How a multiple retargeting strategy can help advertisers boost their results
The main driver for any business is to find and attract customers to make sales
There have been many arguments and conjecture around the subject using a single retargeting partner as opposed to many, but, in fact, harnessing the collective expertise and resources of multiple retargeting partners may actually drive better results in ad campaigns!
In this article, we will explore what a multiple retargeting strategy is, the benefits of working with multiple retargeting partners and bust some common myths.
What is a multiple retargeting strategy?
A multiple retargeting strategy involves partnering with more than one retargeting provider to amplify the effectiveness of retargeting campaigns.
While most partners work from the same pool of data, not all algorithms are built the same. Therefore, because each partner has a different methodology in its algorithm, they target different users in unique ways, this means that instead of relying on a single partner, businesses can leverage different sets of expertise, strengths, and networks to deliver tailored messages and ads to potential customers who have shown interest in their brand, product, or service.
This collaborative approach may also help businesses reach and engage with a larger, more diverse audience and gain increased exposure across various digital channels which may lead to more efficient advertising and higher returns on ad spend.
What are the benefits of a multiple retargeting strategy?
When businesses rely on just one retargeting partner, they may be at risk from having gaps in their campaign's reach and waste impressions, which could, ultimately, lower their return on ad spend. On the other hand, by investing in multiple retargeting partnerships, businesses may be able to drive better all round results, and benefit from:
1. Increased competition: Working with two or more retargeting partners fosters healthy competition and motivates them to deliver effective results. Additionally, by comparing performance in terms of cost per sale (CPS) and other metrics, businesses can identify which partner provides the highest returns on each marketing channel, which leads to improved strategies, creative solutions, and innovative approaches that can benefit campaigns.
2. Access to specialized knowledge: Because every retargeting partner possesses its own expertise, industry insights, and best practices, businesses gain access to a diverse pool of specialized knowledge, and benefit from the unique perspectives and experiences of each provider. This knowledge sharing may help uncover new targeting strategies and tactics that could drive superior campaign results.
3. Enhanced ad personalization: Each retargeting partner brings its own targeting capabilities and data insights which could allow for more granular segmentation and tailored messaging based on user behaviors, preferences, and interests to deliver highly personalized ad experiences to potential customers.
4. Continuous campaign optimization: With many retargeting partners, businesses can gather comprehensive performance data and insights from various sources. This data-driven approach may help businesses identify successful strategies and areas for improvement across different providers, which they can then use to refine their targeting parameters, creative assets, and messaging to continually maximize campaign performance.
5. Expanded reach: With multiple retargeting partners, businesses have access to a broader range of platforms, networks, and audience segments than they would with just a single provider. And this expanded reach may allow for more extensive exposure and engagement with potential customers, and maximize conversion opportunities.
6. More clicks and conversions: Every retargeting partner has its own strengths and weaknesses, which can affect the performance of a business’s advertising. Therefore, leveraging multiple retargeters may significantly increase the visibility and frequency of ads shown to potential customers. Additionally, by working with multiple retargeters, businesses can test different providers, platforms, and strategies to find the most effective approach to capture customer attention, driving more clicks, and ultimately increasing conversions.
7. Better return on ad spend (ROAS): By comparing performance and optimizing campaigns based on the results from retargeting partners, businesses can then allocate budgets strategically, shifting investments towards the retargeting channels and partners that demonstrate higher ROAS, which may lead to better utilization of ad spend and improved overall campaign efficiency. In fact, just adding a second retargeting partner can double return on ad spend (ROAS).
Common myths about a multiple retargeting strategy - debunked
Working with multiple retargeting partners can be a highly effective strategy for advertisers. However, despite the many benefits of using more than one provider, there are some myths that still persist, mainly stemming from those who wish to protect their own position, not necessarily improve campaign results.
1. Ad cannibalization
Businesses may fear that working with multiple retargeting partners will result in their own ads competing against each other, leading to ad cannibalization.
Retargeting companies employ advanced frequency capping techniques to control the number of times an ad is shown and ensure users are not overwhelmed with excessive ad exposure. Businesses can set frequency caps and coordinate with their partners to prevent ad cannibalization and maintain an optimal ad experience.
2. Ads appear too frequently
Businesses worry that collaborating with multiple retargeting partners will lead to their ads being displayed too frequently, potentially annoying users and diminishing the campaign's effectiveness.
Setting frequency caps and monitoring campaign performance can control and optimize ad frequency. Additionally, with full coordination and communication between businesses and their partners, the ad frequency can be adjusted to strike a balance between visibility and user experience.
3. There’s no difference between retargeting providers
Some businesses make the assumption that all retargeters offer the same services and capabilities, leading to a perception that working with more than one is unnecessary.
Every retargeting company possesses unique strengths, access to different platforms, and specialized knowledge. By collaborating with multiple retargeting partners, businesses gain access to a diverse range of expertise, networks, and approaches, which may significantly enhance the effectiveness of their campaigns.
4. Working with multiple retargeting providers is more expensive
Businesses may believe that the cost of engaging multiple retargeting partners is significantly more than working with a single provider, and therefore not financially viable.
The cost of working with multiple retargeting partners may be managed effectively by setting clear campaign objectives, establishing budgets, and optimizing ad spend based on performance metrics. Businesses may also be able to negotiate pricing, explore package deals, and allocate resources strategically to achieve an optimal return on investment.
There are many retargeting providers available who specialize in reaching an audience with targeted messages, and each of them employ their own unique technology and methods to maximize ad campaign effectiveness.
However, what if businesses started collaborating with more than one of these providers simultaneously? By expanding their partnerships and embracing a multiple retargeting strategy, businesses could tap into the strengths and capabilities of all of them, which could unlock a range of benefits including increased reach, diverse targeting approaches, enhanced competition, and better campaign optimization.
Exploring the potential benefits of working with multiple retargeting partners is surely a compelling proposition for businesses seeking to boost their results and drive greater campaign success.
If you would like to learn more about this topic, contact RTB House.