You Can Run Ads Exactly Like Best Buy!
Best Buy is one of the largest retail companies in Canada to date and the reason being is due to the mass amount of focus, creativity and money they put into Facebook ads to grab the attention of their target market! Due to Best Buys large budget allocated to Facebook ads they are able to reach an enormous amount of leads. However, even if you’re starting a business or are already an established company Suits Social has noticed Best Buy is not just successful due to the money they put into their Facebook ad reach but the content they are piecing together for their ads.
Now the way Best Buy makes their ads phenomenal compared to other businesses is due to the way they are targeting their consumers and they do this by using running retargeting ads that are specific to people who abandoned their carts.
These retargeting ads are presented to people who are specifically going to your website and are interested enough in your product and place it in a shopping cart but at the very last minute they abandon their cart and do not purchase.
The reason retargeting abandoned carts is so successful for companies is due to the fact that consumers are 70% more likely to convert into buying consumers when shown a retargeting ad.
The list goes on with the endless amount of pros to retargeting abandoned carts such as;
increased conversion rate up to 26%
consumers have positive thoughts when seeing a retargeted ad
retargeted ads improve engagement for your brand
This tactic is used primarily within the eCommerce business realm. The companies that are extremely successful with this tactic are online stores. They are able to gather data much easier than traditional retail stores.
Steps To Retargeting Customers As Best Buy Does!
Go to your ads manager section on Facebook and upload your products to a Facebook catalogue. You can do this by exporting your CSV and uploading it to Facebook catalogues or using automation through other programs such as Shopify.
Create an audience in your ads manager. This audience should be formed with the consumers that either visited your website or added products to their cart and abandoned them. This audience is made of people specifically who added to their cart but did not purchase.
Once you have uploaded your catalogue and created an abandoned cart audience you are then going to create an ad that showcases products from your catalogue in which those consumers did not purchase from their abandoned cart.
By using these three steps it will allow you to narrow down on the specific products and people you need to leverage in order to retarget correctly.
The main lesson to learn from this retargeting strategic plan Best Buy uses through Facebook Ads is that consumers are wanting more personalized and catered ads showcased towards them. The more an ad is linked to specific individual’s needs and wants will result in a higher conversion rate.
Retargeting consumers is easy to manage and highly strategic in any companies business plan. Why waste time finding new consumers when you can convert the seasoned ones you already have!