Remarketing and retargeting, you may see marketers use it often. What does it really mean? Are they the same? How to use it for business? These are the most frequently asked questions that we keep on getting. You have those same questions too? Then we will answer your questions in this blog, stay tuned.
Retargeting and Remarketing are the best ways to increase your conversions from existing website visitors.
To answer the question “Are they the same?” They are not the same. There is a slight difference between them. Stay tuned and let’s discuss this further in the blog.
What is Retargeting?
Retargeting refers to the advertisements shown to you on a third party website based on your actions on a particular website.
For example, if you just visited a website and browsed through it without making any action like signing up for the newsletter, purchasing the product etc. and go on another website. When you are on another website and you see the ads for previously visited website on it, congratulations you were retargeted.
The best part of retargeting is that, it is done through third party networks like Google or Facebook etc., giving you an opportunity to reach the people who have visited your website recently.
What is Remarketing?
Remarketing can be defined as marketing communications using emails, sms etc. to re-engage the customers / visitors after they have left the website and not completed an action or purchase in most cases.
You may hear that remarketing and retargeting are both the same thing but they are not. You may have received an email from amazon, flipkart or any other online retailer for cart abandonment. If you have then kudos, you have been remarketed. It is used to convert visitors to customers, cross sell, up sell etc.
The thin line of difference between them is that retargeting is done on networks that our owned by a third party whereas remarketing is done on owned networks or channels.
For example :
Retargeting Channels / Networks
Remarketing Channels / Networks
- E mails
- Messages / Post Cards etc
Now, after knowing the difference between the two, the major question is why should you do it ? Do you even need to do it at all ?
Why should you do Retargeting and Remarketing?
If you are thinking, as a business, should you do remarketing or retargeting at all? Definitely yes, you should do it without further delay.
Retargeting and remarketing are done to bring back visitors of your website to complete the action, purchase or transaction in which they had shown some interest.
The chances for them to come back and complete the purchase are high because they have already had an experience on your website, it is fresh in their minds and therefore chances of conversion are high.
The ideal scenario would be that when a visitor arrives on your website, they would go through your products, services, blogs and then immediately draw up their credit card and purchase it right away or subscribe to your mailing list etc. There is a small problem here, life is not so ideal. Most of the time they do visit the website but the journey is not as we expect it.
Causes of Deviation
Some of them would scroll around without clicking on anything while some of them would not go pass the landing page. Some would place the product or service in cart and then would get distracted over something or abandon the cart.
The sale or conversion does not really happen then and there most of the time. When visitors come to the website, show their interest and leave without converting, that is a problem.
It is not necessary that they did not convert because they did not find what they were looking for, there could be many other reasons like something important came up, need to research more, do not need it immediately, got distracted and many more like that.
It is possible that any of these could have happened. As a business, if you do not retarget or remarket them, you may lose the opportunity of conversion to your competitors.
Now, conversion does not necessarily mean a sale. It can be subscribing to your mailing list, fill and submit your survey form, download your free ebook etc.
As they have shown interest on your website, you should retarget and remarket them to complete that conversion. Using these two tools or techniques, you bring back the visitor on your website to complete the transaction or achieve your objective.
To give you some statistics, we share our experiences and numbers with you.
Case Study : Retargeting & Remarketing for E-commerce Company
One of our clients is into selling products on the internet. They have their own e-commerce store. From all the visitors that the website would get, a major chunk of it would leave without converting.
This is a standard behaviour observed on most of the websites. A large proportion of the visitors would leave without converting. We started retargeting and remarketing campaigns to these visitors who had shown an interest in the products but for some reason did not convert.
The major chunk of the audience was retargeted because they were unique and we did not have their emails. The click through rate (CTR) of the retargeting campaign was 5.5% and cost per click (CPC) of just ₹2.59. The cost of retargeting turned out to be way lower as the normal campaign CPC was ₹7.12.
This is a very cost-effective way of converting visitors. If you are thinking that this is a small number we suggest you think over it again, from the overall number of conversions, almost 19.79% is accountable to retargeting campaign.
The best part is that only 7.21% of the entire campaign budget was spent on retargeting and it was able to generate 1/5th of the conversions.
The target cost per conversion by the client was ₹20.25 and we were able to bring it down to ₹10.48. We ran the entire digital marketing campaign for them and retargeting was carried out on social media sites (Facebook & Instagram) and remarketing was executed though emails and we saw a conversion rate of 11.53% there.
This was one case study and if you are thinking that we say retargeting and remarketing is the most cost-effective way to convert existing visitors on the basis of just one or few campaigns then you are wrong.
We have seen this across most of our clients. It is easier and more cost effective to convert an existing website visitor who has shown some interest than a completely new and unique visitor.
In most of the cases we see that the cost of converting an existing visitor is less than 50% of the cost of conversion of the overall campaign.
With these numbers we say that remarketing and retargeting is what businesses should do and when done in the right way, it can prove to be one of the best cost-effective ways to convert an existing website visitor.
So what are you waiting for ? If you want your marketing campaigns to be optimised, make the best of digital technologies and achieve your objectives, Connect with us Now !!!
Is it Suitable for My Business?
It can be used by almost all business. The major advantage that you get is be it any type of business, a person does search on the internet. Internet has entered into the life of individuals and has become a vital part too.
Your customers are more likely searching on the internet before purchasing these days. It is advantageous for you to be close to them when they leave from your website.
An intent of purchase cannot be known by any tool. No tool today can say whether the visitor is going to buy conclusively, it is still worth your shot on seeing the cost implications.
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