Clients frequently confuse the terms retargeting and remarketing. We always enjoyed deciphering both. Although both terms fall under the same category, marketing, it is important to understand their differences. Let us discuss the importance of this in the digital world.
It is a fact that not all website visitors convert. Obviously, it would be fantastic, but the reality is slightly different. Website conversion rates are very low. According to a recent survey, global retail conversion rate was 2.86 percent in 2018.
This clearly means you failed to convert 97 out of 100 website visitors.
Finally, retargeting is vital in bringing those 97 people to your website. It is a method of reaching uninterested visitors who did not convert. Using cookies, your company can easily retarget them with ads that appear on other pages, enticing them to return to your website.
Retargeting is a good idea when you have a lot of ways to entice visitors.
What is remarketing
It’s like retargeting. It is a process that attracts visitors to your website and converts them. With strategy and execution, retargeting and remarketing are distinct.
Email is a widely used tool for executing various strategies. The data gathered over time, organized, and targeted sales emails sent. Sending an email to customers who add items to cart but do not purchase is the best example. Notifying customers who have abandoned their carts is also a good idea. Remarketing involves sending emails to both previous converts and non-converts. This contrasts with retargeting.
Some companies use remarketing instead of retargeting. For example, Google advertises remarketing but is actually retargeting.
Many people mix up the two. They call it retargeting but call it remarketing.
How effective is retargeting?
Various retargeting case studies have been done over the years, with positive results.
- According to a recent study, retargeting satisfied 91% of 1000 marketers compared to email, search, and display ads.
- Approximately 68% of marketing firms and 49% of brands have set aside funds for retargeting.
- More industries are adopting this strategy.
- Around 30% of consumers have positive or very positive impressions of retargeted ads, while only 11% have negative reactions.
Remarketing is very effective but difficult to measure from a survey point of view. It is simply due to a misunderstanding of the term and some confusion with standard email marketing.
Email marketing has always been a beneficial tool due to its high open rates, reach, and low cost.
- According to a survey of individuals, the average email delivery rate was around 98 percent.
- In the United States, approximately 85% of adults can send or read emails, and nearly all do so daily.
A small distinction between remarketing and retargeting is tolerated as people misuse them. Finally, we can say that both of these methods are very effective in terms of re-engaging existing customers and increasing conversions. We recommend using both methods to increase re-visits and conversions for your website.