Oct 23

Written by: David Duncan
Thursday, October 23, 2014 3:51 PM  RssIcon

More Information = Longer Buying Cycle

The Decline of One-Stop Shopping

According to a study conducted by Google, 47% of revenue generated in the US comes from purchases made in more than one day. The same research concluded that 65% of total revenue comes from purchases made in more than one step. Expedia recently revealed that consumers will conduct as many as 38 visits to travel sites before booking their trips. Notice the trend?
 

So what does this data mean? For starters, it indicates that consumers are making fewer impulse purchase decisions, especially online. With the amount of information available in the digital world, research is a huge part of most consumers' purchase process. If your digital marketing strategy is built on the foundation of a sales funnel that doesn't involve multiple digital interactions, you're doing it wrong (we mean this in the nicest way possible).

Think about the last time you purchased a new product or service. Let's even make it as simple as buying a new next-gen gaming system. Even if you're a lifelong PlayStation or Xbox fan, you will still research the systems before making the ultimate decision: Xbox One or PS4? The gaming industry doesn't think consumers are taking the decision lightly either check out all the content on Xbox One vs. PS4. These are well-known brands and products, and consumers are still seeking third-party information and reviews before making a purchase. Imagine what shoppers are thinking when they need to buy a totally foreign product or service.

Get a second chance to win back your customers
Whatever industry you're in, you should be thinking about ways to have multiple engagements with your customers (instead of aiming for a single conversion). Remarketing is the perfect way to bolster your chance at winning back your customers once they leave your site.

Let's say a consumer arrives on your homepage and cruises around your site for five minutes. They read some of your content, check out your products, and then head back to Google. If you've invested in any kind of remarketing, you can now follow this customer and present them with banners that keep them aware of your brand. It might seem like a subtle touch, but when push comes to shove, it can absolutely make the difference between this consumer buying from you over your competitor.

If three companies have similar sites that accurately highlight their products with quality content, how will the consumer choose which one to buy from? It could be customer service, word-of-mouth, or customer reviews. But it could also be a remarketing banner that eventually leads the consumer back to your site for a second or third time.

How Remarketing Can Make A Difference

Stay Top of Mind, Make More Sales

Even if you have an awesome website with great design, engaging content and a flawless user experience, the majority of people will visit once and never return. That's a fact beyond your control. But what you can do is slightly increase the small percentage of people who will return to your site, and maybe boost your overall conversion rate. Remarketing and targeted display ads should help you do both of those things in the following ways:

  • Keep In Contact: since most consumers go through multiple interactions with a brand before buying something, you need a way to stay in touch with your audience. Remarketing enables you to keep the conversation going with potentially interested customers, which allows you to stay connected while they conduct their research. This goes a long way to persuading them to come back to you to make their final purchase. 
  • Increase Conversions: being able to serve meaningful ads to your customers at just the right time can significantly increase your website's conversion rate. Remarketing gives you the insight to identify things that are preventing sales, and then deliver messages that help customers get past their perceived barriers to purchase. Doing this while consumers are still in their buying process is powerful and effective. 
  • Get More For Less: display advertising is one of the most economical methods for supporting your digital marketing message beyond your website and improving your brand's awareness. Remarketing using paid models (per click or per impression) will give you increased and more meaningful exposure than other advertising methods - and at a lower cost! 

We've only skimmed the surface of what display advertising and remarketing can do for your business. For more guidance on how to take advantage of targeted remarketing or to start putting together an advanced display advertising campaign get in touch with WSI Waverley Solutions

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