From increasing conversions to enhancing the customer experience, all types of companies use data mining and retargeting.
They’re very effective marketing techniques, but many consumers view them as creepy rather than creative.
Remember when Facebook was in the news for data mining? Cambridge Analytica created a quiz app to gain access to millions of Facebook user accounts. While both companies claim users technically gave consent by agreeing to the terms, it’s incidents like these that make people afraid of data collection.
As a marketer of your own business, you need to be careful not to let data mining and retargeting scare off your target audience—let alone be afraid to use it yourself.
First things first—what is data mining?
Data mining is extracting and analyzing data from a larger set of raw data.
For example, retail stores look at items a customer browsed in order to suggest related products. Mobile providers use data such as customer service interactions to predict who is likely to leave the company (known as ‘churn’) then target them with incentives to stay.
What is retargeting?
Retargeting, or remarketing, is a technique to bring people who have left your website or mobile app back to it.
– A tech website displays an ad for the laptop you looked at when on their site, as you move on to read your favorite blog.
– A travel site shows you limited-time discounted flights after you’ve left their site and moved on to shop for shoes.
By using data mining to retarget interested consumers, businesses can be ultra-focused when it comes to serving their target market the most relevant ads.
Retargeted users outperform new users when it comes to engagement and likelihood of buying with the logic being if they were on the website looking at that item, they are more likely to go back and purchase if reminded of it later.
3 steps for successful data mining & retargeting
If done correctly these marketing techniques can reduce customer acquisition costs and improve conversions and sales. You should:
1. Be targeted
You can’t message everyone in the same way. If someone abandons their cart, they need different messaging than a visitor who landed on the homepage.
2. Build confidence
Whether it’s making return policies clearer or assuring customers you’ll never share their data, generate trust.
3. Go pro
There’s much more to data mining and retargeting than I can cover here. Our team can help you build an effective retargeting campaign that gets results!
DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation for writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.
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