Omnichannel marketing is the new marketing buzzword. In this blog, I will take you through the details of what an omnichannel marketing strategy is, and how it can be optimized.
Multichannel vs. Omnichannel
Omnichannel marketing is not a term that can be used interchangeably with multichannel marketing. The words sound the same, as Omni means in all ways or places while multi means more than one. However, the two terms describe different marketing strategies and practices.
Multichannel marketing is when a company uses different channels and platforms to interact with their consumers. Omnichannel marketing, on the other hand, is a multichannel sales approach that companies use to provide their consumers with an integrated shopping experience. It is not about getting your consumer to hear your message but to provide a message that is best tailored to your consumer to provide a personalized experience.
In a multichannel marketing strategy, each channel operates separately with set, static messages. Omnichannel marketing integrates all the channels to provide the consumer with a streamlined experience. 60% of millennial consumers expect a consistent experience across multiple channels.
Omnichannel marketing places the consumer at the centre. It is designed to cater to the new-world consumer who switches between different channels quickly.
Maximize Your Potential
Understanding the benefits of omnichannel marketing, merely 50% of marketers in a survey conducted by CMO council state that they are not prepared to reach their full potential in omnichannel marketing.
Designing an effective omnichannel marketing strategy requires the following:
An effective omnichannel marketing strategy requires a wholesale shift in approach from the very get-go. It requires the marketing team to place the consumer at the core of their decisions and planning. It begins with understanding who your consumer is. The marketing team needs to do an in-depth analysis of their target audience. AI is the best tool available to track consumer demographics, patterns, habits, preferences, etc.
Once you have taken the time to understand your consumers, you can segment them into different categories based on their behavior patterns. Based on the insight you have into your different consumer segments, you can design personalized journeys for your consumers. In order to target consumers differently, automation can be set up that trigger when a customer performs a certain action.
Ease of Access
Make sure that the platforms you are using to market your product can be accessed through multiple devices. Your website, for instance, needs to be compatible with phones, laptops, tablets, and other devices your consumers may use. Your consumer should be able to get help easily, especially for simple concerns. For this, you can use various self-service tools for your consumers such as FAQ pages, instructional videos, and user forums––all of which must be easily accessible.
Track and Adjust
Your marketing plan must include a system for collecting data on the effectiveness of your strategy. This means that AI analytics must be part of an omnichannel marketing strategy from the beginning. Insights from AI will enable you to monitor, assess, and alter your strategy based on performance and allow you to test the effectiveness of different strategies. It is also a good strategy to ask your consumers for feedback at various stages of their journey, on the basis of which you can refine your strategy.
Omnichannel marketing campaigns increase consumer engagement. A study of over 2 billion campaigns in 2018 found that omnichannel marketing campaigns earned 18.96% engagement as compared to only 5.4% engagement generated through single-channel campaigns.
Omnichannel marketing campaigns drive higher purchase rates. The same study above found that omnichannel campaigns earned a 250% higher purchase rate than single-channel campaigns.
As your message remains consistent, it boosts brand recall for your consumers.
Companies that successfully implement omnichannel marketing strategies see an astounding 89% retention rate.
Omnichannel marketing strategies have been shown to enhance the consumer experience. 86% of customers are willing to pay up to 25% more for products and services just to have a better customer experience.
Success depends on meeting the needs of the consumer. Growth of a business is driven by engaging and retaining consumers. The consumers of today are more engaged than ever before, and businesses need to expand their presence on the platforms that their consumers use most. This has been the reason that so many businesses are looking towards omnichannel marketing strategies. They are more than just a passing fad or a temporary buzzword––they are the step into the future.
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