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Take a look at this list collection of fabulous companies. What do they all have in common? Each of these companies is being swindled- and I’ll show you how. Continue reading
In most cases remarketing campaigns target visitors who did not convert or purchase on your site. If a visitor converts, they become a “customer” and thus no longer need to be “acquired”, they need to be “retained” or upsold.* Thus, once a visitor becomes a customer they are no longer the domain of the acquisition team, they are shipped off to the sales or retention department. (Depending on the size of your company, you may be involved in one or all three teams.) But if a visitor leaves your site without converting, they are still the domain of the acquisition team. “Remarketing” is task of targeting that segment and getting them to convert.
Remarketing is hot in the internet marketing world. It is becoming easier and cheaper to implement, thus lowering the barrier to entry. In the online world, the term “remarketing” is used to discuss efforts to acquire customers who have already visited your site or opened an email. If someone has never visited your site, you cannot “RE-market to them”.
As of today, remarketing is only used on the display network. However, it seems that Google or MSN could use that data to customize your search network ads sometime in the future. With the focus on “personalized search” I would think this is on its way.
Facts about Remarketing
The segment of traffic that comes to our site and leaves without converting will be the target of most remarketing campaigns. Since these visitors have already shown a previous interest in our site we can make three assumptions about them:
1. Remarketing segments will always be a subset of the general population. Thus, the impressions and traffic you receive are likely to be small.
2. Remarketing campaigns will cost less to convert since this segment has already demonstrated interest in your brand. We might think of their prior exposure to our brand as a kind of micro-conversion. If your brand is worth anything, remarketing should cost less than the general segment.
3. Remarketing segments are worth more to us than the general population. Feel free to spend more to insure these visitors see your ads.
Tips and More Details on Remarketing
Two other quick things that you need to know about remarketing. One, this remarketing “magic” is created done by using tagging in your analytics/ ppc/ display tool. Your analytics /ppc /display guy should be able to help you.
Keep it simple. There are many more advanced ways to use remarketing which are beyond the scope of this article. If you are not using remarketing, feel free to use it as I described. Even this is way beyond most companies’ capabilities (because they don’t get enough traffic, or lack the resources to analyze the data).
* There are some exceptions to this case. In ecommerce, often time customers need to be reacquired each time they search for a new product. However, let’s ignore this situation for the sake of simplicity.
“How much should I be spending?” is one of the first and most frequent questions we get from potential clients. In that question are two separate questions that the client wants to know, though they are rarely able verbalize it:
1) What should I be spending per month
2) What will my setup costs be if I don’t already have an account.
What Should I Spend Per Month?
There are several ways to answer this question. You may want to consider these answers before you hire a pay per click management team. Some popular answers to this question are “what you can afford to lose”, “it depends on the industry”, and “about whatever you think you can afford to spend”. Those are all reasonable answers for some clients.
For advanced businessmen and women I think the following answer is better: “If you could buy one dollar bills for $.99, how many would you buy?” Obviously you would want to buy as many as possible, or spend infinite amounts. Even though margins are low (in this example), the more you spend, the more you make.
Would you still be interested in this deal if you had to pay someone else to arrange this service for you? Again, the answer would be yes. While this eats into your margins (again), you are still in a position to make a ton of money if you put up the money.
Lets bring this back to pay per click. Due to advances in tracking technology, we are able to calculate the amount of money you are spending and the amount of money you are making directly from pay per click ads. If this is a positive number, it is no different than the above example, where you are buying dollar bills for $.99.
This advice has is limitations, but not in the ways you might expect. The obvious limitation is that there is not an infinite supply of customers. This manifests itself in the following way: the more you spend, the higher the cost of acquisition, which will eat into your margins. However, if you do not yet have a solid account, you probably do not need to be concerned about this.
The other limitation to this advice is that it will cost you money to get your account to a profitable state. Accounts are rarely profitable on day one. You will have to invest some money upfront in your advertising, just like all other forms of advertising. This cost varies from company to company. A pharmaceutical company that advertises to every country will pay a lot more than a mom-and-pop button-making shop that serves only San Diego.
Thus, there are two variables to keep in mind that will affect your startup costs (not to be confused with “setup costs”, which is the cost your ppc company charges you to setup the account): How competitive your industry is and how large the geographic region you want to advertise to is.
One feature that is surprisingly missing in Google Adwords (as of 2010) is the ability to allocate a different daily spend to each day of the week. Imagine the following scenario:
An advertiser spends $100 every day of the week except for Wednesdays. On Wednesdays, the company spends $250. Currently Adwords does not allow you to easily account for this scenario. The closest they come is Google offers you the ability to bid a certain percentage higher or lower on certain days.
That is not what we want.
We could wake up at 12am on Wednesday and change the spend from $100 to $250 and then change it back at midnight. However that seems like a lot of work, with not enough return.
However, there is another way. An Adwords hack, if you will. It ads a lot of complexity to the account, so I only recommend this solution for advertisers that anticipate a great discrepancy in daily spending (based on the day of the week).
Here is how it works: (We will pretend you have an account with one campaign for simplicity sake.)
1) Turn off all spending on Wednesdays by bidding on keywords at 0% on Wednesdays.
2) In Google Adwords Editor copy the campaign and repaste it. Rename the new Campaign “Wednesdays”.
3) In the “Wednesdays” campaign, turn off spending on all days except Wednesday. Set the daily spend to $250.
The result is that campaign one will bid $100/day mon, tue, thur, fri, sat, sun. Your new “Wednesday” campaign will bid on the exact same keywords on Wednesdays but the daily spend will be $250 on Wednesdays.
You can repeat this process for multiple campaigns if you have more than one.
Ideally, this seems like a feature that would be should be addressed by Google’s people. Perhaps it could be added to the interface to save time and avoid confusion.
If you need help with this procedure contact me.