I’m Nikolas Jamieson from MarketingLab.
Today I would like to share with you some new ways in which you can squeeze the most value out of your traffic sources.
But before I do that, I would like to share with you the common problem that many businesses face and unfortunately probably are unaware of.
In my time as a Digital Marketer, I have audited over 943 accounts.
The thing I see the most is that businesses set up campaigns that are set to convert based on a ‘one-time interaction’ funnel.
Let me explain to you what I mean by this in a little more detail.
Hopefully, I can keep it short and simple.
So what this means is businesses will pay Google, Facebook, Instagram, and LinkedIn top dollar to find traffic.
Drive this top dollar traffic to their site, and hopefully record a conversion or two.
The FATAL mistake that is often made when using this ‘one-time interaction’ campaign strategy, is you need to keep pouring money in at the top to get conversions out at the bottom.
Now, I am not here to sh*t can this type of campaign set up but if YOU or YOUR AGENCY has built something like this, without the safety net of a remarketing campaign, then you’re pretty much jumping out of an aircraft without a parachute on.
What many business owners and even well-educated marketers are unaware of is that the traffic you paid top dollar for is yours.
YOU OWN IT, EVEN IF IT DIDN’T CONVERT THE FIRST TIME.
All of that traffic is yours. All of those clicks and interested customers who viewed your website are at your disposal.
So why not try and motivate them into converting at a later date?
Now, I apologise in advance if maths isn’t your strong suit, but after seeing this example you might think twice about how much money you’re pouring down the drain by using this outdated strategy.
Please note* – This example will use the ‘industry average’ conversion figures a standard ‘one-time interaction’ campaign generally performs at.
If you pay $2000 to drive 1000 visitors to your site.
And your campaign is converting at 3.75%.
You will receive 37 conversions.
Now you might walk around with your head held high and think great, 37 conversions that’s pretty damn good.
POP! I hate to burst your balloon pal, but that’s not the way you should look at things.
Try looking at it from this angle.
What about the 963 prospects who clicked on your ad and visited your site?
Where the hell did they go? (I can assure you they didn’t fall into the realm of cyberspace, to be completely lost for all eternity.)
Wait let me try that again so it sinks in…
What about the $1926 that just flew out of your damn pocket and into the bin.
That’s what’s happening… well not literally but you know what I mean.
To generate more conversions, you are forced to pour more money in.
$2000 in to generate 37 conversions, with $1926 lost.
That doesn’t seem like a bet I would want to be making with my money.
And that is the common pitfall you face with this rinse and repeat ‘One-time interaction’ strategy.
So How Do I Change My ‘One-Time Interaction’ Funnel Into A 2 Or 3 Time Interaction Funnel?
Remarketing, in a nutshell, is how you can access those 963 who didn’t buy from you the first time.
It is a safety net that you can use to give yourself a second chance when trying to motivate your pool of interested customers into taking action on your site.
Think about it. Those 963 people are interested, decided to click on your ad, why would you let them go?
Only for them to be swept up by your competition who is using a remarketing strategy!
So now that I’ve explained to you how remarketing works let me show you the
3 WAYS IN WHICH YOU’RE PAYING UP TO 10X MORE THAN I AM FOR THE SAME TRAFFIC
1. Firstly, know that you’re paying the most when you’re … Driving NEW Traffic
As you all know all of the major advertising platforms such as Google, Facebook, LinkedIn & Instagram use a bidding system to determine click costs. When you initially bid for NEW traffic you are paying the highest amount possible which is either determined by the platform or your competition.
2. Secondly, the average cost of re-engaging with your audience is 66 cents
All the major platforms favour remarketing and you should too. Once you have initially outlaid the cost in generating NEW traffic you can re-engage with them for as little as 66 cents a click.
3. Thirdly, I get multiple chances to serve them with appealing content.
In doing so I build rapport and trust with my audience, boosting my click-through rate and lowering my clicks costs even further. In some cases, I’m paying 14 cents for a click. (check screenshot)
Thanks for reading this.