Don't be sad - a retargeting campaign does and can work
Retargeting has been around for several years now and is a way to get in front of consumers on a consistent basis who have already been to your site. You know the scenario: You go to a site that sells baseball caps, look around for a while and jump off. Over the next few days and weeks as you surf the web, you see ads for that same baseball cap site - you have been retargeted. A retargeting campaign can be a very effective marketing tool for a number of reasons:
- Top of mind awareness of your brand for potential customers.
- A way to show potential customers a product/service they viewed on your site originally and still may wish to buy.
- A great way to show promotions and discounts to consumers who have already been to your site.
- Allows a consumer to evaluate your products by questions you pose to them in ads.
- Gives you the opportunity to put similar products in front of consumers to the ones they already viewed when on your site.
What a data co-op can do for your retargeting campaign
You definitely need to commit when doing a retargeting campaign. This is not some quick and easy "set and forget" approach to your ecommerce marketing strategy. And a sound retargeting campaign needs creative and interesting display banners, tested landing pages that are well optimized and most likely some sort of PPC /content/ social media strategy to get new people to visit your site.
Because while retargeting will be effective, if done correctly, in converting consumers to make purchases on your ecommerce site, it alone will not bring new clients to your site. And without new consumers it's hard to grow your business.
And this is where a data co-op comes into play. A data co-op will give you access to thousands and potentially millions of new consumers who have never been to your site before; but because they are part of a data co-op they will be shown display ads about your ecommerce site before ever going there directly.
Back up...what the heck is a data co-op?
A data cooperative (co-op) is a company, like Hivewyre, that puts your ecommerce site into a pool of other similar ecommerce companies which are looking for clean and accurate data for consumers who are ready to purchase now or in the very near future. This data from other ecommerce sites like your own is called second-party data. Having access to this type of data allows you a much bigger picture of your business, which enables you to make more strategic marketing and advertising decisions; and reach a much broader audience than you could have with only your own first-party data.
A data co-op IS the missing piece NOT the only piece
Nearly 70% of consumers abandon their shopping carts before finishing a purchase according to the Baymard Institute (January 14, 2016). On top of that, 97-98% of all consumers don't convert on your ecommerce site (Internet Retailer). Simply, you need to have more people visiting your site to make more money.
A data co-op is this missing piece of your marketing strategy. Social media, retargeting, optimization, PPC are all part of this equation, but a data co-op is a means that gets your ecommerce business in front of new consumers who are looking for products you sell right now. And once a new consumer has come to your site via a data co-op campaign and leaves, then your retargeting campaign will kick in because now you have a new consumer to retarget.
So, if you are thinking of new ways to increase sales and drive new consumers to your site, you seriously need to consider the option of becoming part of a data co-op; the rich clean insightful data you will attain from a data co-op allows you to make thoughtful budgetary decisions without fear, which will manifest your ecommerce site finding its rightful place in your segment.