Did you know that businesses adopting omnichannel marketing strategies achieve 91% greater year-over-year customer retention rates?
And with this ongoing massive explosion of e-commerce, customers want an improved engagement, flawless customer journey, and seamless experience.
But, how to make all this work? If you’re looking to pump up your marketing game, omnichannel marketing is here to applaud your game.
Our topics of discussion for Omnichannelmarketing are:
- Firstly, what is Omnichannel?
- What is Omnichannel Marketing?
- What are the Omnichannel Marketing Examples?
- Why Omnichannel Marketing?
- Omnichannel vs Multichannel marketing: Have A Glimpse.
- What is an omnichannel customer journey?
- Understanding an omnichannel customer journey through an example
- How do you implement omnichannel marketing?
- What Are The Benefits Of Omnichannel Marketing?
- So, is it time to hit your omnichannel marketing strategy?
First things first,
What is Omnichannel?
Omnichannel is about using all marketing channels to create a unified experience for customers. It includes both digital and traditional channels of marketing for customer experience. It uses multichannels communicating back and forth with each other.
What is Omnichannel Marketing?
Omnichannel marketing refers to all marketing channels. It allows for maximum engagement with the customer and integrated shopping experience to derive a seamless customer experience.
Omnichannel marketing enables you to create a seamless message that adjusts to your customer based on their behavior through your sales funnel, providing the ultimate personalized customer experience.
What are the Omnichannel Marketing Examples?
For instance, let us assume a case of a customer in a brick and mortar store, and
- He gets an email or SMS about product promotion.
- The customer gets an SMS/ or a mailer with the physical coupons.
- He intends to make a purchase, directs himself to the cart but drops his mind.
- He gets a cart abandonment message on Facebook Messenger and is being followed up with retargeting ads for the abandoned product.
So, all this is an example of how omnichannel marketing targets the customer through all channels in an extremely interconnected way.
Omnichannel marketing is thus an approach to provide a completely seamless and integrated shopping experience across all touchpoints.
That is to say that in omni retail, each channel works together to create a unified voice and message, voice, and a brand for a company.
Why Omnichannel Marketing?
- Omnichannel marketing boasts a purchase frequency that is 250% higher than single-channel.
- Shoppers doing Omnichannel retailing have a 30% higher lifetime value than single-channel shoppers.
- 77% of companies with strong omnichannel platform can store customer data across all channels, compared to 48% for the weaker ones.
- An engagement rate of 18.96% on omni presence vs. 5.4% on single-channel was observed in recent times.
- 71% of smartphones-using customers claim that it’s become an integral part of the experience for research in-store.
(Sources: V12 and clickZ)
Now try to recall when the last time you went to an online store and made a purchase on your very first visit was? Isn’t that rare?
Customers bounce between channels when interacting with an e-commerce brand. Hence the customer of today is an omnichannel customer. So, marketers are beginning to keep in tune with this omnichannel customer experience and their behavior.
In omnichannel retailing, each channel the customers use to interact with your updates automatically responds to the customer’s needs.
Wait, you thought this was multi channel retailing? Are they the same thing?
Break your myths here!
Omnichannel vs Multichannel marketing: Have a Glimpse.
Omnichannel and multichannel marketing strategies are often debated and distinguished in unclear lines. But there exists a striking set of factors between omnichannel vs multichannel marketing. Let us find out the difference between omnichannel and multichannel:
Very few technology solutions cover multiple significant areas of an omnichannel business.
It uses multiple marketing channels, which is desirably available to be implemented.
Also, omnichannel retailing gives you a deeper level of personalization of the customer experience and understanding their customer journey stages.
What is an Omnichannel Customer Journey?
The customer journey is a process that every customer experiences when they engage in a purchase experience. It describes the interactions customers have with brands over time via all available marketing channels (digital, mail, telephone, broadcast media, in-branch, in-person, and so on).
64% of consumers prefer to pay more for a simple and smooth experience. (source: Simplicity Index). That is to say, regardless of the device or communication channel they choose, the customers expect a seamless experience that goes in sync with their identities.
Customers usually want to choose brands that invest in customer journey mapping over brands that bring out poor service experiences.
Understanding an Omnichannel Customer Journey Through an Example
For instance, you are a customer scrolling through your Facebook page, and you come across a promoted post for a local store that sells gadgets. The particular ad says about a 20% discount on the selected item. You redirect yourself to the store website through the ad. That link takes you directly to the page having a list of items that are on a 20% discount.
