By now you may have noticed that after shopping for certain products online, the ad spaces on web pages suddenly begin to fill with advertisements for the types of products you’ve recently been searching. This is more than likely due to digital retargeting.

As a business, this online advertising option allows you to show online ads to people after they’ve visited your website and left without purchasing, opening a new account, or whatever it is you were hoping they would accomplish while there. You can use it to remind consumers about your product or cross-sell to current customers with another product once they leave your website.

Here’s How It Works:

  1. A person visits your financial institution’s website.
  2. If that person’s computer settings allow cookies, a pixel (or cookie) is automatically dropped on the browser of that person by the third-party retargeting service (Google, AdRoll, etc.).
  3. The person leaves your financial institution’s website without purchasing, etc.
  4. Depending on your media buy, ad content, etc., the online ads your financial institution has purchased will show up on that person’s computer as they visit other websites.

Proceed with Caution:

  1. Watch out for potential compliance issues, making sure your privacy policy is up to date and you have been up front about using cookies, etc.
  2. Don’t overstay your welcome! Limit the length of time and frequency of the ad so you don’t irritate the consumer.
  3. Know your financial institution’s strategic goals, and target accordingly. Aligning with your goals and knowing your audience will help you achieve great success with your online advertising.

If done well – with a well thought-out, relevant ad – this can be a very effective way to reach potential consumers.