if you are one of the marketers to hear the term "Omnichannel Marketing" around. Don't worry, you are very lucky you landed in the right place to understand all about Omnichannel Marketing.
In this blog, we’ll explain what omnichannel marketing is and how brands improve customer experience by using an omnichannel approach, For building a more profitable business, quality sales and successful marketing strategies.
Omnichannel marketing proposes a pivotal change, That’s why brands need to deliver a uniform experience, irrespective of channel or device. Omnichannel marketing strategy encourages business managers to walk in their customers.
Omnichannel marketing is an integration and cooperation of various channels that organizations use to interact with customers. The goal is to create a consistent brand experience. It uses seamless integration of all customer touchpoints ranging from branding, messaging and communication to move potential customers down the sales funnel.
Omnichannel marketing enables customers to interact with the brand and engage on their own terms leading to overall better experience engagement for them and for the brand.
Create Customer Delight with personalized channels
Convert customers with smart automation
It is important that we have content that is informed by past interactions and the current status of the buyer's journey.
Many times have you had a experience where you bought something online and went to the store to exchange or return it only to be told that since you bought it online you can only return it using the same channel or they will not cater to the exchange?
These are the experiences that do not constitute customer delight. Customers now are demanding more than ever that brands know about their interactions with different channels and that there is no disconnect.
Understanding customer needs and expectations are very important for every successful business. First you need to know about your customers, Ask in yourself or learn from your competitors. Which platform do your customers use most to shop? What are the challenges they experience while shopping? What devices do they use? Figure out all the shoppers' interactions points, interest and most importantly what are their needs.
Analyze Customer Behavior
Learn your customer behavior by analyzing all available data, It’s very easy to recognize opportunities when you have all your business data in one place. That why the brands love the omnichannel business model.
Look at online customers and what people talking about also consider their demographics, profession, age, gender, marital status, etc. Divide your audience into segments and make informed decisions.
Key part is to convert all data to business strategy shape and do the next big move.
Strong business intelligence brands build offers for customer to make more actions. If your customer walks again to your store and they visit online store before that for the same product send them special discount and retarget it.
Only one way to know the strategy is perfect or not measure your results time to time.
Offer loyalty points
Offering repeat customers special rewards build trust and customer lifetime value.
Analyze your all marketing plan according to this funnel structure and refine marketing strategy
You wonder why we focus so much on the omnichannel & ignoring the term multichannel.
They are not interchangeable here is the clear differences
Focus is to increase customer experience.
Focus is to increase customer engagement.
All channels work together with each other to allow consumers a seamless experience.
All channels work in competition with each other and create friction in customer journey.
Best for customer centric approach
Best for channel centric approach
Single view of customers across all channels
Different channels have a different view of customer
Quality of customer support
Quantity of channels
Key Differences between Omnichannel Marketing and Multichannel marketing
Omnichannel Marketing focus on providing a consistent experience for customers on all channels. The key principle of omnichannel commerce marketing is that it is customer based and not channel based. The goal is to make customer experience as convenient as possible which means consistent engagement no matter how a customer is interacting with you.
Whereas multichannel covers many different channels like social media, mobile, email and physical store. In this model every channel is separate and independent from others and works in a vacuum, each with its own marketing strategy and goals. The lack of integration in a multichannel approach can create a confusing and impersonal experience which often leaves customers frustrated.
How Omnichannel Marketing is better than Multichannel Marketing
An omnichannel marketing strategy ensures a seamless experience for shoppers. For example the shoes a customer viewed on a laptop are the same ones the customer sees while using Instagram on a phone and the same pair the customer received an email about, when they went to a sale a week later. The message is consistent, device independent and most importantly, customized based on customer browsing behavior.
Since Omnichannel focuses on the customer experience across devices instead of the channel, the customer experience is better. By focusing on the customer instead of the platform, companies can drive more sales and improved retention rates.
2. Cohesive brand strategy and identity
Omnichannel marketing creates a unified strategy across all channels that builds an easily identifiable brand image. Organizations should base this image on their core audience needs and values. Through focusing on overall experience and working within the brand guidelines to target each channel, retailers will have a more effective brand strategy that will produce increased loyalty and more targeted messaging.
3. Increased Revenue
An omnichannel approach encourages customers to engage with a brand across multiple touch points and channels. This increases diverse engagement at each stage of the customer’s journey and helps increase revenue. Companies with extremely strong Omnichannel customer engagement see a 9.5% increase in annual revenue compared to 3.4% for weak Omnichannel companies (Aberdeen Group)
4. Builds Loyalty
The more unified and targeted messaging also builds loyalty, making it more likely that a customer will purchase from your brand again. Customer retention rates are 90% higher for Omnichannel. (Omnisend, 2020). Companies with extremely strong Omnichannel customer engagement retain and average 89% of their customers, compared to 33% for companies with weak Omnichannel customer engagement (Aberdeen group)
5. Better Attribution Data
Omnichannel Marketing should not just cover customer experience with your brand, but with your data analytics as well. By tracking the engagements across all channels, brands get a better understanding of the customer journey.
