Marcus kicks us off with two definitions:
- Prospecting: reaching new users who are unaware of your brand
- Remarketing: reaching customers who have engaged with your brand before
A balance must be sought between prospecting and remarketing, but on Black Friday there is a focus on the mass acquisition of new customers and therefore a shift towards prospecting can be observed. The focus of this episode is not specifically on the prospecting side of things, but instead what brands tend to do with new customers after Black Friday.
Having acquired large numbers of customers on Black Friday, we can generally see that there is not enough follow-up with these customers, and brands instead look to market to the next potential buyer. Marcus argues that “a customer is not just for Black Friday, it is about creating a loyal customer”.
But what should you be doing after Black Friday and during the acquisition phase? You may start with remarketing tags and collecting audience lists – a classic Black Friday example is offering customers 10% off for providing their email address. This is a huge missed opportunity because for such a large discount a brand should ideally be trying to get more data than just an email address. Brands should be going further and collecting data such as addresses and ages as this will help prepare for long-term remarketing to new customers. Make sure you have as much relevant information as possible because it is likely to help in the long term.
Keep in touch with Black Friday customers as this can help develop brand advocates and loyal customers. This doesn’t necessarily aim towards further purchases, but could instead tie into storytelling through methods like newsletters, as an example. This can set your brand apart from the rest when it comes to the next Black Friday or a big sale, as you have engaged with your customers even when they are not buying from you. The aim of remarketing cannot always be towards direct revenue; a long-term vision must be employed too.
Every customer is going to have a lifecycle with you, which shouldn’t end at the point of purchase. For example, you may want to update customers with monthly videos which, although potentially costly to produce, helps engage these clients with your brand even when they are not actively purchasing.
A distinction must be made between the following types of remarketing (which is a bit of a catch-all term):
- Basket abandonment – a conversion activity which aims to get customers to return to their basket
- Retention – small things which can be done to keep active buyers engaged (e.g. sending birthday cards, etc.)
- Win-back – winning back previous customers
Remarketing sits at every stage of the traditional awareness-consideration-conversion-loyalty funnel apart from awareness. This highlights how broad a term it is, and the necessity for it to be broken up into the aforementioned types of remarketing.
Remarketing needs to cover a lot of ground. It is not enough to just send out revenue-focused communication to customers; other methods like storytelling are key. This can help establish loyalty and make clients feel like part of the brand.
Once you know your audience well and want to establish just a bit more loyalty from them, don’t be afraid to remarket. Customers like having their loyalty appreciated, and this can help breed more advocacy from clients who feel close to your brand.
“Fish where the fish swim and then look after your fish.”