Introduction
Experienced digital marketers are no strangers to the term “omnichannel” marketing. After all, this term has been thrown around since the first days of digital advertisement. However, now that omnichannel jargon has become substantial, companies are treating it as an indispensable part of their marketing strategies. Instead of creating in-house marketing strategies, companies are hiring digital marketing agencies which have extensive experience with omnichannel marketing. Here is a brief discussion about the various facets of omnichannel marketing to help you understand its importance.
Why is omnichannel marketing strategy important for companies?
The goal of omnichannel marketing is to connect with your customer across several platforms and channels at the same time. The marketers add multiple touchpoints to their marketing strategy to address all their customer’s needs in both offline and online mediums. Omnichannel marketing helps achieve the company’s marketing goals without affecting the overall ROI. The omnichannel approach also increases customer retention, sales, and product awareness.
Nevertheless, to build an effective omnichannel marketing strategy, you need to deliver a consistent experience across all the advertisement channels. The strategy should deliver a uniform brand voice and image in all the customer interactions. But, for it to work seamlessly, you need to identify the channels where you get the most traffic. In addition to that, you will need to deliver relevant messages and notifications at the right time. A well-programmed machine learning algorithm should be more than enough to help you figure out the timings for the marketing tactics.
Why do you need omnichannel marketing?
Let’s understand this with an example. Say, email marketing is the primary source of marketing and promotions. But, the data collected from this source is limited to click rates, open rates, and CTA button clicks. In the same way, social media marketing can collect a vast amount of customer information, but lacks the personal touch and delivery times of email marketing. The omnichannel strategy eliminates the limitations of these single channels while maximising their usefulness.
What are the advantages of omnichannel marketing strategies?
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Invaluable insights
Omnichannel strategies collect and compile user data from multiple channels and platforms. A good analysis of the data provides the company with a comprehensive view of the customer’s likes and dislikes. This helps marketers better understand their user base and optimise their marketing strategy accordingly. These insights also help them shape their personalization and segmentation strategies.
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Cost-efficient
There is no denying that setting up an effective omnichannel strategy is quite expensive. But, in the long run, the boosted ROI justifies the initial investment. This strategy optimises marketing efforts across multiple channels and makes them more fluid. Therefore, instead of dumping all your resources into a single channel, you can split them prudently.
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Increased brand awareness
TV and radio advertisements combined with highly personalised social media campaigns widen the sales funnel and attract more customers. The social media channels use PPC to incite action from the users and get more clicks. As the digital traffic increases, the overall sales also pick up.
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Increased customer satisfaction
Omnichannel strategy is not unidirectional. Customers, too, can use multiple channels to connect with their favourite brands and stay updated about their latest offers. Next, they can avail of the services and buy the products from the channel of their choice. For example, customers can use offline stores to get a feel for the product and order the same from online stores at a lower price. The omnichannel strategy also improves customer support.
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Better retention rates
As mentioned above, an omnichannel strategy ensures that a customer has multiple buying options for a single product. The strategy aims to make the buying process smoother and more convenient for the customers. As the satisfaction levels increase, retention rates are also likely to increase. Moreover, as the retention rate increases, customers are more likely to make repeat purchases. Thus, creating a stable source of income for the company.
What is the difference between multichannel and omnichannel marketing?
It is not uncommon for digital marketers to use the term multichannel and omnichannel synonymously. But, they could not be more different. In the multichannel strategy, marketers focus on individual channels and try to maximise their delivery rates. For omnichannel strategy, more emphasis is put on data sharing amongst the channels to provide a uniform experience to customers. For example, sending an online coupon to your customer whenever they enter your physical store. Omnichannel marketing saves the data collected from all the touchpoints to modify the customer’s preferences and recommendation lists. This is not possible with multichannel marketing as the data collected from one channel cannot be utilised by others.
Managing a multichannel marketing strategy is comparatively easier than running an omnichannel strategy. This is because the omnichannel strategy has a lot of moving parts and interconnected technology. Sometimes, AI and ML algorithms are included in the strategy to increase its efficiency. Of course, you can automate certain functions to reduce the burden on marketers. Still, marketers need to have significant technical experience to handle such strategies. Furthermore, marketers need to have a good understanding of their customer base to extract the most out of this system.
Conclusion
We ensure that every individual in our digital marketing company is well-versed with operations and implementation of digital marketing strategies. Our marketing professionals are trained to understand the acquisition of paid media. To know more about omnichannel marketing strategies, visit our website.
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