Omnichannel marketing has surfaced as the latest approach to successful marketing. As the fascination with omnichannel marketing grows, some marketers are doubtful that this new fixation could be long-term and fruitful.
Recommended read: Is Omnichannel and Multichannel Marketing Really Different?
However, if applied correctly, omnichannel marketing is truly expansive and impactful.
What Is Omnichannel Marketing?
According to Sara Skrmetti, Senior Director, Social in MediaMath it means aligning your technology, data, metrics and organizational structure around a single view of the customer across all media touchpoints. It encompasses several things:
- Incorporating data-driven strategies
- Using all new emerging channels
- Implementing DSPs for each channel
- Integrating in-store and online channels
- Cross-device marketing
If applied correctly, it results in Customer-Centric Marketing, another exciting and modern concept. Customer-centric marketing is a process that allows a marketer to find and identify the most valuable customers.
This process commences by deriving data about the customers’ interests and behaviors. Having this information enables you to deliver personalized advert experiences that can propel online and offline conversions.
It is crucial to recognise the impact that each touch point delivers. When using omnichannel marketing, it must be noted that you are reaching your customer at different touch points when you are implementing your customer-centric marketing.
With all this information, a marketer can apply such findings to optimize campaigns and expand the customer base. The opportunity is tremendous. This may sound great on paper, but how can we distinguish reality from wishful thinking? Well, Skrmetti shares her view of where we are today:
- 28.2% of UK and US marketers are successfully using customer data to create an omnichannel customer experience.
- Channels are becoming increasingly programatically addressable.
- There is noticeable growth in Asia and Latin America.
- 57% of surveyed digital marketers will be focusing on cross-channel measurement and attribution by next year.
- Advertisers are aware of, and using the term, omnichannel, but are uncertain how to apply it
- Marketers have no transparency or ability to integrate and data from within Walled Gardens.
- Marketing Departments do not set goals consistent with their business
In other entries, we have talked about the risk of measuring this in silos and not in an integral way which refers to the same concept of “walled gardens” used here. The main problem is not correlating the measurements from all channels. Breaking these walls can create enormous efficiencies which go beyond just analytics and metrics.
Organizational structures and technology need to work across all channels and this requires supplementary effort. It is worth noting that the specialists working with in-store metrics or CRM are not experts in social media touch points and search analytics. These specialists do not share data easily, nor conceive of integrated executions with agility. In the same vein, technology platforms measure one or limited channels, but not all.
Connecting and correlating numbers may be complex, but it is necessary. In the foreseeable future, there will be existing platforms releasing more channels into their metrics and walled gardens being incorporated into budgets and omnichannel marketing.
Conclusively, data from 2016 supports the reality that omnichannel marketing, if applied correctly, maximises operational efficiency by increasing marketing productivity by 30%. It also increases transparency, allows for better reporting and encourages strategic client services.
Overall, this is what distinguishes reality from wishful thinking, and reality is that omnichannel marketing improves profitability by 80%.
Credit to: Carlos Guzman – WSI member