The hidden opportunity of retargeting in deal closing
Retargeting has changed the game in online marketing and is one of the most important channels to convert users. It enabled companies to reach out to potential customers that have previously visited their websites. But can the principles of remarketing be applied to sales in the same way? How can a sales rep convert slipping prospects more effectively? In this article we shed light on the amazing business impact of remarketing and explain how Accordium can help you translating this principle to sales.
What is Retargeting?
Retargeting (or Remarketing) is a marketing method in which advertising messages are only displayed to people that have previously visited your site.
The illustration above shows the principal of remarketing. As soon as someone visits your website the person is tagged. This means that even after he leaves, ads can be displayed specifically to people with that exact tag, e.g. on Facebook. More granularly, you could target visitors based on which site they have actually visited. For example, consider you are the owner of an e-commerce website selling shoes online. People that have just browsed your “sneaker” category could be convinced to come back to your website when you show them ads displaying your sneaker offerings. Potential customers that have looked at a specific shoe could later be convinced by displaying that specific shoe in an ad. Indeed, a lot of companies are already leveraging this quite successfully. Have you ever noticed that after you have visited a specific website it seems like you see their ads everywhere? It’s not just you, it’s retargeting!
Why is Retargeting so successful?
These campaigns are almost always the most effective marketing campaign companies run – but why is that? You have already spend (probably quite a lot of) money to bring these people to your website. If you think about it, they have already expressed their interest by previously visiting your website. This means that the overall accuracy of retargeting campaigns is quite high as only people are targeted who already expressed their interest in your offering. Additionally, you can use the knowledge you gathered while they visited your website to tailor your retargeting ad specifically for these potential customers.
Remarketing is like a “safety net for lost customers”.
If you were unable to convert the potential customer on the first visit you can use retargeting to stay present in their minds and ultimately convert them, maybe by offering a better price or a limited deal.
Leveraging Data in Sales Contracts
How does Accordium bring the retargeting principle to sales? In order to understand the approach, it is important to understand what made retargeting possible in the first place – the modern tracking and targeting ability. In “the old days” where companies had to rely on Newspaper or TV ads, it was impossible to track who actually saw an ad and whether it led to any customers.
Similarly, companies that still rely on paper contracts simply have no insights into what actually happens with an offer or quote after it has been sent to a prospect. Which pages has your potential customer just skimmed and which ones did he read more thoroughly? Which parts are highlighted? Who actually read the contract other than your point of contact? All this information can be used by our customers to improve their digital contracts in the future. After all, you don’t want to lose a prospect after weeks of building up the relationship and already getting an initial buying commitment.
But who can use this principle most efficiently?
Virtually any company can leverage Accordium’s secure, digital sales workflows and contracts.
Any sales process that requires the Sales Rep to send out a proposal, quote or contract which requires signing by the prospect, can improve its closing-rates through a digital sales workflow solution.
However, our solution is especially useful in settings where agility and fast closing rates are key success factors.
Think about your deal closing and signing process. Do you think you could learn anything valuable about your customer if you had insights into the most important phase of deal-closing? Do you send out many standardized contracts which could benefit from a fast in-contract chat to clear up ambiguities or – if you like – you could also negotiate directly within the contract and close the deal quickly In that case you benefit the most from digitizing your deal closing.
ReSales: The Retargeting Principle in Sales
At Accordium we want to bring sales to the 21st century. Part of that includes that we thought about how digital contracts can be superior to paper ones. Apart from removing common concerns regarding the legal enforceability (Read more about Accordium’s Security here), we focused on gaining data insights into the most critical part of the conversion – the last mile of deal-closing. What is more, in order to leverage the full potential of fast contract-signing we created Accordium as an integrated solution. Not only do you get valuable insights into a previously blindspot – the signing process – but we also combine that data with your CRM, ensuring full data integrity and transparency
We combine quantitative tracking data of how prospects interact with your documents, with qualitative feedback data right from your prospect’s mouth, askin them questions like “Why do you reject to sign the contract?”
All this data together can be used to increase your sales revenue by identifying signing blockers or holes in the conversion funnel. Combining the revenue potential (CRM data) with the contract feedback (Accordium data) yields a much more holistic picture for your sales department, allowing you to identify problems, as well as best practices. On a big scale this will allow you to improve your sales performance, hit targets more accurately, and sales staff can use these insight to tailor a more data-based offerings: The right offer for the right customer.
This whole process can even be automated to a large extend through Accordium’s workflow automation. Prospects that reject due to a too high price could automatically be asked to counter bid your offer using the negotiation features, or could even automatically be send an alternative offering with a lower price. This allows you to increase your sales revenue through Accordium’s automation – Without adding sales staff.
Let’s have a chat and talk about how we can help you close more deals faster – no strings attached!
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