The consumer journey is not linear. During this complex path to purchase, marketers race the clock to reach the right audience, at the right time, and with the right message. It is crucial that marketers use prospecting and retargeting strategies to make the most of their marketing mix.
Although both strategies focus on different parts of the funnel, the approach used to communicate with consumers is very similar – as both rely on accessing, analyzing and using large volumes of highly-indicative consumer data.
With the oversaturated technology lexicon burdening many marketers today, we thought it would be a good idea to break down the difference between prospecting and retargeting while reminding you why both are crucial to brand success.
Prospecting builds brand awareness and drives new prospects to a marketer’s site. Using intent data and sophisticated machine learning and bidding strategies, increase the likelihood of identifying high-value prospects and delivering qualified site traffic.
Upper funnel metrics are tricky, and it’s important to use the right metrics to measure campaign performance. We suggest the following KPIs for prospecting campaigns:
Most retargeting campaigns target people in the mid- to lower-funnel, and often focus on driving conversions, like purchases or events (e.g. form completions, sign-ups, scheduling test drives). The benefits of retargeting surely outweigh the cost, as marketers can accurately target those who have shown interest in a particular brand. It also leads to greater engagement because ads can now be tailored to the target user – making them more likely to engage.
We suggest you measure performance in retargeting campaigns using the following metrics:
Bottom line: utilizing prospecting and retargeting strategies allows for smarter marketing that drives bottom line results. And as digital marketing evolves and the consumer journey becomes increasingly fragmented, marketers must keep prospecting and retargeting strategies top of mind as they build campaigns for success.
Visit our Contact Us page to learn more about activating your prospecting and retargeting campaigns – fueled by the latest and greatest data science!
Magnetic is an artificial intelligence company that uses machine learning to deliver smarter, faster, and more effective advertising. Our powerful AI platform continuously analyzes the attributes of over 350 million live user profiles alongside real-time inventory supply and bid opportunities to deliver highly performant audiences and profitable campaigns for our clients.