition on the internet it is important to re-establish a connection with your customers once they leave your site. It helps direct more people back to your site as well as convert more visitors into paying customers. This is a quickly growing form of marketing with 30% more of the top 1,000 e-retailers using cart abandonment emails in 2012 than compared to 2011. (“Transactional Emails,” 2013)
In order to develop and analyze great key performance indicators (KPI’s) companies must benchmark their current marketing ROI to get a baseline. First and most important would be to figure out what kind of revenue your current marketing programs are driving to the business prior to implementing a re-marketing strategy. Other important figures to know is unique and returning visitors, number of customers and cost per customer. Once you have this data, it would be a good time to begin drafting up a remarketing strategy.
One of the best parts of online marketing is all the data that comes along with it. It makes it very simple to fine tune your marketing techniques to be as efficient as possible. Because of this data, developing KPI’s is simple and easily measurable. A few KPI’s that businesses engaging with remarketing would be; conversion rates, engagement rates, revenue per message and unique/ returning visitors. Remarketing should in theory drive up conversion rates due to that fact its pulling shoppers back to the site and if they do not increase, it would be a good sign that your remarketing program is not working.
Email engagement rates should go up within the remarketing messages. “Experian Cheetahmail indicates that on average, cart abandonment emails result in 20 times the transaction rates and revenue per email than standard bulk emails.” (Experian, n.d.) If your remarketing messages aren’t seeing dramatically higher engagement rates, you should revise your email content strategy. Lastly, remarketing messages should result in dramatically higher, about 24 times, revenue per message than your standard bulk mailings. This is another simple way to monitor your remarketing strategy’s success.
Since we live in the era of big data and real time monitoring, it is very simple to measure the success of online marketing campaigns almost immediately. It is important to ensure that your marketing strategy is working and using industry stats as baseline KPI’s for remarketing along with comparing this data with your business’ benchmarks prior to implementing a remarketing program should set you on the path to success.
The Remarketing Report (PDF). (2010, January). Retrieved May 12, 2014, from Experian Marketing Services website:http://www.experian.com/assets/marketing-services/white-papers/EMS_remarketing_WP.pdf
Transactional Emails. (2013). Retrieved May 15, 2014, from http://www.emailstatcenter.com/Transactional.html