What is Retargeting?
According to Wikipedia, Retargeting or Remarketing is a form of online targeted advertising by which online advertising is targeted to consumers based on their previous Internet actions.
In home builder marketing terms, retargeting is – displaying an ad for your brand, community, floor plan, or quick move-in home, online, to a prospect who has previously interacted with your home builder website. Sometimes this is referred to as stalker marketing, creepy marketing or in our case specifically, Follow.
You may have experienced retargeting yourself while you browse the internet. Popular retailers such as Amazon and Target take advantage of retargeting in their online marketing strategies. For instance, you may have looked at a product on Amazon or Target without purchasing it. Later, while you were online checking the weather or reading a news article you notice an ad for the same product you were looking at earlier. This is retargeting.
What are the Benefits of Retargeting?
- Staying Top of Mind
- Low CPCs
- Strong CTRs
- Engaged Website Users
We know the home shopping process is a long one, with many distractions, so staying top of mind for a potential buyer is key. Retargeting reminds your prospects about your products and encourages them to come back for another look as they continue to browse the internet.
Continuously displaying ads to your prospects must be expensive, right? Wrong! Retargeting efforts can go a long way with a modest budget. Clicks from retargeting efforts typically cost much less, than clicks from alternative digital sources, such as paid search and other targeted online efforts. The cost per click from retargeting efforts is usually less than $0.50 a click, while clicks for paid search efforts could be upwards of $10 a click!
In addition to having a low CPC, retargeting efforts also yield a low CPM, around $15, so capturing thousands of eyeballs won’t break the bank! Another benefit of retargeting efforts is that these ads have a very strong click through rate, at around 5%. The average click-through rate of digital ads is 2%, so Follow retargeting ads get clicked on more than your standard digital ad.
In terms of website analytics, sessions generated as a result of retargeting efforts are highly engaged users and more likely to convert. This makes sense considering these users had already shown interest in your brand by visiting your website and checking out your communities, floor plans and quick move-in homes. These users, when retargeted to, on average, stay on site for over a minute, view multiple pages and likely complete a contact form.
Below is 10 months of data from Follow retargeting efforts. You’ll notice that these users are viewing 1-2 pages and spending at least 1 minute on the site.
If you’re ready to reach thousands of prospective home buyers regularly and stay top of mind, contact us today to find out how you can work Follow retargeting into your 2018 builder marketing strategy!
