May 1, 2012

4 Ways to Drive Revenue Through Retargeting

by Emily Keye, Marketing Strategist at Bronto

We all already know how steep the competition is in your subscriber’s inbox. Consumers who are pressed for time and overwhelmed with emails only connect with content that’s relevant, timely and valuable to them.

Email retargeting campaigns are designed to persuade a customer to purchase, complete an online transaction they began but didn’t finish, replenish a previously purchased item, or purchase a complementary item. When done correctly, these campaigns are the most targeted and engaging messages you can deploy as they’re not only based on profiling attributes but also on precise customer behavior.

So what messages should you be using to retarget your email subscribers?

Remails

Remails are one of the easier retargeting concepts to append to your marketing tool kit. Remailing involves running segments to identify those recipients who did not open your message, altering the open/no-open decision factors you control, and sending the message again. Altering the subject line is the most effective, and necessary, method for re-mail success. Most of the non-openers did not find your subject line to be compelling. Remailing is fast, easy, cheap and profitable – a very rare offer in the marketing ecosystem. Start remailing…and stop leaving money on the table.

Abandon Carts/Abandon Categories/Abandon Product Pages

Abandonment campaigns are extremely effective at recouping lost revenue. When customers abandon carts, product pages, etc. you know several things about them – which products they’re interested in, you know they have a need, and you know they’re looking to make a purchase. This information makes it very easy to reach back with relevant, beneficial messaging. According to recent studies, we know that messages that leverage clickstream data, like abandoned cart and browsing recommendation messages, produce 9 times the revenue and 32 times the net profit of standard broadcast messages.  60-70% of all online shopping carts are abandoned. With high abandonment numbers, marketers need to have abandoned cart campaigns to draw back prospective buyers. For more information on the data behind abandonment and how you can combat this lost revenue, check out From Abandon to Conversion: Why Shoppers Abandon Carts and What Merchants Can Do About It.

Replenishment Campaigns

Replenishment campaigns are another type of email retargeting campaign that you should consider. Like shopping cart abandonment campaigns, you know which products the shoppers are interested in and you can estimate the buying cycle based on the average product life or past purchase behaviors. Remind your buyers to buy from you again before they just perform a simple online search and choose the lowest price instead. This strategy not only generates additional revenue, but it lengthens your customers’ lifecycles and increases their value to your organization.  Reorder messages can be automated, which helps leverage the importance of the timing of reorder messages as it's important to have an accurate estimate of the time it takes to use a product.  Read Time to Reorder: how to leverage the automated repurchase reminder on the Bronto Blog for more specific recommendations for these successful messages.

Product Recommendations Campaigns

Create retargeting campaigns surrounding cross-sell or upsell opportunities using your own purchase history data or a product recommendation engine to create targeted, individualized product alert messages. Because these emails are based on historical purchase data analysis, the messages are extremely accurate and highly likely to convert to a sale. Think about even incorporating these product recommendations into other promotional emails.

Don’t forget your transactional messages too!  Transactional messages are a great opportunity to recommend products that complement their purchase, here are some tips for crafting that perfect transactional message.

No matter what type of email retargeting campaign you’re sending, be sure the emails are straightforward and contain one clear objective, complete the conversion. Successful behavioral retargeting email campaigns are reliant on customer data – email metrics, clickstream activity, past purchase history, and CRM data. Chances are you already have all of the data you need even if you haven’t used it in this way in the past.

Start retargeting your email subscribers now!

Emily Keye
Marketing Strategist at Bronto

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Emily Keye, Marketing Strategist at Bronto

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