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To leverage retargeted audiences to increase return on investment with a $20,000/month advertising budget.
Overall ROAS: 6.4
Retargeting ROAS: 11.70
After pinpointing a well-performing audience, we wanted to retarget them across multiple Facebook and Instagram formats, as well as, their audience network. This particular audience is remarketed to because of previous exposure they’ve had to the brand or have shown interest/intent. By utilizing this technique we have created an audience that is highly qualified and warmed up — leading to a higher rate of conversion.
We wanted to leverage the best audiences, who have seen good referral traffic and hit them with a compelling creative, such as a video or slideshow to convert this more qualified audience to customers. This was the scenario with our client (let’s call them Protein Plus).
By using an engaging video on our colder audiences as well, we get them more interested in the product itself and later retarget them with a message more appropriate for lower funnel audiences. Using this strategy, we were able to create retargeted audiences that were highly efficient, engaged and ultimately, converts. This works well for both our B2B clients along with B2C clients.
We find it’s important to test multiple objectives on several different segments of vetted retargeting audiences. That’s what we did with Protein Plus. Instead of bundling the high-ROI Facebook retargeting audiences into one group, we created 3-5 remarketing audience segments, depending on where each is in their customer journey (browsing, atc, checkout and loyalty). When they are retargeted after the ‘atc’ event or ‘checkout’, we used coupon code deals and discounts within the copy and creative to drive those customers to the finish line.
With the traffic objective aimed at “atc” segment, we were able to generate 6.78 ROAS, while our “loyalty” audience — utilizing the reach objective, had a ROAS of 12.35.
There was solid ROI with our loyalty campaigns, as we increase the lifetime value of these customers while increasing the frequency of recurring purchases. It is important that we keep the retention rate of customers high which will increase the value of each consumer.
It is pertinent to know the value of each customer you are marketing to — in order to know if they are worth being a part of your retargeting bucket.
We used Protein Plus’s best-selling food item as content — purposed multiple times and iterated across several audiences and placements to help scale growth. We also used our creative team to test new channels such as Instagram stories to further aid in the purchase conversion. This allowed us to scale our advertising budget, without fatiguing our audience AND without seeing a huge hit to our return on ad spend.