Rectify Your Re-targeting Strategy with Third-party Data to Maximize ROI
Jul 28, 2023
How would you rate the performance of your marketing campaigns? Would you give it a rating 10 out of 10, or that the result didn’t really reflect the marketing efforts and costs that you have invested into? This is a good chance to review and rectify your retargeting strategy. In this blog, we will share with you an effective “Retargeting 2.0” strategy that is driven by third-party data and has proven to increase conversion rate in a recent insurance campaign.
Traditional Retargeting Campaign Flow
Typically, traditional retargeting campaigns target users who have previously interacted with a brand, or browsing products or addicting items to carts on the website. The main objective is to redirect those web visitors back to the website, or encourage them to take specific action, such as making a purchase. However, the conversion rate might not be as appealing, roughly 10% or less.
“Retargeting 2.0” with Hotmob Data
Whereas now marketers are offered with advanced retargeting solutions “Retargeting 2.0” by leveraging Hotmob’s database that can split and segment a large group of target audience in-depth based on third-party data like interested content. Instead of recapturing a bulk of visitors from a retargeting campaign, marketers can retarget the most responsive audience among the segments, and hence increase the likelihood of conversion.
Illustrating a recent use case by an insurance company which initially aimed to convert more than 10% of its website visitors. Based on campaign analysis, 6 kinds of audience segments were identified from Hotmob’s database. Through advanced “Retargeting 2.0” with Hotmob data, it is possible to increase the number of converted users to 55% more than of traditional retargeting approaches. Furthermore, these audiences can be used for upselling or cross-selling according to their recent interests or life stages to maximize the ROI of the campaign.
Benefits of Adopting Third-party Data
Indeed leveraging third-party data together with advanced retargeting approaches can effectively boost conversion and ultimately maximize the ROI. Marketers will also be benefit from the use of third-party data that lead to:
1. Better Targeting
Third-party data provides more insights into consumer behavior and interests, hence enabling marketers to better understand their target audience to create more targeted and effective marketing campaigns that resonate with their audience, hence leading to higher engagement and conversion rates.
2. Improve Customer Segmentation
In fact, having third-party data to perform customer analysis is a step in the right direction for developing targeted marketing campaigns. Data of customer behaviour, demographics and preferences provide valuable information to create more accurate and detailed customer profiles, similarly for creating personalized experiences, which lead to higher sales and enhanced ROI ultimately.
3. Enhance Decision-Making
Moreover, relevant third-party data add value to businesses as it provides valuable insights into market trends, industry benchmarks and competitive activity. By leveraging this data, marketers can make more informed decisions about their marketing strategies and prioritizing marketing channels to promote products, and allocating marketing budgets to maximize ROI.
Overall, leveraging third-party data and Hotmob’s “Retargeting 2.0” strategy can help marketers boost conversion and increase the ROI in addition to providing valuable insights into their target audience, improving customer segmentation, enhancing decision-making.
Reach out to us for a demonstration on how to adopt third-party data and advanced retargeting strategy in your next campaign.