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:
Want to Learn More about How Retargeting Can Boost the ROAS of Your HCP Campaigns?
Retargeting gives you the ability to serve more personalized ads to online users who’ve previously visited your website. Said another way, retargeting gives you the ability to continue the conversation with people who’ve demonstrated interest in your brand, product, or service.
How Does Retargeting Work?
Retargeting uses a piece of code, i.e., a pixel, to collect information about people visiting your website. When those people leave, retargeting technology anonymously follows them around the web and leaves a trail around the web that you can use to deliver ads related to their behavior on your website.
How Does Retargeting Work?
- Someone visits your website.
- A retargeting pixel is placed in their browser.
- The technology anonymously follows them around the web.
- You serve them more personalized ads based on their browsing history on your website.
- They come back to your website and convert (hopefully).
Why Retargeting for HCP Campaigns Great for Your ROAS
The potential decrease in CPA.
The percentage of website visitors more likely to convert.
The potential increase in conversions.
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
Cross-channel is the crown jewel in every advertisers’ minds right now because people, including HCPs, hop from one digital channel (and device) to another during their path to purchase. An HCP looking for a new brand of pacemaker might start their search on Google. From there, they may visit a colleague at another office for their opinion. While waiting, they scroll through Facebook and catch up on the latest industry news on Epocrates. With a narrowed consideration set, they head over to the manufacturers’ website to get specific product information—maybe read some case studies and get pricing information. Finally, they schedule an in-person meeting and make the purchase. This nonlinear path to purchase is the norm, and your retargeting strategy needs to keep up.
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.