I've lived in the same home for nearly my entire adult life, so I'm doing a bit of home renovating in preparation for getting married. We're not changing everything, but rather updating bathroom sinks, fixtures and hardware like doorknobs. I love glass doorknobs. Good ones are difficult to find, but I searched online and found this great distributor, myknobs.com, where you can find just about any doorknob you can possibly imagine.
I bought several glass doorknobs and installed them. I needed to exchange one because it came damaged, but that's another story. Anyway, myknobs.com continues to bombard me -- retarget and remarket -- with tons of display ads highlighting doorknobs. Folks, please -- you're wasting your money. I've already spent what I'm going to spend with you. Isn't there some way you can tie my purchase into your ad targeting?
While the Internet enables national brands to act local or local brands to act national, marketers waste too much money retargeting consumers who have already made the purchase. The brand marketer, for some reason, just doesn't know the consumer made the purchase. That's a hole in the system that needs plugging. The tech advertising geeks need to somehow link the IP address to the purchase.
Now that I've shared my thoughts on one way marketers spend too much money in search retargeting without seeing results, here are two reasons from James Green, CEO at Magnetic.
People who move up the funnel to search retargeting typically are moving from site retargeting and then use the same metrics. In other words, my site retargeting campaign generates $1 of new sales for every $0.50 I spend, but my search retargeting campaign is worse. That's because in site retargeting you are going after existing clients and with search you are getting new clients. So it stands to reason that it would cost more money to get someone who doesn't know who you are to convert vs. someone who is well aware.
All campaigns, not just search retargeting, benefit both search and site retargeting. If you spend money on TV, more people will search for your brand and more money will visit your site, so the metrics on search and site retargeting improve. This is not necessarily true for search retargeting, where you search for people who want a smartphone, but not necessarily your brand. Indeed, if a competitor runs a TV campaign, you might see your search retargeting metrics improve if you are conquesting.