Starbucks is one of the top company that provide best Omnichannel experiences. Coffee giant already had 28,000+ physical stores with 75+ Million monthly customers. They have taken their sales to a next level after expanding their Omnichannel Marketing Strategy.
Take a look at Starbucks who have done successfully Through the Starbucks phone rewards app, Starbucks is able to integrate the mobile experience with the physical store one to put consumer convenience first. Customers can reload their cards from their mobile phone or computer. By using the app to pay, they are rewarded with points that can be applied to a free coffee.
Sephora is one of a few brands that realize their customers are facing a major difficulty, Customers have a variety of selections to choose from when it comes to cosmetics.
For example, a quick search of “Foundation” can bring up over 400+ results with different colors from various brands.
After identifying the case, Sephora immediately turns their system into Omnichannel, which suits perfectly with their goal to always put customers on top.
To gain success in omnichannel marketing like these examples brands should consider using a suitable modern POS, Marketing solutions, recommendation engines and cloud based software for all retail operations online & offline stores.
What is Attribution Modeling?
How do you evaluate how each channel is contributing to the customer’s progression down the Sales Funnel? This is where Attribution Modeling comes to play. Attribution modeling in simplest terms is giving credit to the channel/medium/ad etc. with which the customer interacted/viewed and eventually took the meaningful action.
Why is Attribution Modeling important?
Attribution modeling is what leads brands to make data-driven decisions in order to allocate their marketing efforts to the channel making the most contribution to conversions. It is however important to understand what that conversion metric is. It might not be making a purchase or booking a sales call. It could be any meaningful action that a customer takes to lead to that final outcome.
XStak Acquisition Marketing Suite facilitates retailers to integrate all their marketing channels and send personalized recommendations to their customers. It helps brands acquire new customers by rewarding them for referrals, sign-ups and brand advocacy and also provides them with a centralized CRM to start push notifications, email and SMS campaigns.
Having the capability to create granular segmentation, allows you to then create better lookalike audiences on social platforms, thereby increasing your ROAS (Return on Ad Spend).
Omniretain Loyalty Management System
XStak Omniretain is a next-generation omnichannel loyalty management system that facilitates brands to engage and create lasting relationships with customers, using the best in breed artificial intelligence technology. OmniRetain helps you execute the best loyalty strategy, by enabling you to personalize offers that are completely in line with your customer’s preferences and providing the tools to measure the success of different real time strategies.
Seamlessly manage all your omnichannel marketing processes from a single system. Get a Free Demo & Consultation to automate your processes without any hassles.
Customized Rewards & Loyalty Program
Create Tier-based segmentation for your customers and offer rewards. Rewarding loyal customers for their engagement and increase customer loyalty for your brand
First Party Data
Collect first data based on purchase behavior and create RFM segmentation which is more powerful than data collected from third party
Provides a seamless customer experience at multiple customer touchpoints like websites, mobiles applications and point of sales with XStak omnichannel marketing solution. XStak marketing solution is integrated with all customer touchpoints, so your customers will see the same product recommendations browsing on the mobile app or website. They can also earn loyalty rewards while shopping online and redeem in your retail shop and vice versa.
While the tiers and different reward mechanisms are provided to increase customer loyalty, we also offer Club membership to enterprise-level customers through which they can handle rewards programs across multiple business units. They can assign maximum reward amounts at the corporate level and then manage rewards disbursement through to the business units.
We also focus on ease of use for the customers to redeem their rewards whenever and wherever they want. So as a customer if you earn rewards against shopping online you can redeem in a retail shop and vice versa.
Product Recommendation Engine
With the Loyalty Management System we also have a powerful AI based product recommendation engine, Shopcast, which looks at the purchase behavior of the visitor to the website and based on his / her behavior and creates personalized product recommendations.
Our machine learning algorithm provides the relevant product recommendation to every visitor in real-time which improves customer experience. It looks at which products they have viewed, added to cart or purchased and on which products they spend most time engaging with. Using this data personalized recommendations are created.
The benefits of using the recommendation engine are
Increased conversion rates
Higher average order value (AOV)
Higher engagement and loyalty
Improved merchandize efficiency
So all in all, our suite of products and services help improve your marketing efficiency and drive better ROI for your business.
XStak which is an All-In-One operating system for omnichannel retailers. It enables retailers to perform all their Omnichannel Commerce, Marketing and Payments operations with an integrated BI layer for these Operations.
XStak offers retailers
For Commerce Operations
Online order and inventory management system
Cloud based next generation Point of sales system
For Marketing Operations
Loyalty and retention management system
Acquisition marketing suite for digital marketing operations
For offline and online Payments Operations
Headless Payment gateway
For Business Intelligence
Integrated BI layer for all these operations
To provide you real-time and actionable business insights into all these operations
Reach out to our pre-sales team: For demo and consultation on how XStak can help you start your journey towards an omnichannel marketing experience
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