Is there a way to substitute on less than a full line?

When in visual mode, you can type : to start typing a command that will operate on the range '<,'>. My understanding is that the '< specifically means the line which mark < is on. Is there a way to use the backtick version of these, so that I can substitute on ranges that are less than a full line? I have tried just replacing

'<,'> with `<,`>

but I get the error

Not an editor command: `<,`>s/foo/bar

Substitute only in selected area:

:'<,'>s/\%Vthis/that/g