4 Ways Omnichannel Marketing Can Boost Your ROI
By ankita Published: #php echo get_post_time("H:s \G\M\T"); ?>15 May 2019 | Updated: #php echo get_post_modified_time("H:s \G\M\T"); ?>3 October 2019
Omnichannel experience is not just a buzzword. It’s a way to strengthen your relationship with the customers by offering them frictionless service across various platforms and devices.
Take Starbucks for instance, the brand is known for its world-class coffee, but more importantly, it has earned the reputation of being the top player in the omnichannel experience game. The coffee chain allows its members to reload their card through multiple channels such as app, in-store, or website. The change is automatically updated across all the channels. Or take Ola’s example. You don’t have to worry if you forgot to carry cash. You can quickly fill your ola e-wallet with money while you are in the cab and the driver will automatically receive his payment after the ride is complete.
The beauty of the omnichannel experience is that it is not bound to a single channel. It offers the same experience to a customer across different platforms and devices. It provides convenience and experience – two things that a customer seeks the most from a brand.
As customers leave their footprint online and with so much data available about their preferences, and browsing behavior; making sense of all of it can be quite an enormous task for the brands. With omnichannel marketing, marketers can understand the pattern of the data and tie all of it together in a way that it creates a meaningful and personalized experience for the customer. For example, if you find that your targeted ads for a particular product are working exceptionally well in a specific area as compared to another, you can revisit the inventory of your products and ensure that more quantity of that product is available in the location that has a higher demand. This way you can streamline your logistics and ensure that your customers are not left disappointed due to lack of stock.
What else can marketers do with omnichannel marketing?
Apart from creating a seamless experience for your customer, omnichannel marketing offers several benefits that can drive sales and boost your company’s revenue.
Helps you to understand your customer: Understanding your customer is extremely crucial because you cannot create a personalized customer journey without knowing your customer well. Omnichannel marketing provides data on your customer’s behavior and preferences based on their interaction with brands and gives you a clear picture of how to target them.
Helps in retaining customers: E-commerce companies that offer an omnichannel experience witnessed 90% higher customer retention than those that provided single channel experiences. With omnichannel marketing, you can engage with your customer on their preferred channel by sending them relevant messages with them. You can also use retargeting across various platforms to bring back your customers.
Helps in engaging with customers: Engaging with the customer can be quite a challenge especially when you are vying for their attention along with the several apps on their mobile phone. You could face a greater challenge if your app is not used frequently. That’s where marketers you to think like a customer and push relevant content to them on their preferred channel to keep them engaged. Omnichannel marketing offers you the tools means to analyze the customer’s behavior and preferences, and send them content according to their preference.
How to boost your ROI using omnichannel marketing?
A study conducted by Aberdeen Group Inc revealed that companies with a robust omnichannel strategy were able to retain 89% of their customers as compared to the companies that could retain just 33% of them due to weak strategies. Omnichannel marketing, when done right, can help you improve your revenue. Here are a few ways in which you can use omnichannel marketing to boost your ROI.
Use consistent messaging across all channels: A study by Interacting Advertising Bureau (IAB) showed that consistent messaging across multiple channels could increase the purchase intent of the consumers by 90%. Your customer will reach out to through any channel. Hence, identify what you want your customers to know and train your marketing, sales, and customer support teams to deliver a consistent message. Once you have trained your customers, identify the kind of assets your customers will need throughout the customer lifecycle and offer it to them with a touch of personalization. Personalize the content right from acquisition to support to increase customer retention on your platform.
Provide an overall consistent experience to the customer: According to a study by SDL, 60% of the millennials expect consistent brand experience across channels such as in-store, online, or mobile phones. Omnichannel marketing equips you to go beyond messaging to create a consistent experience for your customers across all the channels. There is no single way to create that experience because your customer could interact with you through any touchpoint. They could shop online and pick the product from the nearest store or purchase something from the retail store and get it shipped to their address. They will also be interacting with various departments of your company – from offline salespeople to online customer care. It is, therefore, crucial that all your departments are trained and work in coordination to provide an exceptional and consistent service to the customer. As Amit Tandon, VP of HealthKart told us in one of our Growth Marketing sessions; a consistent experience will increase the Customer Lifetime Value (LTV) and lead to customer retention and loyalty.
Ensure continuity in communication: While consistency in messaging and experience is crucial for the success of your omnichannel strategy, continuity is another factor that marketers must keep in mind while planning the omnichannel marketing strategy. Let’s assume a customer has added an item to his cart and has forgotten to complete his transaction. You can remind the customer to complete it by sending them personalized emails, push notifications and remarketing messages. A disconnect in communication could lead to a loss of conversion as there are chances that your customer might not remember about the abandoned cart.
Integrate data-driven marketing into your strategy: In a study by Forbes Insights and Arm Treasure Data, 40% of the executives surveyed said that personalization has helped them to maximize their sales. Data-driven marketing provides you with all the necessary information about the customer, their behavior, and their preferences. You can use this data to personalize the buyer’s journey and to deliver the right message to the right audience using the right channels. It will also help you to engage and retain more customers to your platform.
According to a 2015 study by IDC, omnichannel shoppers demonstrate 30% higher lifetime value than those who shop using one channel. Hence, leverage upon your available data and plan an effective omnichannel marketing strategy to keep your customers engaged on your platform.
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