Use auto-targeting or Similar Audiences to acquire new prospects
Use look-a-like targeting to help you add new, highly qualified customers to your prospect pool. These fresh prospects may have made similar purchases, browsed similar websites or have similar interests as your existing customers. There are two ways you can achieve this: Auto-targeting and Similar Audiences. If you want to use look-a-like targeting but have control over your budget and ads, use Similar Audiences. Otherwise, you’ll be opted into Auto-targeting by default.
Auto-targeting allows you to expand your existing remarketing lists only to audiences with a significantly high probability of conversion. It works best for moderate remarketing expansion. If you’re already using Enhanced cost per click (ECPC) or Target cost per action (CPA) with your remarketing, auto-targeting is the right solution to start with and is turned on by default.
You have two options with auto-targeting: “conservative” and “aggressive.” While both can help you find additional customers, they behave differently. Use conservative targeting when you want more conversions, but want to stay close to your CPA. Use aggressive targeting when you want as many conversions as possible and are comfortable with some variation from your current CPA.
While auto-targeting is a great place to start, we recommend Similar Audiences for advertisers who want to get more sophisticated with their new customer acquisition tactics. This means being able to set appropriate bids for acquiring new customers and delivering tailored ads to people who have never been to your site before. Let’s dive in a little deeper to Similar Audiences.
Similar Audiences reaches new customers who share characteristics with your existing remarketing campaigns. It’s a simple, targeted way to generate high-value, incremental site traffic using our rich audience data and intelligent look-a-like modeling algorithm. It also works best for broader remarketing expansion. Below are our best practices for getting the most out of Similar Audiences:
- Create a separate campaign so that you can tailor your budget and create specific messages.
- Target specific lists based on your marketing objectives (“similar to homepage visitors” vs. “similar to converters” will differ in performance).
- Don’t layer on any additional targeting (with the exception of geo-targeting) which can cut down on your volume.
CASE STUDY: LOEWS HOTELS
Similar Audiences and Remarketing together helped the luxury lodging group Loews Hotels find new customers and grow revenue by 60%. Loews Hotels wanted to reach potential customers who were likely to be interested but hadn’t yet visited their website or didn’t know the brand. Since they found that remarketing lists generated $60,000 in revenue for just $800 invested, Loews based their Similar Audiences on their remarketing lists. Result: Loews Hotel saw a 60% uplift in revenue, 57% more bookings, and cost-per-action drop by 9%.
Use In-market audiences to acquire new mid-funnel prospects
If you’re looking to drive consideration among people who are already researching or planning to buy the products you offer, run an in-market audiences campaign in parallel with your remarketing efforts. In-market audiences is a mid-funnel targeting strategy that can complement your lower funnel remarketing efforts.
In-market audiences drive new qualified customers to an advertiser’s website, which can help grow your remarketing lists. This helps programmatic remarketing campaigns perform better as they reach even more qualified users.
To get started, create a separate ad group or campaign for your in-market audience segments. Always target the in-market segment that’s most relevant to your business. Begin with the segment that most resembles or complements the product or service that you sell in your ad.
In-market audiences, by design, reach highly qualified users who have purchase intent; don’t add any additional targeting (e.g. gender, remarketing, etc.) to the ad group or you’ll limit your reach.
Ready to move on to dynamic remarketing?
With all the choices consumers have today, it’s only natural that they shop around. (Don’t you?) Display remarketing is a powerful way to bring those customers back to you when they’re ready to buy.
Next, you can engage them with tailored ads at the right moments to keep your brand top of mind and close the sale. Let’s dive into dynamic remarketing.