A health insurance brand was looking at re-engaging potential buyers who may have visited their e-commerce website and left without making a policy purchase. The key was to re-target them with personalized advertising, therefore, increasing the probability of them clicking through and re-entering the sales funnel.
GenY Medium was engaged to revamp the display marketing campaign.
Strategy was to show the exact plans that the user viewed and saw quotes for during his/her last session, along with an added discount.
The strategy was also to show the quote which was shown to the user on the display ad, therefore making it truly personalized. Further, on clicking the ad, the user would begin in his/her application form at the same point where they left. This enhances the user’s buying experience further.
The display marketing efforts resulted in more than 50,000 users returning to the sales funnel and moving up from where they left. As a result, 20-22% of the online sales month on month were directly impacted by dynamic re-targeting.
A series of A/B tests were done to understand what personalization would work best in order to improve click through rates. The conclusions were:
A few design iterations were tested out. It was decided that a coupon should be added as an additional incentive. Representative ads are shown below.
Creation of dynamic retargeting required the client side systems to interact with DSPs in real time. Both Google and Facebook work in a similar manner where a constant feed of data needs to be created between the two systems.
Tracking pixels for dynamic retargeting ads needed to be implemented. A custom tracking code was created in order to fire up these retargeting ads which carried the variables to be tracked. The values of these variables were taken from a “feed file” created using the CRM.
Note that such integrations are not straightforward. It took a few iterations, tests and so on for the system to work.
The dynamic remarketing code is different from the traditional remarketing code in that it carries values for custom parameters that need to be passed to it in a specific format. Google provides these formatted codes segregated by industry (Education, Travel and so on). For the BFSI sector, none of the predefined codes would solve the purpose. Hence, we went with a custom code. There was technical implementation involved in terms of passing unique values that identify a user from the website to the tag.
Technical challenges included troubleshooting the issues both in the pixel set up with custom parameters on the website as well as with the feed file in Ad-words.
For those who love the detail, here are the two important issues faced and resolved:
Dynamic re-targeting ads take time to show results. The audience size needs to be significant.
Several optimizations were performed by varying bids and changing the creative communication, changing frequency caps as well as varying the ad-form (text, picture, gifs). The primary objective of optimization was to achieve the following: