Startup Remarketing: Recapture Lost Leads
Hello fellow trailblazers! Welcome to the ever-exciting journey of digital marketing in the startup world. Now, you might be thinking, “Another marketing article? Haven’t I read enough?” But stick with me – because today, we’re not just talking about marketing. We’re talking about remarketing, a strategy that could be a game-changer for your early-stage startup and something we briefly touched on in the Day 22 update.
Let’s set the scene. Imagine this – you’re browsing an online store for a new laptop. You click on a few models, compare prices, maybe even add one to your cart. But then, something distracts you. Maybe it’s a phone call, or a sudden urge for a coffee break. Whatever the reason, you leave the website without making a purchase. Then, over the next few days, you start seeing ads for that same laptop on other websites, social media, even in your email. It’s like the laptop is following you around the internet, subtly nudging you to come back and complete your purchase. This, my friends, is remarketing in action.
In this article, we’ll dive deep into the world of remarketing. We’ll discuss why it’s a crucial strategy for early-stage startups, how to set it up, and how to leverage AI in your remarketing strategies. Plus, we’ll share some practical examples and actionable tips that you can apply right away. Ready? Let’s get started!
What is Remarketing?
At its core, remarketing is a way to re-engage customers who have shown interest in your product or service but haven’t made a purchase yet. It’s a bit like running into an old friend and reminding them about that coffee date you planned but never got around to. Only this time, you’re running into potential customers and reminding them about the product they were interested in.
Now, how does this magic happen? It all starts with a tiny piece of code known as a remarketing tag or pixel. When a visitor lands on your website, the tag places a cookie in their browser. This cookie then allows you to track the visitor and display targeted ads to them as they browse other websites or use social media.
Let’s use a real-life example to illustrate this. You’ve probably heard of Shopify, the popular e-commerce platform. They use remarketing extensively to encourage potential customers to sign up for their services. If you visit the Shopify website and then leave without signing up, you’ll likely start seeing ads for Shopify as you browse other websites. These ads will remind you of the benefits of using Shopify and encourage you to complete your sign-up.
Why is Remarketing Important for Startups?
For early-stage startups, remarketing is like a secret weapon. It allows you to stay top-of-mind for potential customers, maximize your marketing budget, and increase your conversion rates.
Let’s break it down. When you’re just starting out, every customer counts. But attracting new customers can be expensive. In fact, research shows that acquiring a new customer can cost five times more than retaining an existing one. This is where remarketing comes in. By targeting people who have already shown interest in your product, you’re more likely to convert them into customers.
Moreover, remarketing allows you to personalize your ads based on the user’s behaviour. For instance, if a user viewed a particular product on your website, you can show them ads for that specific product. This level of personalization can significantly increase your conversion rates.
Building a “Warm Audience” from the Start
Warm audience, sounds pretty cozy, doesn’t it? But what does it actually mean in marketing parlance? In essence, a warm audience refers to people who’ve already had some sort of interaction with your brand. They could have visited your website, clicked on your ads, signed up for your newsletter, or even liked your social media posts.
Why should you care about building a warm audience? Well, consider this: would you be more likely to buy a product recommended by a stranger or by a trusted friend? Most people would choose the latter. In a similar vein, a warm audience, already familiar with your brand, is more likely to convert into paying customers compared to a “cold” audience that has never heard of you.
Building a warm audience is especially important for early-stage startups. Without the deep pockets of established companies, you need to make every marketing dollar count.
Let’s take a look at how clothing brand Everlane did it. They started building their warm audience before they even launched their first product. How? By telling a compelling story. They shared their vision for ethical, transparent fashion and offered behind-the-scenes looks at their production process. By the time they launched, they had an engaged, warm audience ready to buy. It’s a masterclass in effective startup marketing.
Developing a Startup-Specific Remarketing Strategy
Navigating the remarketing waters requires a map. That map, my friends, is a custom-built strategy tailored for your startup. You see, remarketing isn’t just about throwing ads and hoping they stick. It’s a calculated approach, a chess game where you need to know your pieces well – your industry, your audience, and your unique offer.
- Deciphering Your Industry: First things first, you need to understand the landscape in which your startup operates. Let’s say your startup is a cool new app that helps people find the best vegan restaurants nearby. Your industry is a blend of food and tech, and likely your audience hangs out on food blogs, vegan forums, and niche social media groups. In this case, your remarketing strategy could involve display ads or sponsored posts on these platforms, reminding them of that delicious vegan burger they were checking out in your app.
But what if your startup is all about promoting wellness through handmade organic skincare products? You’d probably find email campaigns sharing DIY skincare tips, product recommendations based on the customer’s skin type, and reminders about abandoned carts more fruitful.
- Defining Your Target Audience: Now that you know the playing field, it’s time to understand the players of your target audience. Think about them as characters in a story. What are their goals, motivations, and obstacles? If you’re targeting busy moms, your remarketing ads could underline the time-saving benefits of your product. But if your audience comprises eco-warriors, then highlighting your zero-waste packaging might be the way to go.
- Showcasing Your Unique Value Proposition: This is your trump card, your secret weapon. Your Unique Value Proposition (UVP) is that special something that sets you apart from the crowd. It’s not just about what you offer; it’s about how that offer fulfills your customer’s needs in a way no one else’s does.
Let’s imagine your startup is an online learning platform that uses AI to offer personalized learning paths for students. Your remarketing strategy should revolve around this. Your ads could remind potential customers of the personalization you offer, showing them how your platform adapts to their learning style, a feature not available in conventional learning platforms.
