Retargeting is a staple of the modern community banking and credit union marketer’s toolkit. Retargeting is simply serving ads to prospects that have taken specific actions, like visiting a webpage or filling out a form, but haven’t converted or completed the desired step. Incorporating this strategy can increase a funnel throughput by over 70%*. This rise in performance is why retargeting typically commands 1/4 to 1/2 of digital ad spend.
With that level of usage and established results, you’re likely already employing retargeting as part of your customer/member acquisition strategy. However, how does retargeting change in an increasingly 1st party data world?
Traditionally, retargeting is executed using very simple heuristics and relies on 3rd party cookies like Meta’s Pixel or Google’s Conversion tag. Even with Google Chrome’s delay in blocking 3rd party cookies, driving your institution’s acquisition strategy on your own 1st party data is rapidly becoming a competitive advantage.
Hallmarks of top-performing community financial institution’s retargeting approaches include:
- Having detailed segments driven by customer lifetime value (CLTV)
- Identifying prospects, at least by intent or segment, in real-time and automatically adding them to campaigns
- Ad campaigns tailored to the context of what your prospect is trying to do (not just tagged to landing pages or app interstitials)
- Ad creative personalized on information specific to your prospect. (Have you identified them by name? What intent can you infer from your retargeting triggers? Are you presenting your offer as a solution to their problem?)
- Using your 1st party data to suppress ads to prospects that are outside your targeted segments
Targeted advertising on social media has generated a mixed response from consumers. Still, the results are so outsized that it’s worth experimenting with them to boost your results with high-intent customers.
Like the idea of highly relevant and personalized customer experience? Want to experiment with data-driven retargeting, but not sure where to start? We’re here to help.