Unleash the power of Omnichannel Marketing to enhance CX and drive conversions
The ever-evolving technologies are transforming customer purchase patterns. A lot has changed from the introduction of eCommerce in the 2000s to now when it is among the topmost preference for shopping among customers. Internet penetration and increased smartphone usage have played a significant role in changing these trends. The rapid digitization in the past few years, especially due to the pandemic, has contributed to changing customer journeys. People no longer have to wait to go to a physical store; they can place their orders with the touch of their fingertips on their smartphones.
The popularity of e-retail has not negated the traditional shopping modes. Modern-day buyers are going back and forth across different channels for a seamless purchase journey. Relying on a single medium and similar messaging across platforms is no longer viable. Brands must engage with customers across different platforms and harness the power of omnichannel marketing.
Omnichannel Marketing is the art of building personalized and consistent customer experiences using different channels and devices. Companies must not confuse omnichannel campaigns with multichannel strategies. Even though all omnichannel campaigns include multiple channels, not all multichannel strategies are omnichannel. In a multichannel strategy, companies push similar messaging to their clients across channels. How is it different from the omnichannel strategy? Multichannel communication lacks any personalization or thought into what customers want. Receiving a similar message across other platforms can make the brand boring, and customers might lose interest.
In omnichannel strategy, although companies use different communication channels, they also give a lot of time and thought to send the right message through the right channel. The omnichannel strategy places customers at the heart of the experience journey. The brands build campaigns leveraging customer data, their preferences and reach out to them on the channels that are convenient to them for specific use cases. In other words, while omnichannel is personalized for the needs of the customers, multichannel is one message that fits all channels, and all channels fit all messages.
Challenges for marketers
Marketing leaders often struggle with developing marketing strategies that augment customer interactions and turn into conversions. A Gartner report states that 70% of CX leaders find it challenging to design effective campaigns to achieve customer loyalty and receive meaningful outcomes.
Brands need to create a communication strategy targeting engagement. It is possible only if brands connect with customers through different channels, be it SMS, email, voice, WhatsApp, or live chat. The availability of different channels and personalized approach to these channels improve open rates and return on investment. According to the Aberdeen Group’s study, there was a 9.5% rise in annual revenue among companies that deployed omnichannel customer engagement. Companies with lower omnichannel engagement registered just a 3.4% rise. In short, the brands must be present where customers engage more.
However, an omnichannel marketing strategy needs to be adopted instead of just considered while formulating a plan. Research suggests that omnichannel campaigns receive an engagement rate of 18.96%, and for single-channel campaigns, the figure stands at just 5.4%.
Importance of data
Data is the king when it comes to omnichannel marketing strategy. Data analysis provides companies with information on customer preferences, enabling them to reach out on their preferred channels. In the era of Big Data and the Internet of Things, brands can easily access insights like what customers are doing within the channels they are using to communicate with them. It allows personalization of messages on different mediums too. The kind of messaging and approach that attracts and engages customers can be figured out by using real-time data and information.
Selecting the right channel is crucial
Different channels are suitable for different types of messages. With an omnichannel approach, brands can choose the right channel, meaning the customer receives the communication exactly where they need and how they need it. For instance, an email is the best option if the communication has an attachment as confirmation and would be required in future consultations. Similarly, digital channels are perfect for informing customers and providing them with relevant links for a time-bound promotion. For urgent information, SMS should be the primary channel to ensure that the message is seen immediately. Also, this approach ensures deliverability in case of a failover. For example, if an e-mail isn’t delivered, a message via WhatsApp or SMS will be sent to the customers automatically to ensure the information reaches them.
Creating an omnichannel strategy
What can an effective omnichannel strategy achieve? Marketers have registered a 250% higher engagement rate after choosing an omnichannel strategy. The average order value increased by 13%, and customer retention increased by 90% with an omnichannel strategy. An effective strategy requires the teams to combine their marketing and technical expertise and analyze volumes of data to build a campaign, but the results make it all worth it.
An effective omnichannel strategy means brands are undertaking the preferences of their target audience and constructing messaging that will instantly resonate with them and sending them through the correct channels. In this way, companies can engage customers across different touch points. As a result, it increases delivery, open rates, and returns on investment.
Conclusion
In the era when customer behavior influences overall industry growth and markets, it is imperative to facilitate more personalized journeys. An omnichannel approach impacts customer retention and loyalty as well. New-age companies are fostering brand awareness, improving engagement, accelerating conversions, and telling their stories on the back of impactful omnichannel marketing strategy. The key is to be limitless in the approach and free to experiment.
About the author:
Sudhish Sitaram, Regional Head of Marketing – India, Infobip