Out of all the items, you decide to buy a mobile phone and go ahead with the online checkout process. You wish to pick it up directly from the store and choose the same option. That evening when you reach the store, the staff leads you directly to a kiosk where you enter your details and checkout. A store associate brings your item and hands it over to you. And you are done.
This uses various marketing channels like social media, stores website, the bricks-and-mortar store here. And what a smooth and uninterrupted customer journey this looks! This is about executing an omnichannel marketing approach for an amazing customer journey.
So, customer journey mapping is important as it focuses on creating a positive customer experience and fostering that experience. The expectations of your customers are met with satisfaction when buying a product from your brand.
How Do you Implement Omnichannel Marketing?
Omnichannel marketing helps you to streamline your marketing and sales funnel, and retain your best customers. Thus, you drive your ROI to new heights. Here are the seven key steps to implementing an omnichannel strategy.
1) Creating Buyer Personas
Firstly, you need to create customer identities to derive insights on what delights your customer and what displeases him. So, creating rich buyer personas that have information about a buyer’s habits, preferences, methods of communication, and details on the buyer’s journey is the need. When you understand his journey, you will be able to create a great user experience throughout.
2) Segmenting Your Audience
After that, when you’ve figured out what and how the customer is buying, segment your audience based on the personas created or other demographic and behavioural factors for better outcomes. Segment and target audience accordingly to provide a top-class experience and drive higher ROI.
3) Aligning Content With Specific Buyer Journeys
Every buyer should get individual attention as every buyer journey is different. You will see conversions increasing if you can provide a hassle-free experience for each customer across all touchpoints. When the customer feels like getting personal attention, they’re more likely to stay in touch and strike a purchase.
4) Prioritizing Devices and Channels
Omnichannel experience is about being found everywhere your customers are, and do not waste your time on other channels. Your audience will tell you what’s working and what’s not. Segmenting data, using social monitoring and marketing automation analytics help, you show where your efforts and time can be best spent.
5) Investing in Customer Support
Customer service is a pivot point of your omnichannel marketing approach. So your marketing and customer service teams should be in regular contact.
6) Measuring Your Efforts
Analyzing and comparing results from so many different marketing channels is difficult. Hence, through omnichannel retailing, it’s important to create a measurement strategy built around metrics, behavioral tracking, and comprehensive analytics reports.
7) Integrating Your Findings
This last step to implementing an omnichannel marketing approach makes the difference. Utilize your insights throughout your campaigns to create that “seamless” experience. Also, make a point to share feedback with your team.
What Are The Benefits Of Omnichannel Marketing?
The benefits greatly outweigh the benefits any other marketing strategy would give you. Here are a few:
- Firstly, it helps you in better data analysis by tracking a customer journey, his preferences, and behaviour.
- As you segment your audience based on deep funnel intent, you get more accurate and nuanced insights than originally thought possible.
- Creating a seamless experience brings in improved brand visibility and offers your audiences the opportunity to interact with your business wherever they prefer.
- Lastly, reaching your audience on more marketing channels provides you more opportunities for customer engagement focussing on people based marketing.
That‘s not all. Omnichannel marketing does a lot more. Read on!
- Moreover, sharing data insights derived from cross-channel marketing enables businesses to improve collaboration across teams and quick complaint resolving.
- Increased brand awareness, audience engagement, better customer service, and everything else accountable in omnichannel marketing leads to higher sales.
- Great customer experience in omnichannel retail leads to improved customer retention.
- Lastly, it seems that multichannel is economical and omnichannel is expensive, but when done in the right way, all the investment in omnichannel retail shall pay you off. Hence, we can say omnichannel shopping is cost-effective.
The Bottom Line: Is it Time to Hit Your Omnichannel Marketing Strategy?
Today as the brands are seeking “the customer is always right” approach with an omnichannel marketing approach, it ushers a new digital era. The entire seamless experience is a cherry on the cake.
Thus the main mantra is to deliver the right content and a unified customer view to bring people to you. Early adopters of omnichannel marketing strategy are definitely going to outperform their competitors coming ahead.
However, updating to the modern strategy from multi channel retailing to omnichannel is a must for brands to survive. Modern marketers have the edge over more data and the ability to integrate well between the marketing channels and their customers.
That is to say that they can target every customer to offer value. What do you achieve? Great customer retention, better brand loyalty, and supercharge revenues.
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