In the services industry where customers have options, loyalty is hard to maintain, so it's important to utilize all the strategies at your disposal to retain your existing customers and continuously nurture those relationships.
The cost of acquiring new customers is five times higher than the cost of retaining existing customers.
One targeting strategy that Meta's ad platform enables you to capitalize on is retargeting your existing customers and potential customers.
By specifically targeting those who have already interacted with your business, Meta's ad platform can significantly enhance your customer retention rates, encouraging repeat business while nurturing relationships and establishing brand loyalty.
Retargeting at a high-level:
Retargeting works by building audiences comprised of users who have previously engaged with your business in some form, for example those that have visited your website, engaged with your social media pages, or purchased something from you in the past.
This is facilitated through what is called a "pixel"; a tracking code placed onto your website, OR through a list of customer contacts that you can manually upload to create a custom audience with.
When these users then browse online, they will be targeted with your ads, which can either remind them of your business or present them with new "special offers" to drive a conversion.
Segmentation of The Audience:
The first step in creating successful retargeting campaigns involves segmenting your audiences.
Not all customers are the same; they may be at different stages of the customer journey or have different buying behaviors.
By segmenting your audience based on the level of interaction with your business — such as recent customers, frequent customers, or those who have only engaged with your business but not yet converted into a customer — it's important that the creative and messaging is tailored to be relevant and effective.
Personalizing Ad Content:
Personalization is key in retargeting each segment.
Create personalized ads that resonate with your potential customers specific interests and needs. One persona that you target may resonate better with certain creatives, and frequent customers may just need short reminders, or upsells in the creatives.
For example, if a lead has expressed interest in a specific service but not yet moved forward, you can retarget them with an ad featuring that specific service offering, possibly with a special offer to sweeten the deal.
Creating Compelling Offers:
Retargeting is an excellent opportunity to present compelling offers that can drive repeat business.
Consider offers like loyalty discounts, early access to new products, or exclusive bundles for returning customers.
Such incentives not only encourage repeat purchases but also make customers feel valued, enhancing their loyalty to your business.
Conclusion
Meta's retargeting is a powerful tool for increasing customer retention and lifetime value from each customer.
By targeting ads to specific audiences who have already engaged with your business in some form you can keep your business at top-of-mind, encourage repeat business, and ultimately build a more loyal customer base.
With careful planning, content, and ongoing analysis, AC Generates can build high performing retargeting campaigns to significantly enhance your customer retention efforts, turning one-time customers into lifelong customers.