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Remarketing vs Retargeting: What’s the difference?

Remarketing vs Retargeting: What’s the difference?

Moving your business online is an indispensable part of a successful business strategy. If a company is solid and profitable, the owner may consider hiring a digital marketing agency to carry on various marketing campaigns aimed at attracting new customers and turning them into loyal ones. They can also do so if they have a solid budget and can afford additional expenses. However, suppose a business is just entering the scene, which often means being on a budget. In that case, the owner might try to figure out how digital marketing works. For that reason, we’ve prepared a detailed overview of such marketing campaigns as remarketing and retargeting. They’re both effective techniques to boost conversion rates; however, for a newbie, there might be so much confusion around them. So, keep reading to learn more about how to use remarketing and retargeting to get the ball rolling and bring your business to a new level.

Overview of Remarketing

Let’s have a cursory look at what remarketing stands for. Remarketing is called taking action to re-engage customers that bought a product or service from you some time ago to boost retention levels. The tactic implies reaching out to existing customers through personalized emails. To receive email addresses, customers are encouraged to create an account; by tracking their account behavior afterward, marketers understand what a personalized email should look like so that it can touch the strings of every customer’s soul.

Overview of Retargeting

Retargeting campaigns are also aimed at re-engaging, however, not existing but potential customers. These people have expressed interest and interacted with the brand somehow but have yet to convert into buyers. If we face the brutal reality, only about 2% of site visitors tend to convert into buyers after their first visit. The rest of the traffic is still potential customers and your target audience concurrently. That’s why the technique is called retargeting and is implemented with the help of cookies. When added to your website, cookies can track each visitor’s activity, like what products have been viewed or if the cart has been abandoned without purchasing. Therefore, marketers know how to create a tailor-made message and include it in Google ads or on any other social media platform to remind users of their intentions to buy from your business.

Overview of the Differences Between retargeting and remarketing

Even though both marketing tactics imply re-engagement with customers, implementation is different. Retargeting campaigns are based on online ads, whereas remarketing focuses on sales emails. Retargeting is aimed at potential customers, while the other is at existing ones. None of them is better or worse; they’re just two different approaches bound to enhance your digital marketing strategy when combined.

Remarketing

We’ve already had a bird’s eye view on the idea of remarketing and clarified that it targets users that once made a purchase from a brand, or in other words – complete a purchase funnel. Now, let’s dive a bit deeper and check the pros and cons of this method, what remarketing campaigns may look like, and what to do to make the most of your remarketing efforts.

Advantages and Disadvantages of Remarketing

Since remarketing, as a customer retention strategy, usually implies email campaigns, it can be considered one of the best means of communication with customers. And don’t be surprised, people do read emails nowadays, moreover, 62% of users (out of 4 million globally) claim email newsletters to be their preferred communication channel with small businesses. According to eMarketer survey, remarketing emails drive 81% of customers to make a purchase again. Knowing what these people once bought from you can help you create customized emails that are incredibly flattering and captivating for the audience. An individual approach’s value can hardly be overestimated when building relationships with your target audience.

Contrary to online ads, where you should click and proceed somewhere to find out more, receiving emails is pretty handy, as they include more and more exhaustive information. In our hectic world, it’s a crucial factor. Sometimes people choose not to click on ads because they realize how many additional moves it may entail. Furthermore, Remarketing has proved to be remarkably effective in terms of generating higher conversions through shopping cart abandonment emails, especially if sent within an hour after leaving the site.

And last but not least, email marketing is convenient for the company. Even though marketers have stepped aside from soulless mass mailing, remarketing remains time and cost-efficient. Cutting-edge automation tools can really do wonders. For instance, AI software syncs with Facebook Audience Insight and does analytics to provide personalized product recommendations. Another software can help your email avoid spam labels, boosting your deliverability rates. Such tools can also offer a set of email templates about abandoned carts, post-purchases, win-back, birthday congratulation, or welcome emails. And the best part – none of them costs an arm and a leg!

