Watchfinder Clocks 1,300% ROI Using Precision Remarketing With Google Analytics
When luxury, pre-owned watch retailer Watchfinder discovered less than 1% of customers were purchasing on their first site visit, the company knew it was time to take action. Using Remarketing with Google Analytics unlocked valuable insights that allowed the retailer to reconnect with site visitors, encouraging them to return and complete a purchase. As a result, in just six months Watchfinder saw stellar results, including a 1,300% ROI.
- Encourage site visitors who don’t purchase initially to return and complete a purchase
- Encourage footfall to new London boutique
- Created 20 highly focused lists of visitors who demonstrated intent but did not purchase
- Defined groups according to funnel stage, location, language, on-site behavior, ISP and more
- Resulted in 1,300% ROI
- Average order value (AOV) increased by 13%
- Remarketing campaigns resulted in 34% lower CPAs than non-brand search campaigns
- Plans to increase investment in Remarketing with Google Analytics across the Google Display Network given this early success
Watchfinder is a leading U.K. retailer of premium, pre-owned watches. The company was founded in 2002 as an online-only store selling watches from more than 80 premier manufacturers. Today, it has an annual turnover of £25 million and has recently opened a flagship boutique in the London Royal Exchange.
Counting the hours
Considering the average order value on Watchfinder’s site is more than £3,500, the company found buying decisions tended to take time, often spanning weeks or months. In fact, less than 1% of visitors were completing purchases on their first site visit. Watchfinder’s challenge was to reengage and also maintain a conversation with these visitors, encouraging them to return and place an order. In addition to driving customers back to its site, Watchfinder also wanted to encourage customers to visit its new physical boutique in the London Royal Exchange.
A moment to reconnect
Watchfinder’s agency, Periscopix, a Google Analytics Certified Partner, suggested Remarketing with Google Analytics as a great way to reconnect with users. Remarketing with Google Analytics allows advertisers to tap into valuable insights about website visitors who show an interest in products, identify the most relevant audiences and run ads across the Google Display Network that are tailored to that audience using the industry’s most powerful segmentation capabilities.
Periscopix created 20 highly focused lists of visitors who demonstrated intent but did not purchase. Specifically, lists were based on various aspects of user context such as location, language and what stage of the purchase funnel they were in. On-site behavior helped identify groups that had spent a certain amount of time on the site or had viewed a certain number of pages. Other lists were based on users who had viewed a specific watch brand on the site.
Additionally, traffic performance analysis across a variety of GA dimensions revealed that certain internet service providers (ISPs) in the London financial district yielded traffic with much higher engagement and above average conversion rates. As a result, Periscopix designed segments of interest to investment banks such as JPMorgan and Goldman Sachs to engage with employees at these companies.
Google Analytics’ functionality enabled Periscopix to convey tailored messages to these key groups of interested consumers. For example, London-based users were retargeted with ads encouraging visits to the new London store, while visitors to the .co.uk site from France were retargeted with ads promoting the French site.
Time well spent
Thanks to clear reporting in Google Analytics, it’s been easy to see the impressive results from Watchfinders’ remarketing campaign. Six months in, Periscopix reveals the return on investment is 1,300%. Average order value on the site has also increased by 13%, resulting in 34% lower CPAs than Watchfinder’s non-brand search campaigns.
Across all tactics used, the remarketing list that produced the highest conversion rates, both in terms of goals and transactions, was made up of visitors who browsed for ten minutes or more on their initial site visit without purchasing.
Given Watchfinder's early success with Remarketing with Google Analytics across the Google Display Network, they are excited to increase investment in this area going forward.