You might have noticed in recent years an uptick in terms like re-marketing and re-targeting, concepts that are unique to digital marketing. With the fast paced launches of software innovations for e-business, companies are discovering new ways to improve their ROI and lower cost per acquisition (CPA) while building their brands. Lets look at re-marketing to abandoned web forms leads.
A New Way to Boost Lead Generation
So, it's possible to improve lead generation by way of form abandonment....and DRASTICALLY. Abandonment is prevalent, just about anyone who goes online has done it at least once. We estimate for every successfully completed form, there are five to seven more left incomplete and forgotten. Other estimates show a staggering 50 to 90 percent of web forms are abandoned. Consider how many opportunities have been lost when someone doesn't click on a form's submit button. It's now possible to capture the information that was entered in the form, even if they don't submit it, and re-market to those consumers who were interested enough to begin the form process, but for whatever reason, did not finish. This BRANDED form of remarketing to abandoned leads tends to lead to a higher converting rate due to the unique and brand centered messaging that the client sees.
Why care?? If you don't convert them your competition WILL
With so much power and complexity in digital internet marketing there is no wonder there are entire departments within organizations who strictly handle digital marketing, SEO and all the other various forms of marketing within our over powerful world wide web. So if you don't catch them your competition might.
With ultimate sophistication on click ads, behavioral targeting and personal data being sold on nearly every spending habit we have it goes without saying that you only have so many chances to convert a lead before you lose them to your competition.
What do I mean by this??
I mean is that when I google "mortgage loans" I get the cream of the crop spenders for those Ad words and SEO....I click, they pay, I snoop around for my desired info....and of course in the middle of my inquiry or application my 3 yr old decides he's going to throw the mother of all tantrums (yes we all know this happens!) and clearly my application filling time is through for the moment while I attempt to negotiate with my tiny terror.
And just like that....the money spent on being at the top of that web search and for my click is now gone. But thanks to the sophistication of our beautiful internet there is now evidence of my interests online and I now am getting pop up ads from various other mortgage loans companies....and one just happens to catch me right at nap time where I find the peace and quiet to complete and application. Too bad it wasn't for the same company I had started with. Congrats to company B for swooping in on my short attention span and catching me to remind me of my needs.
Now if company A would have had form abandonment active on their site I would have received a series of BRANDED remarketing emails sent to me, reminding me to finish what I was doing....and most importantly WHO I was doing it with. They would have increased the odds that I came back to their site with a personalized email call to action, got a great return for their traffic spend and hopefully converted my lead in sales for a greater ROI.
Marketing is all about the right message, at the right time, to the right person...and often missing one of these is the difference between getting the sale and not.
How web form abandonment remarketing can lower your CPA
It's part numbers game, part intuitive marketing. Let's say you spend $10,000 on a marketing campaign and generate 100 leads using your web form, of which you close 25. That's a $400 CPA that you can decrease to $66.67 using a web form abandonment solution. Let's assume another 500 potential leads abandoned the form, following the five to seven times abandonment rate, but those abandoners have entered email addresses.
Using the emails captured from those abandoned forms you can re-market to those consumers by sending follow-up targeted emails. Following the same closing ratio of 25 percent, you land 125 more acquisitions out of the 500 abandonment leads. Now you have a combined 150 closed leads from your $10,000 marketing effort yielding a welcome $66.67 CPA.
Interested in learning more? Contact us today!
MOV•ology™ LLC provides real-time automated web form abandonment solutions to increase ROI using our Patented Technology (US Patents 9,280,531, 9,286,282 & 9,589,281).
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