However, there is still the other side of the moon. Despite having a large army of fans, only some people like interacting with emails. Especially the new generation representatives check their emails infrequently and rarely read or react to them. To improve it, marketers resort to using an attention-grabbing subject or a strong call-to-action message to make users feel the urge to respond. We may also mention spam that eats emails regularly, but as said before, modern AI tools can get around this issue. Avoiding red-flag words like buy, cheap, subscribe, and the like can also prevent your emails from ending up in the spam folder.

Examples of How to Use Remarketing

It’s worth mentioning that email marketing includes several types of letters:

  • Promotional. Aimed to help customers be aware of special offers, new product releases, or brand news in general. A campaign typically consists of 3-10 emails sent over several days (during a hot season) or weeks (during slower periods).
  • Informational. Newsletters contain news and updates related to the brand, including insights, ideas, or tips. It may be sent weekly, bi-weekly, or monthly. Also, they are helpful in force majeure situations such as a website or software issues, shipping delays, or when updating contacts.
  • Re-engaging. These emails help reignite interest in customers who have not been active lately. It may be a request to fill in the feedback form with automatic participation in some lottery with a valuable prize, like a voucher or discount.

NB: Specialists highly recommend sending letters to those visitors who have subscribed to receive the newsletter from your company; otherwise, you may develop frustration, dislike, or even hostility to your brand.

Retargeting

Retargeting campaigns are typically run on display advertising platforms like Google Ads. The aim is to target people who have once shown interest in your product or service but have yet to purchase. However, this approach goes a bit beyond. Retargeting ad campaigns are also used to connect with users who have yet to interact with your brand exactly but have visited other sites that provide similar products or services as yours. Target audiences may also comprise people who made searches relevant to your brand in the near past.

Advantages and Disadvantages of Retargeting

The very first and major advantage retargeting ads bring about is preciseness. With the help of pixel-based retargeting, which means including behavior patterns, the software knows exactly who has to be re-engaged and by what means. It’s also known as behavioral retargeting. That’s why this method is also exceptionally cost-effective.

However, only some things are so smooth here. The latest research shows that customers are hardly the same way enthusiastic and excited when facing such ads online as marketers. Some people may even feel stalked or under the eye of retailers all the time. Does it look like an invasion of privacy? Could be. Jeffrey Chester, executive director at the Center for Digital Democracy, seems to share the same point of view when calling remarketing “an intrusive form of user surveillance that requires regulation.” So, when resorting to this approach, it’s crucial to treat your audience as people, not walking wallets. Otherwise, people will perceive your brand only as an aggressive soulless retailer that is not worth their attention and money.

Examples of How to Use Retargeting

There are some examples of how retargeting will work in your favor:

You’re on a tight budget. If you can only afford a few clicks daily, your audience must be relevant. A properly set-up retargeting campaign will show ads to exactly such users and prevent you from pouring advertising dollars into nothing.

You want to increase brand awareness. Your company may not print in users’ memories after only one visit to your site. When searching for something, customers focus on the object of their interest more than the information around it. To help them remember your brand better, provide repeated exposure to it with the help of retargeted ads. When it comes to buying, customers will definitely consider your brand along with others.

You want to increase engagement. According to the online magazine Digiday, some companies witness higher 50-60% conversion rates due to retargeting. Other businesses claim the average click-through for the retargeted ad is 10 times higher than for the display ad (7% versus 0.7%, respectively).

Conclusion

We can draw conclusions by conducting an in-depth review of remarketing and retargeting. Firstly, they are not the same. They pursue the same goal – re-engaging customers to improve conversion and retention rates. However, the techniques each of them uses are different. Remarketing works through email campaigns while retargeting through paid ads. A remarketing campaign targets past customers and encourages them to repeat purchases. In contrast, retargeting is to convert a potential customer into an existing one. Therefore, it’s not about remarketing vs retargeting; it’s about understanding the specifics of both and using them to keep your brand in the mind of your customers and achieve awe-inspiring results.

Date: 22 March 2023
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