Retargeting is a cookie-based technology that allows a marketer to anonymously follow people around the web based off of their previous internet interactions. An example would be to display an ad to a past visitor of your website, no doubt this is the type of retargeting that you’re used to and there is no denying how valuable it can be. But, what if you could go even deeper than that? What if you could segment your retargeting lists based off of even more points of data?
I’m talking about having the ability to retarget a past sold client that bought a 2012 Ford Fusion with an ad that talks about your need for 2012 Ford Fusions. How about retargeting newly sold customers with an oil change coupon 3 months after the bought from you? Heck, you could even do the same thing with major service intervals. Since I’m on a roll how about somebody turning down a service contract? How could you use this technology to get them back in to buy one?
That’s just the tip of the iceberg with CRM Retargeting, or what’s referred to as data onboarding. With data onboarding, you have the ability to improve the consumer experience by increasing engagement and conversion with your online ads.
Do you know who your best customers are? Can you pick them out of a lineup? Rather, can you segment them in your CRM? With look-alike modeling, you’re able to build larger audiences from smaller segments. This is accomplished by setting benchmarks (such as a sold unit or average RO) that are reflected in the larger audience by mirroring your smaller segment.
Look-alike modeling “results in double or even triple the results of standard targeting, according to the 30 percent of advertisers and more than half of agencies who reported using the tactic.” – Exelate Study
To get a little more granular, with look-alike modeling, you are able to find an audience that looks like your sold customers. This may be that they visit the same sites, live in the same area or have similar income. Forrester research found that “sales driven by new customers were 2.5 times higher following data onboarding than in previous campaigns” with look-alike modeling.
It’s been said that your best customers are your current customers and if that’s true then your second best customers are customers that look like, act like and talk like your current ones.
Using Data OnBoarding to Increase Contact Rate
CRM retargeting is only limited by the imagination and to give you an example of that, what about running an ongoing campaign that displays ads to uncontacted leads? Think about it, what is your open rate now? I’d imagine that it isn’t 100% or even a fraction of that. Is it 5%, 10%? With the ability to retarget your sales leads with an ad that talks about how awesome your dealership is, do you think that would be helpful? What if it were a coupon for an extra $200 off? Like I said the ideas are endless.
Even if somebody has opted out of an email you can still retarget them!
Another idea is if you were to leverage certain customer attributes in some sort of point scale. From there you could target loyal segments with certain offers. For instance, buying a car could be worth 10 points while visiting the service drive within 5 months of making a purchase is another 5. You could go on to reward them with even more points for buying an extended service contract or GAP insurance. From there you could show them an ad with a bird-dog fee associated with it or even a free oil change. Again the ideas are…
Customer-centric retargeting is the way to go. Have you considered, after reading this post what it could do for you and your dealership? If so, we would love to partner with you and come up with a plan on how to do just that, together.
If you’re already working with a digital marketing agency encourage them to start CRM retargeting for you. You will be able to create incremental sales like never before. Questions? Hit us up below in the comment section or give us a buzz, we’d love to hear from you.