Facebook Retargeting Strategy and Best Practices
If you’ve ever browsed for a product online and then started to see ads for that exact same product as you scrolled through your Facebook feed later on – that was no coincidence. Actually, it was quite intentional. It is the result of a clever social media marketing tactic known as Facebook retargeting. While especially common amongst retailers, a good Facebook retargeting strategy can be beneficial in helping many types of businesses close a sale.
What is retargeting on Facebook?
Facebook retargeting (or remarketing) refers to the process of identifying individuals who have recently engaged with your brand via your website and then showing them ads in their Facebook feeds for your products and services. It’s a form of warm advertising that serves as a reminder, or a gentle nudge, encouraging those individuals to revisit your website and complete their transactions.
Considering recent studies have shown that nearly 75 percent of shoppers abandon their online shopping carts after filling them, that extra push to complete the sale is clearly often needed. Think about all of the potential revenue being left on the table!
Why Facebook retargeting strategies are important
Facebook retargeting strategies are such powerful tools because there is so little to lose and so much to gain. Think about it – one of the hardest parts of the marketing process is already done. You’ve already made the connection with your potential consumers. These individuals know your brand, they’re familiar with your products and/or services, and they like enough of what they’ve seen so far to have already interacted with your website in some way. So now, when you place these new targeted ads in front of them, your conversion rate – and therefore, your return on investment – are likely to be pretty high. One study, conducted by CMO.com, suggests that the average Facebook retargeting conversion rate may be as much as 10 times higher than that of standard display ads.
So, is retargeting effective? The simple answer is: Yes. Ultimately, a Facebook retargeting strategy is a pretty seamless way of connecting your products and services with the consumers who are most likely to become paying customers.
How does Facebook retargeting work?
If you’re considering a Facebook retargeting strategy, the first thing you’ll need to do is install what’s known as a Facebook pixel. It’s a bit of code that gets pasted into the backend of your website, and it tracks your visitors and the actions they take on your site, including:
- Add payment info
- Add to cart
- Add to wishlist
- Complete registration
- Customize product
- Find location
- Initiate checkout
- Start trial
- Submit application
- View content
Once your pixel is installed, your next step is to decide which of those events you’d like to track, and then create a custom audience on Facebook that defines exactly that. Facebook makes this process fairly easy. In your Ads Manager, you’ll want to create a new ad campaign, first selecting the marketing objective (brand awareness, reach, traffic, etc.) of the campaign. Next, when asked to specify your audience, you’ll need to create a custom audience, which pulls data from your pixel. Click on “Create New,” select “Custom Audience,” and then choose “Website” as your source. From there, give your pixel a name and then proceed to the next step, which asks you to define the exact users you’d like to target:
- All website visitors
- People who visited specific web pages
- Visitors by time spent
If you’re looking specifically to create one of those ads we mentioned earlier that gently reminds your customers that they left a product behind in their cart – you’ll want to run dynamic ads, which are also done through your pixel. You provide Facebook with a catalog of your products, and Facebook shows those products to individuals who viewed them but did not buy, giving them a second chance to finalize their purchase. Once your catalog is uploaded, Facebook does the legwork for you – and they make it pretty easy for your customers too. It’s a win-win.
For additional help understanding Facebook retargeting best practices, contact Paradigm Marketing & Design today, and one of our social media marketing experts will be happy to assist you.