Let’s talk about micro-retargeting. You already know about retargeting: when you visit a website, you’re going to get ads that follow you around the ‘net.
Let’s say you visit Zappos briefly and then everywhere you go on the web, you’re faced with random ads. They don’t really know what your intention is because you’ve only visited a homepage, right? They send you generic ads. Which you’re probably not as likely to convert on.
But let’s say you visit Zappos, go to the men’s shoe section, pick out the Nike Metcon 3 and then you add it to your cart. Guess what? You’ve shown a lot more intention, you’ve spent a lot more time on it, and you’re a lot more deliberate. You’re going to be served ads that are very different from the generic ones.
Let’s say these big companies have a million people that visit their site per day. Only a very small number are going to take a specific action and therefore have that kind of message tailored towards them. But the more personalized that experience is, the higher the conversion rates will be.
Micro-retargeting is retargeting people based on the section of your site that they visited, how long they stayed, and things like that. It’s behavioral, but it’s also temporal. You can do it with Facebook. You can target people based on the number of pages they visited or how long they stayed (e.g., top 5% of your traffic).
For Single Grain, anytime someone visits our services pages three times or more, I’m going to re-target them and I’m going to try to get them to come over to our site, go to our case studies page and then fill out a free consultation form.
Yesterday we spent five dollars and got two free consultations. Each free consultation was at about $2.50. Now for us when it comes to free consultations, we’re willing to pay $317 for a free consultation. So far, our CPA is $319.50. But if landing a client gives us $10,000–$100,000 in return, that’s well worth the cost.
Now what I’m missing is the ability to re-target people who have watched, let’s say, 10 seconds of these live videos. I’m doing these live videos, but I’m going to make audiences off of them as well, and it’s really cheap to make these audiences. For Facebook Lives on Sundays, we’re paying about one cent per view for three-second views. For 10-second views we’re paying three cents per views. These views are on autoplay and will stop some people in their tracks. I haven’t even added captions to them (I probably should!).
So I re-target these people and see what happens with them. These are people who have engaged with me, with my brand. A lot of this stuff is hard to measure (ROI-wise), but when I look at my YouTube comments and see, “Thank you so much for your help. I’m really grateful for everything,” I know that these videos are actually working.
One of my other podcasts, Marketing School, is going to reach 589,000 downloads this month, but we’re not even thinking about how to monetize right now. We just want to build up the brand. We want to get it to a million or 1.5 million downloads, because we know that as long as we continue to create and spread goodwill, good things are going to happen for us.
Related Content: How Patience and Delayed Gratification Contribute to Success
Same thing with Growth Everywhere. I’ve been doing this for 3-5 years. It’s just goodwill. I didn’t really start to do anything with it monetization-wise until two years in. Being patient, and learning to delay your gratification, is key to building up these big brands. It never happens overnight.
This post was adapted from Eric’s Facebook Live videos: Growth 90 – DAILY live broadcasts with Eric Siu on marketing and entrepreneurship. Watch the video version of this post:
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