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Today I am back with another new topic about benefits of multichannel marketing.
I will also discuss about how to improve revenue, retention and conversion through multichannel marketing.
First, let me explain…
What is multichannel marketing?
As the name suggests, multichannel marketing is marketing over more than one platform or channel.
With the advancement in the Internet world, the customers have become all the more smart.
They want to be completely sure about whatever they are buying. Be it a small product as grocery item or as big as property, they cross check it on several channels before making the final purchase decision.
This is one reason for you to be present on as many channel as possible.
Another reason is your target audience.
Your target audience could be from multiple age groups. This means that it is likely that the people you are targeting may be present on more than one platform.
So the two main reasons for you to be present on multiple channels are:
- Your customers are on multiple channels
- Your target audience can range from more than one age group, hence present on more than one channel
The arena of multiple channels is huge.
By being present on as many as possible, also helps you to understand the customer’s behaviour.
Ok do not be confused, every channel has different reasons for your customer to be there. This means that, on each platform, they behave according to the channel they are using plus also expect a different, personalized approach.
For example, people on LinkedIn may have different interests than those on Instagram.
Some of the channels you could prefer practicing your marketing skills are:
- Sales branch
- Brick and mortar (shops and malls)
- Trade outlets (street vendors, sale representatives, etc)
- Online shopping
- Mobile shopping
- Social media
- Third party sites, etc.
Multichannel marketing is a two way road, profitable for both, companies and customers. As both of them can reach out to each other.
By practicing the multichannel marketing strategy, you are informing your customers that you are flexible, to improve customer satisfaction and loyalty.
Why multichannel approach is important?
Adopting the multichannel approach is important for your business.
Let me explain.
The golden rule of marketing is be where your customer is.
Earlier, putting a banner or publishing some flashy advertisements, here and there might have been enough. But not any more.
Now you have to get your message, across to as many people as possible.
The side effect of this could be, most irrelevant messages are immediately transferred to the trash bin or are seen in the spam.
In short, they are regularly ignored.
Customers are more responsive to relevant and and personalized information. The information they provide to the companies while purchasing from them, is in hope to get back integrated personalized experience.
And in order to establish this personalized relation with your customer, you need to reach out to them on the channels they are present on.
By providing them, relevant and consolidated approach, you build the human relations with them.
According to the research, 84% of the customers believe that being treated as a human and not as a number is more important for them to trust a brand.
This personalized approach towards your customer, finally leads to increased retention, return on investment and revenue.
Let us see how…
How multichannel marketing improves revenue?
The research has recorded a 15-35% increase in revenue from multichannel marketing.
This sounds interesting, let us dig in a little deeper.
According to the marketing rule of seven, an average customer touches seven points before making the final purchasing decision.
Ok do not be confused, I will explain the rule of seven, so that the black negative turns into a picture for you.
The rule of seven is though old but not outdated. The rule states that, a consumer before buying any product, sees or hears about it seven times.
The number ‘7’ here do not denote the literally number. This number 7 has been given more importance than other numbers in many culture.
Therefore, the number 7.
The low line here is not the number, but the message. It means that you need to reach to your customers enough times, to convince him to make the purchasing decision.
And multichannel marketing strategy implies exactly this. Reaching out on multiple platforms ensures that your selling message spreads to your customers, as much as possible.
And this is what the customer is doing today. He makes sure that he is making the right decision, by checking about the product/service on all the possible platforms he can.
So if you measure the revenue in relation to app purchase, direct financial transaction with the company or by an increase in your regular sales and visitors at your shop, the behind the scene hero is your approach to multiple channel.
Because you reached out to your audience on social media, emails, online platforms, third party sites, etc, he saw and heard about your products multiple times and hence made the purchasing decision.
So now you understand…How multichannel marketing increases your revenue?
Now, let us examine the next point…
How multichannel marketing improve retention?
By being present on multiple channels, you now know the secret of attracting new customers.
But is that enough? No!
Just getting a new customer is not enough, but retaining that customer and converting it to a loyal one is all the more important than before.
Like multichannel platform, customers have multiple options also to choose from. So it is important that a customer sticks to your brand and does not get lured away.
Let me back my statement with figures.
According to the research, 25% of the users who install an app, uninstall it after using it one time, never to use it again.
This is pointing to something else too.
Poor retention could result in loss of as much as 80% of your acquisition spent. This could really be harmful.
Do not panic. There is a way to convert your customer to a loyal one.
From the time a user comes in contact with your brand for the first time, to the time he purchases something, he makes a unified experience.
And designing an integrated campaign to this unified experience, confirms that your brand stays on top in the mind of your customer.
In one line, be present and make yourself visible on all platforms, where ever your customer is visiting.
Adopt multichannel marketing strategy to improve retention.
The numbers recorded a 46% of increase in retention rates with the help of multichannel marketing.
To improve your app’s on boarding process for your customers and to increase retention rates, try the following:
- Redesign and make user experience better
- Test opt-in screens
- Integrate push programme
- Increase ongoing engagement by in app and email campaigns
If you have read and scrolled down till here, you know how to improve revenue and retention by multichannel marketing.
It’s time to focus on conversation now. Take a look at…
How multichannel marketing increases conversion?
Ultimately, for every business the conversion ratio is all that matters to the marketers that are providing the marketing funds.
And there is nothing bad in that. Obviously if you are investing, you need to see the results.
Am I right?
May be after reading this article you try the multichannel marketing, but you will be content with it, only after you see the conversion rates going high.
Do not worry, this number will increase too. The only condition is you try it strategically.
The best way to convince the marketers spending on campaigns is to show them the dollar signs. In short, show them revenues generating from conversions.
And your help here is the multichannel marketing strategy. Like it works for revenue and retention, it works for conversion as well.
Read the numbers, if you do not believe me.
According to the experts, practicing multichannel marketing gives a 20-50% boost in conversions.
The best way to explain this is by taking the example of media industry.
There is no doubt that millions of users take advantage of the free trial services, but only a few of them convert to permanent subscribers.
To convert these free trial customers to permanent ones, you need to design an integrated campaign, that is fit for all.
By this I mean, you need to focus on user’s specific interests and preferences. This type of multichannel campaigns are tailored, keeping in mind the individual user and not the masses in common.
Reaching out to your customers in a personalized way, builds their trust in you and motivates them to become your permanent customer.
I hope by now you have understood the importance of multichannel marketing and how it can improve revenue, retention and conversion.
Just for a quick recap…
Your current or potential customer could be anywhere on the internet or otherwise. Therefore, you too need to be everywhere.
Marking your presence on multiple channels ensures that you are in touch with your customers not leaving any chance to reach out to them.
Ok, before you blame me for giving incomplete information, let me make it clear.
While dealing with multichannel marketing, you may come across, terms like, cross channel or omnichannel marketing.
Quickly let’s hover over them too.
Cross channel marketing:
Cross channel means that a customer can visit many channels to purchase the same product. For example, a customer can find a selected dress on the online platforms as well as the store outlet.
This is basically a way to smoothing the customer’s experience. To provide them whatever they want at any platform they are at.
Omnichannel is using more than one channel at the same time.
For example, you went to the store outlet to buy a product.
While being present at the store, you are browsing the Internet, to read reviews about the product you are buying, either of the same brand or a different one.
By doing this, you are indulging in omnichannel marketing. More or less omnichannel is same as multichannel the only difference being that the former involves more than one brand and platform.
Hope this article was informative. Try multichannel marketing for your business and experience the increase in revenue, retention and conversion in person.
Good Luck! Do not forget to share the results and experience of using multichannel marketing strategy.