One startup that nailed their remarketing strategy is Slack, the business communication platform. They knew their audience well: businesses looking for efficient ways to communicate. So, their remarketing ads focused on the problems their target audience faced – cluttered inboxes, lost communications, difficult file sharing. Each ad was a reminder of these pain points and how Slack could alleviate them, leveraging their UVP to the fullest.
Crafting a remarketing strategy for your startup isn’t just about connecting the dots. It’s about creating a picture that resonates with your audience, that keeps you on their mind. It’s an ongoing process of learning, adapting, and evolving. So, keep testing, keep refining. After all, in the marketing world, there’s always room for one more remarkable remarketing strategy!
Adapting Remarketing Strategies as Your Startup Grows
A successful remarketing strategy isn’t set in stone. As your startup grows and you gather more data, you’ll need to revise and adapt your strategy. You’ll learn more about your audience’s behavior, what works and what doesn’t, and you’ll need to tweak your strategy accordingly.
Let’s say, you initially set up your remarketing campaigns based on website visitors. But as you grow, you might start segmenting your audience based on specific behaviors like users who added a product to their cart but didn’t complete the purchase. This allows you to target your ads more effectively.
The productivity tool, Asana, did an excellent job at this. They started with a basic remarketing strategy, targeting all website visitors. As they grew, they began segmenting their audience based on user behavior and used these insights to deliver personalized ads, significantly improving their conversion rates.
Leveraging AI for Remarketing
Alright, it’s time to cut to the chase and talk about the big guns in the world of digital marketing – Artificial Intelligence. If you’re an early-stage startup and think AI is not your cup of tea just yet, hold that thought. Remarketing, amplified by AI, can be a game-changer for startups, and here’s how.
AI’s strength lies in its ability to deal with colossal amounts of data, making sense of patterns and trends that a human eye might overlook. That’s a boon for startups, where resources are often limited. For instance, AI-based tools like Google Analytics can provide insights on who’s visiting your website, what pages they’re viewing, and even why they might be bouncing off without making a purchase. With such data in hand, you can craft your remarketing campaigns to target the right customers at the right time.
Now let’s step into the world of personalized ads. Remember when we talked about “warm audiences”? AI takes that concept to the next level. Tools like Adobe’s Real-Time CDP can use AI to create a unified customer profile, analyzing a user’s behavior across multiple touchpoints. What does that mean for your remarketing strategy? You can tailor your ads for each customer based on their specific interests and interactions with your brand. It’s like having a bespoke suit – an ad cut and sewn for every individual.
AI doesn’t stop there. With dynamic pricing models powered by AI, like that used by Amazon, startups can adjust their pricing strategy based on various factors like customer behavior, time of the day, or even market trends. Imagine sending out remarketing ads with a personalized offer or a special discount tailored to a potential customer’s past behavior. It’s like hitting the bullseye!
And finally, let’s not forget the humble chatbot. These AI-powered buddies can be great tools for remarketing. For example, a visitor leaves your website without completing a purchase. Later, a chatbot can engage them through a messaging app, answering their queries or addressing any concerns they might have had, and gently nudging them back to your website to complete their purchase.
In essence, leveraging AI in your remarketing strategy can help you stay on top of your customer’s needs, providing personalized experiences, and optimizing your marketing budget. It’s not just about following your customers around the digital space anymore; it’s about understanding their journey and being there at the right moment with the right message. And AI, my friends, makes it all possible. It’s high time we embraced it!
And there you have it, fellow trailblazers – a whirlwind tour of the dynamic world of remarketing. As we’ve seen, it’s not just about retargeting ads; it’s about fostering relationships and staying top-of-mind in a sea of digital distractions. It’s about understanding your audience’s journey and being there with them every step of the way – and sometimes, giving them that gentle nudge they need to cross the finish line.
But remember, even the most meticulously crafted strategy is a work in progress. The digital landscape is ever-evolving, and so should your remarketing tactics. Keep your fingers on the pulse, stay agile, and never stop testing and optimizing. After all, in the realm of startups, adaptability is the name of the game.
Further readings from CofounderGPT:
|What is Remarketing – Why and How it Works||Outbrain||This article explains the basics of remarketing, the difference between remarketing and retargeting, and the benefits of remarketing for your business. It also provides an example of remarketing and some tips on how to get started.|
|How to Design Content Remarketing Campaigns That Actually Work||HubSpot||This article shows you how to design effective content remarketing campaigns that can reengage your audience and bring them back to your site. It covers the steps of creating a remarketing list, setting up a remarketing campaign, and optimizing your remarketing ads.|
|Top Benefits & Importance of Remarketing in 2023||IIDE||This article highlights some of the top benefits and importance of remarketing in 2023. It explains how remarketing can help you save costs, stay connected with your audience, increase ROI, and improve ad relevancy.|
|Remarketing Best Practices: Tips to Improve Retargeting Ads – WebFX||WebFX||This article gives four remarketing best practices and tips to get started with your retargeting campaign. It explains how to segment audiences, put a frequency cap, exclude converted users, and send remarketing traffic to tailored landing pages.|
|Best Practices and Examples of Effective Remarketing||Eniture||This article provides some examples of effective remarketing emails and the best practices to follow. It covers how to write an engaging subject line, a clear call to action, a personalized message, and a relevant offer.|