Ready, set, buy! Most likely, that’s not how a customer is making purchase decisions, especially when buying products or services for their business. B2B customers may need more time to make a purchase. Retargeting for B2B businesses allows advertisers to keep their product or service top of mind and encourage viewers to purchase.
What Is B2B Retargeting?
B2B retargeting is the tactic of targeting those who have already been exposed to a business, either by seeing a previous ad or visiting the brand’s website, to guide them down the purchase funnel.
It generally takes multiple exposures before a viewer chooses to purchase. Plus, B2B purchases are often even more involved as purchasing can require company sign-off or budget approvals. Retargeting ensures that the advertiser’s product or service isn’t forgotten about during the decision-making process and can provide valuable information to prospects to help them convert.
Types of Retargeting Ads
There are two main types of retargeting: list-based retargeting and pixel-based retargeting.
Pixel-based retargeting: To run pixel-based retargeting, a business must first place a pixel on its website. This pixel begins to create a targeting pool by tracking who visits the brand’s website and often additional metrics, such as how long they were on the website and how many pages the user visited. From there, the brand can use this list of potential customers to retarget. They can reach those same prospects at another time to remind them of their products or services and hopefully encourage them to purchase. A sophisticated platform can get even more granular, allowing businesses to target based on how long a viewer was on the site or how many pages they visited. A B2B brand may decide they only want to spend their limited budget retargeting those who spent more than a certain amount of time on their site, serving impressions to those who are highly engaged and more likely to purchase.
List-based retargeting: List-based retargeting is retargeting done from a specific list of users, typically based on email. This list is collected over time by the business and then uploaded to their advertising platform of choice. An example of this list may be users who attended the business’s most recent webinar or those who abandoned their cart without finishing a purchase. This tactic is much less common than pixel-based targeting.
And while there are many benefits of retargeting on Connected TV, it is not just limited to the TV screen. Retargeting can run across screens and is available on many platforms including:
Benefits of Retargeting
Business decision-makers are busy and business purchases can often need a host of approvals. For B2B companies, there are many retargeting benefits.
Prioritized Budget: Rather than a broad prospecting campaign that reaches a large audience who may or may not be interested in the brand’s product, retargeting is a way to focus a campaign specifically on those who have already shown an interest in the company. These viewers are already aware of the product and are more likely to purchase, driving up the return-on-ad-spend (ROAS).
Brand Recall: It can be hard for a brand to keep itself top of mind within the attention economy. A retargeting strategy means that potential customers see the brand’s offerings multiple times, increasing recall and the likelihood that they purchase.
Audience Insights: Retargeting campaigns help a business understand their customer and their purchase path more clearly. From a B2B retargeting campaign, a business can see how many people are visiting their website, whether additional impressions via a retargeting campaign drove conversions, and more. These insights can help inform future campaigns so that not a single dollar of the ad budget is wasted.
B2B Remarketing Strategies & Best Practices
There are multiple strategies to make sure a business gets the most retargeting benefits.
Target based on actions: For pixel-based retargeting, advertisers can get strategic and specific. They can create target audiences based on those who spent a certain amount of time on-site or who viewed multiple web pages. This ensures the retargeting campaign is reaching people who are truly interested rather than those who visited the website and determined the service is not for them or maybe even clicked on accident.
Don’t Just Retarget New Customers: The benefits of retargeting can extend to previous customers as well. Advertisers can retarget past purchasers to remind them of their product or service, encourage repeat purchases and ultimately create loyal customers.
Tailor the Message:When retargeting, advertisers can speak more specifically to an audience they already know is interested. This can help focus ad messaging and creative to address a prospective client’s needs and makes it easier for them to decide to purchase.
Test and Refresh: Many studies have shown that people can tire of ads and stop paying attention when they have seen the same creative multiple times. Advertisers should look to refresh their creative to ensure this key audience pays attention. This is also a great time to test messaging strategies and audiences to see what drives the biggest ROAS.
Why Performance TV Should Be Your #1 Channel
While there are many channels to run retargeting campaigns on, MNTN Performance TV should be part of the ad mix for multiple reasons:
Connected TV Retargeting Works Better Than Depending on Display: In a study of Performance TV advertisers, advertiser campaigns that included Connected TV ads performed better than those who only used display:
35% more conversions
54% lower cost per acquisition
123% more Verified Visits
Not only that, thanks to Performance TV advertisers were able to convert faster with 30% fewer impressions needed to drive a viewer to purchase.
Get specific: Performance TV allows advertisers to drill down into pixel data and target users based on time spent on site, page visits, and more. While this feature is not available on all retargeting channels, it is included for Performance TV users with no extra fees.
Living Room Quality: Retargeting ads will be shown on the same high-quality inventory that other Performance TV campaigns run on, thanks to the Living Room Quality Guarantee. Ads are shown on non-skippable inventory within premium networks and only on the TV screen, not mobile or tablets.
Final Thoughts on Retargeting for B2B
The benefits of retargeting for B2B businesses make it an essential part of advertisers’ campaigns. The repeat messaging reminds decision-makers of the product or service and drives additional purchases that might not occur without the nudge. B2B businesses should look to optimize their retargeting strategies and include the next generation in TV advertising (Connected TV) for more efficient conversions.