Omnichannel Marketing: Six Benefits Your Brand Can Achieve
Consumers are making their ever-increasing buying power known when shopping and dealing with brands. They are more brand agnostic, and used to the speed and convenience of personalized shopping.
With customer preference and privacy taking center stage, it’s vital to stay relevant and overcome these continued challenges. Retailers need to:
- Understand consumers’ changing shopping habits,
- improve technology and systems to provide optimal shopping experiences across channels, and,
- anticipate and prepare for retail’s future needs.
Defining and Embracing Omnichannel Design and Execution
Omnichannel is a multichannel sales approach where there is integration between distribution, promotion and communication channels on the back end. It provides a seamless shopping experience, no matter where or when the customer is buying. It can be from a desktop, mobile device, or in a brick-and-mortar store.
The challenge for a retailer is to accommodate innovations, engage customers and retain their loyalty, and at the same time, generate profitable growth.
A company with strictly multichannel capabilities can accommodate all of the above but still lack the back-end systems integration and digital capability for a pragmatic approach to their goal. Hence, if you go digital, go OMNICHANNEL!
Fig. 1 The changing scenario of retail with time and technology.
Six Benefits of Omnichannel Marketing
The outcome of a successful campaign utilizing integrated omnichannel business processes can ultimately lead to better customer experience, increased customer loyalty, increased brand visibility, better analytics, accurate target marketing and high customer retention. Let’s take a closer look at six benefits of omnichannel marketing:
1. Better data collection and analysis
With an omnichannel strategy, you can collect and unify customer data from disparate channels and systems like cookies, device IDs, shopping carts, social media, mailing lists, point-of-sale (PoS) systems, loyalty and referral programs, etc. With the aid of this information, you can maintain a 360-degree view of each consumer who engages with your brand. Using the data collected, you can analyze your customer behavior, interests, and intent for better campaign design that will ultimately lead to higher conversion rate.
2. Better customer segmentation, better campaign designs and targeting
Analysis of your consumer data will help you find your ideal customers and segment them according to their intent. This information will empower you to create better campaign designs. For example, if a customer has already bought a dining table set, an ad about the same product will only annoy them. In this case, you can move to cross-selling or upselling with ads for sofa sets, beds or dining mats.
3. Greater synergy across all departments and channels
Omnichannel marketing creates better synergy across all channels by engaging with consumers through any channel they prefer, as well as connect those conversations across channels — all without losing data or context. For example, a customer buys a shirt online and visits your store to return it. Because of your integrated processes, you can pull the customer data in seconds and complete the return in no time. Moreover, you can acknowledge their individuality with personalized on-site and online experiences.
4. Better brand visibility
Omnichannel marketing helps place your message across all channels in a consistent and timely manner – be it mobile, online or in-store – whatever is most convenient for your customers. Every time a customer encounters your brand, they are offered a seamless and personalized customer experience. This leads to better brand visibility, which means greater customer loyalty.
5. It’s cost effective
With the insights derived from the data collected, you can drive marketing campaigns and deploy your resources more efficiently. Analyzing the omnichannel data will also tell you where and when to concentrate on a particular channel more than the others for a far more profitable return. For example, your Google ad may be doing much better than your Facebook ad when you consider the CPC, CTR, and CTA of both platforms. It makes more sense to reduce spend on Facebook ads and concentrate more on the Google ads.
6. Achieve higher ROI
Benefits mentioned above ultimately lead to better customer engagement, which in turn leads to more conversions and higher ROI.
When it comes to omnichannel marketing, consistency is indeed crucial. Evaluate where you are, where you want to go and understand that the future of retail is an integration of both online and in-store shopping, enhanced and customized for complete user experience across multiple channels through whichever method the customer prefers.
In fact, in Forrester’s 2019 Predictions guide, they went so far as to forecast 2019 as the year that “transformation goes pragmatic.” That is to say that business strategies should be based on realistic data, with solid marketing principles that can lead to improved outcomes. Therefore, your omnichannel marketing efforts need to be evaluated and analyzed constantly for real, achievable and productive results.