July 23, 2018

Top 5 Benefits to Omnichannel Marketing

minute read

When it comes to being served ads or receiving an email from a brand, there is nothing that generates more pleasure than receiving personalized, relevant, and appropriate content.

And, thankfully, it is happening more and more.

However, have you ever received a “please subscribe” email or advert for a service you already subscribe to? Your gym? Your ready-meal service? (come on, we’re city-folk) Your puppy’s walking company? Not only is this a waste of time for the customer, but it is also a poor customer experience in retail.

15 years ago the average consumer typically used two touch-points when buying an item and only 7% regularly used more than four. Today consumers use an average of almost six touch-points with nearly 50% regularly using more than four (Marketing Week).

When it comes to modern shopping, customers seek information across multiple channels, throughout different parts of their day, via multiple devices. A customer may see an item in-store, find that it is not in their size, go online and complete the order. It’s key that the messaging the consumer receives at all points of that journey are tailored and consistent. Customers want to be able to switch platforms and continue the same shopping experience.

What’s the difference between omnichannel and multichannel marketing?

Ah, so many channels, so little time.  In multichannel marketing, a brand may use different channels to interact with customers, but each channel is managed separately and with a different strategy. Nothing good ever happened in a silo. Measurements and omnichannel metrics may include click-throughs and other engagements on specific channels. It’s not an entirely broken method, but there is a much better, much more integrated way.

Businesses that adopt cross-channel strategies achieve 91% greater year-over-year customer retention rates compared to business that don’t.
- Aspect Software

Omnichannel marketing seamlessly connects all consumer touchpoints and is centered around customer-centric measurements like customer lifetime value and loyalty. The main difference between the two methods is that for cross-channel to be most effective you need a single customer view.

The top 5 benefits of an omnichannel approach

Stay on top of the charts when it comes to streamlining your marketing approach by remembering the following points.

Consistency = happiness

It has been consistently (pun intended) reported in industry studies that today’s consumers demand a more consistent customer experience across channels.

60% of millennials expect consistent brand experiences—whether in-store, online or by phone

Brands that achieve this are likely to improve lifetime value of customers as well as more easily attracting new customers. It makes sense. The more persistent your message the more it resonates.

Loyalty & retention

According to the ISP For Love or Money customer report: the top four actions for brands and businesses to generate loyalty are providing value for money; quality of product/service and offering a loyalty/rewards program; convenience when purchasing; and consistency when purchasing.

89% of customers are retained by companies with omni-channel engagement strategies
- Invesp

The art of retention or “the power to keep customers coming back” is one of the most challenging missions for brands. Omnichannel marketing is proven to improve retention by increasing the accuracy with which you can communicate with your customers.

Audience tracking

Manage your audience effectively by tracking their every engagement with your brand across all channels. Suppress those who have already purchased from you and/or ensure messaging to each customer segment is relevant.

Read more about achieving success with personalization in our latest report.

Clients can expect an increased conversion rate and overall ROI, while saving money thanks to better audience tracking. Just like managing the band!

Personalization of content

Clients using big data in retail to personalize the customer experience see up to a 178% increase in conversion rates.

When you can see your customers and their engagement with your channels you can better react and serve them more personalized content.

Accurate measurement

Measuring the performance of each individual campaign on clicks and engagements can be time-consuming.

Using an Omnichannel dashboard like a customer data platform (CDP), see your audience react to your campaign live and with the CDP metrics that matter to your business.

Omnichannel executed via a CDP enables you to focus on metrics that move the needle for your business like frequency of purchase. See them in one single place where you can easily and quickly report.

An Insurance Group client previously, waiting 3-6 months for campaign results, are now able to identify the most and least effective parts of their TV, outdoor, online and PR campaigns. Enabling them to quickly adjust messaging, improve results and save money.

Activate, a new product from Lexer, helps brands to seamlessly connect audiences to all your marketing and advertising channels, seamlessly, securely and in real-time allowing for highly measurable, data-driven marketing campaigns. Activate is your one-stop-shop for sending audiences to Facebook, Twitter, Google, email and beyond.

To find out more how Lexer's CDP and solutions for marketing, retail, and service can help you rock your customer data get in touch for a demonstration or a quick chat! We offer customer insight tools, data enrichment tools, customer segmentation tools, and other retail data solutions to help you improve the omnichannel customer experience and drive sales growth.

If you’d like to read more articles like this one we also wrote this rocking report on How to succeed with Personalisation and this article on Privacy and Customer Care: Keeping Data Safe.

Interested in learning more about how Lexer can help you improve customer engagement and maximize results? Book a demo with one of our retail experts today.

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