IndiaMART InterMESH Ltd. is India's largest online B2B marketplace connecting global buyers with approximately 1.5 million suppliers across 50 industries. Every month IndiaMART.com generates over 250,000 leads from buyers in the form of buy requirements, which capture the types of products each buyer is looking for. Recently, IndiaMART.com chose dynamic remarketing with Google Display Network to bring more buyers back to its site to complete the buy requirements form. In doing so, the company followed a number of best practices that have aided in its success, such as setting up conversion tracking and optimizing dynamic ads for conversions. As a result, dynamic remarketing has increased IndiaMART's lead volume from display campaigns at a low target cost-per-lead.
Goals
Re-engage with site visitors by showcasing the most relevant products among a catalog of over 10 million products
Increase lead volume and meet a low target cost-per-lead
Build long-lasting relationships with IndiaMART users
Approach
Implemented remarketing tags, conversion tracking and a product feed
Populated a dynamic ad template on a per impressions basis with a personalized set of products from a product feed
Optimized dynamic remarketing to meet conversion goals
Results
Dynamic remarketing boosted IndiaMART's campaign conversion rates and volume of leads at the company's target cost-per-lead
The company now has an effective way to re-engage past site visitors with product information relevant to them
IndiaMART is India's largest online B2B marketplace connecting global buyers with approximately 1.5 million suppliers across over 50 industries. On IndiaMART.com, suppliers list their company and products for free and can optionally buy leads to grow their business. Buyers find reliable and competitive suppliers on the site by exploring company and product listings, submitting inquiries to individual sellers, or posting buy requirements to get input from multiple sellers at once.
Generating leads for suppliers
Every month IndiaMART.com generates over 250,000 leads from buyers in the form of buy requirements. AdWords plays an important role to generate these leads. In Q2 2014, IndiaMART.com added dynamic remarketing to its marketing mix in AdWords. The company chose dynamic remarketing for its ability to re-engage buyers with personalized messages, increase the conversion rates for its display ads, increase lead volume and meet a target cost-per-lead. These, in turn, help the company build lasting customer relationships.
Using dynamic remarketing best practices
IndiaMART followed a number of best practices to set up its dynamic ads to show relevant products to past site visitors. This involved implementing remarketing tags, a product feed, a dynamic ad template and conversion tracking. IndiaMART's remarketing tags, product feed and dynamic ad template were set up together to ensure that ads reaching past site visitors would be personalized based on the products and company web properties each had visited. In addition, IndiaMART prepared to optimize for conversions by setting up conversion tracking, critical to facilitating the full lead generation power of dynamic remarketing.
The level of personalization in the ads built upon IndiaMART's 18 years of experience in the B2B segment. On the IndiaMART platform, the company already segmented suppliers and products on various parameters in order to offer suggestions to buyers. Dynamic ads allowed the company to apply this in-house expertise to showcase the most relevant products among a catalog of over 10 million products. This has significantly increased the satisfaction level of users and even increased its Net Promoter Score.
After completing the dynamic remarketing set-up in just three weeks, IndiaMART started running dynamic ads with a manual bid strategy focused on clicks. Within a few weeks it had enough conversion history to change the bid strategy to optimize for conversions.
Improving conversion rates and volume
Dynamic remarketing has helped IndiaMART reach its goals of increased lead volume at a low target cost-per-lead. In the course of two months, it has registered an approximate 400% increase in lead volume from display campaigns. Over the same time, it has significantly reduced the cost-per-lead from display campaigns by 60%. Saugata Halder, product marketing manager at IndiaMART says, "Dynamic remarketing has helped us increase our conversion within the desired CPA. With the use of this product, we are now able to reach a larger segment of our customers with personalized ads. It helps us maximize the impact of our marketing budget and drive positive ROI."
For marketers with similar conversion goals, Saugata Halder offers this advice: "After a brand acquires a user, it is extremely important to re-engage and build a long-term relationship. For marketplaces like us, it is of immense importance to showcase the wide range of products available on the platform. It helps us become a one-stop shop for our target audience."
