Facebook retargeting is one of the high converting strategies tested by marketers who run FB ads campaign for their business and clients. To give you a real-life scenario, you have a website and not all of your visitors just simply proceed with checkout for your products or services, there are many deciding factors including your copy, pricing, and other useful information that can help them decided whether to buy your product or not.
Retargeting works by tracking your visitors such as pages they have visited. Etc. So if they decided to close your site for some reasons, once retargeting is set-up. You can simply create an advertisements for them and once they browse their Facebook accounts, your business will be displayed to them and once they see this. They will likely revisit your site again and purchase the abandoned shopping cart. According to recent studies and actual testing, retargeting greatly improves your ROI and is likely to convert compared to creating a new audience using FB audience selection.
To set-up a retargeting campaign for your business, you simply create your Facebook Pixel account under your Facebook ads manager. You will see a tracking code or script that you need to install to your website.
Once the script was successfully installed on your site, visitors will be tracked on this Pixel, and the data can be access on your FB pixel dashboard. Then once you accumulated your target audience size, you can create an AD campaign and instead of manually targeting audience using demographs, etc. You can just select the custom audience you have set-up with your FB Pixel account. Be sure to have an easy to remember name for each audience groups that you are creating to make sure that you are targeting the audience that you really want to offer your products or services.