With the evolution of technology and strategies in current markets, marketers need to become acquainted with the new wave of terminology which comes with it. Two of these new definitions are “Omnichannel marketing” and “Multichannel marketing”
Omnichannel also spelled as Omni-Channel refers to the multichannel sales approach that provides the customers with a smooth and seamless shopping experience. Both work in coherence with one another; whether the customer is shopping online, from a desktop, mobile, or in-store, the experience would be seamless.
Multichannel marketing is an approach that targets potential customers on numerous platforms. The channel could be a print ad, retail location, a website, or even word-of-mouth.
The multichannel approach aims to get the word out to the maximum number of people, it’s like casting a widespread net to maximize customer engagements. Companies that utilize multichannel strategies are adopting at least two channels; the most popular are social media and email.
The omnichannel approach unifies every channel to engage with customers as a whole. To ensure customers are having a delightful overall experience with the brand throughout every channel, they place the focus on building a stronger relationship between consumers and the brand. Companies with sharp omnichannel customer experience strategies in place reach a 91% higher year-over-year increase in customer retention rate on average, compared to organizations without omnichannel programs.
Increasing numbers of consumers switch between online and offline for research and to purchase products and services. A study done in 2016 by Deloitte found that 56 cents spent per dollar in physical stores are because of digital experiences.
The answer to a seamless omnichannel experience is a modern supply chain. To get there, companies need to bridge the gap between online and physical stores just as Best Buy did; manage product responsibilities as one whole marketplace. They also need new technologies, including inventory management systems, and alternative ways of delivering products.
Chatbots is another rising omnichannel trend. Chatbot computer programs can simulate human speech by asking people questions and responding to answers. Chatbots can do tasks as simple as changing passwords or as complicated as analyzing the mood of someone calling customer service.
Multichannel or Omnichannel marketing don’t have cons per se. Omnichannel’s marketing is generally perceived as the guiding star. Having and enabling different channels isn’t bad, but connecting them together should be the primary goal.
Having a successful omnichannel marketing strategy would be rewarded with the following benefits:
< 1. Rise in Customer Loyalty
A customer would willingly purchase from a brand that they value and trust. Omnichannel marketing provides customers a seamless experience across all platforms and is personalized for each audience member. This approach enhances the overall experience for the customer leading to a boost in loyalty and retention.
2. Improvement in Brand Recall Since omnichannel marketing emphasizes a seamless experience, consistency on all channels ensures customers will see the brand the same way across platforms and devices. This consistency helps improve brand recall for your customers; a strong sense of brand recall will increase the chances of purchase across your customer base.
3. Increase in Revenue Omnichannel marketing strategies help improve customer loyalty, brand recall, and even promote customers to repurchase. These help with customer retention and draw new customers through personalized content and word-of-mouth marketing. Increase in customer base comes with increased revenue.
Using omnichannel marketing strategies, you’ll be better able to provide your valued users with a seamless experience. These efforts not only provide a seamless user experience, but they also improve customer loyalty, increased sales, and greater brand awareness. Marketers must make the shift to focus on omnichannel efforts to increase customer retention and, revenue.