Which part of your HCP campaign has the greatest potential to boost your ROAS? Is it the ad types? Your ability to optimize on the fly? These elements—and a host of others—are critical to the success of any campaign targeting HCPs, but if you ask me, data is the driving force. Businesses that employ data-driven personalization delivered 5-8X the ROI on ad spend.1 Furthermore, advertisers who exceeded their revenue goals were using personalization techniques 83% of the time. So, how can you see similar results? By introducing a retargeting strategy for your HCP campaigns. Here are three reasons retargeting for HCP campaigns can boost your bottom line:
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How Does Retargeting Work?
How Does Retargeting Work?
Why Retargeting for HCP Campaigns Great for Your ROAS
Retargeting is critical to the success of any HCP campaign. In a world that demands advertising relevancy, retargeting answers the call. It costs less, will actually make your customers happy, which not many advertisers can say, and most importantly, drives more conversions. In fact, retargeting can increase conversions by 150%.2
Let’s dive into that a bit more to get a better understanding of why retargeting can have such a colossal impact on your ROAS.
Retargeting is More Cost-Efficient
Retargeting can reduce your cost per acquisition (CPA) by 44%. 3 Why? Because you’re only serving ads to people who’ve demonstrated a level of interest in what you’re selling, which means you won’t be wasting ad spend on people who aren’t ready to convert.
This is essential for healthcare advertisers. For better or worse, you don’t have the luxury that your contemporaries in the retail and CPG industries have who can rely on impulse buying. A retargeting ad promoting shoes may land on someone’s screen who really wasn’t in the market to buy; however, impulse took over, and they converted. When you’re selling MRI machines or pharmaceuticals, if someone’s not ready to buy, an ad probably isn’t going to sway them (at that moment). As a result, you’ve wasted ad spend and lowered your ROAS.
Retargeting Drives More Conversions
If the first point didn’t sell you on retargeting’s ability to increase your ROAS, this one should. When done right, a retargeting strategy is proven to be a more effective way to drive conversions. In fact, website visitors are 70% more likely to convert.4 Again, since they’re already familiar with you, you can skip the pleasantries and get right to business. The point of retargeting is to continue the conversation with people lower in the funnel—and maybe one more brand touchpoint was all they needed to sign the bottom line.
Not convinced? A leading Rx drug was planning to stop sales because a generic version of their drug was coming onto the market at a lower cost to patients. Before that happened, however, they teamed up with us. As part of their multi-faced strategy, we used retargeting technology, which effectively delivered ads to a very targeted list of HCPs. Overall, the campaign drove a 295% lift in conversions from the time of launch. Want to learn more about the campaign? You can read the entire success story here .
People Don’t Mind Retargeted Ads
This isn’t a tangible benefit, per se, but it’s equally as important as the previous two points. It’s simple: People feel more positive than negative toward retargeting ads. And it’s not because they’re scrolling past them. Studies indicate that 3 out of 4 consumers notice retargeted ads5—and 25% even said they enjoy them.5 This makes sense. It’s human nature to respond more favorably to something you’re interested in. Net-net, your customers will thank you, and your ROAS will reap the benefits.
Moving Forward with Retargeting HCPs
See how that works? It takes the advertising experience, which has historically been confined in silos and by overbearing ecosystem walls and carries it across all of the digital channels and devices the vast majority of HCPs are using.
Having the ability to do this with your retargeting ads is an extremely effective and efficient way to boost your ROAS given the increasing prevalence of cross-channel behaviors. Today, households in the US own an average of 11 connected devices, including seven with screens.