Before you start reading, let us warn you to be careful. The difference in the meanings of the two words, Remarketing and Retargeting, is as intricate as the difference in their spellings.
To really understand what Remarketing vs Retargeting is, let’s first define the two words separately.
And no, the words do not just mean to market again and target again. Or, maybe it does if you think from a layman’s perspective. But let’s target on making you experts here.
Remarketing mainly involves present or past customers. In most instances, email marketing and non-paid forms of advertising are used. Setting up a good remarketing campaign improves conversion rates and return on investment while being the best cost-effective branding tactic.
We are sure you’ve experienced it too. Let us remind you if you can’t recall.
You ordered a dessert from an online food company on Friday and from Saturday onwards you started receiving atleast a mail daily talking about the newest offers or ‘meal of the day’. This is a classic remarketing strategy.
Let’s discuss what the second half of Remarketing vs Retargeting entails.
Retargeting essentially targets web traffic and uses paid ads to re-engage your target audience. The people referred to as target audience as the ones who have visited your website or social media platforms.
Let’s take you as an example, remember the last time you searched for a product like “Jeans” or “Cream” on some company’s website? Now, do you remember seeing ads from that company as well as its competitors all over the internet?
Yes, you’ve guessed it correctly. You are the target audience here and you are being “retargeted” here.
Studies suggest that only a handful customers actually purchase a product on their first visit to a website. Retargeting has helped increase the conversion rate to 50-60%.
While Remarketing and Retargeting are two separate concepts their aim is the same.
Re-engaging people who have shown prior interest in the brand.
Here’s a little thing for you to repeat to yourself
-Remember Retargeting and Remarketing refer to Re-engaging for the purpose of Retaining.
They put you back in front of prospective audience and try to engage them in a way that they are driven to purchase your product.
The result desired is the same however the strategies used to accomplish it are different.
There’s no go-to method and your decision is purely circumstantial.
If you want to acquire new customers, if your website has a lot of traffic but you still can’t convert or if you are fairly new with just a handful of customers and a non-existent email list- Go For Retargeting
If you have a list of past customers or are looking at a cost-effective marketing technique- Go For Remarketing
If you want to maximise your results, retain customers and get newer ones- Go For Both!
It would be best to say that both Remarketing and Retargeting are similar yet different from each other. The question of Remarketing vs Retargeting does not arise if you understand that they can be effective strategies individually as well as when used together!
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If you owned a shop and a customer leaves without buying anything, despite looking through your products with keen interest, wouldn’t you want to do anything you could to retain them? What about customers who come and actually purchase? Wouldn’t you want them to keep visiting your store and make more purchases?
You probably can’t control this in your physical store but on an online platform you can, for sure, have it your way and Retargeting and Remarketing help you with just that.