Creating An Ad Retargeting Strategy For The Budget Conscious Consumer
by Andrew Reed, on Aug 17, 2022 9:30:00 AM
According to Business Insider, new customers are twice as likely to leave your site without making a purchase, and it’s the repeat customers who most boost revenue as they typically make up about 60% of your business. Instead of getting discouraged from having a high bounce rate from these first-time visitors, keep in mind that they sometimes just need time to acquaint themselves with your brand and learn a little more about your offerings before making a purchase. This can be especially true for consumers who are very thoughtful about their spending and not willing to buy a product that they are unfamiliar with. A great way to help them to keep your brand top of mind is to have a strategy in place that targets visitors that left without purchasing and redirect them back.
Here are a few retargeting strategies you can use to win back these spending-conscious consumers:
Keep Your Brand You of Mind
Just because a consumer is budget conscious, doesn’t mean they aren’t willing to spend. They might just be selective with their purchases and weren’t yet comfortable taking the leap. Retargeting them with ads that remind them of the items they left behind might just be enough of a push they need to purchase. As a budget-conscious consumer, they could have had their eye on a few items during their last visit, but didn’t have anything they particularly needed at the time or needed to save up first. Promoting your newest items might introduce them to a product that they are currently looking for or at the least help keep your brand in front of their eyes.
Offer Free Shipping or a Discount
How many times have you put an item in your cart with the intent to buy it only to change your mind overpaying for shipping? According to a Forbes survey, 77% of people have abandoned a purchase due to shipping fees. So offering free shipping as part of your retargeting strategy may be the small boost they need to close the deal or put the product back in their spending range. You can always include a purchase minimum as well to ensure it doesn’t cost you too much. Another option for an unsure new customer is a discount off their first purchase. While you might churn less of a profit in the short term, it could potentially lead to a long-term loyal customer making it a worthwhile investment. Just be sure to download cleanCART first to protect all of your discounts from coupon extensions like Honey which auto-inject them into your site for anyone to use.
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Show Off Sale Items
If you have items on sale that are similar to what your customer was originally searching for, you can promote them via retargeting ads. Not only will it help you make the sale and entice a new customers if they were deterred by pricing, but it will also get rid of slower-moving inventory.
Give Social Proof
If budget-conscious consumers are going to splurge on an item they want to know that they are getting a high-quality piece for their price that they won’t need to soon replace. If you are unable to offer a discount, use your retargeting strategy to show reviews that mention the longevity of your products.
If you are interested in incorporating any of the above ideas into your retargeting strategy, cleanCART can help keep your discounts safe from coupon extensions. Sign up for your free 14-day trial today and see how we can help.