Nowadays, online consumers have more options than ever. They can interact with various businesses wherever they choose, and they can also gain as much information as they need before they make their decisions. Businesses that operate online are beginning to realise that they must be where their customers are. What’s more, single or even dual channel marketing is no longer sufficient to truly capture their customers’ interest. That’s why many businesses leverage multichannel marketing in order to expand their reach and gain as many customers as possible.
What exactly is multichannel marketing?
As its name suggests, multichannel marketing is focusing your marketing efforts on multiple channels to target each audience member willing to purchase your products or services. Audiences on various channels prefer different approach and behave according to the platform they use. By implementing multichannel marketing, businesses can reach out to their audience based on consumer preferences and effectively deliver their messages across various channels. Here are a few advantages of multichannel marketing.
Helps expand your reach
One of the primary goals of every modern business is to attract as many customers as they can. With single channel marketing, that goal would be very difficult to achieve. For instance, if you’re only communicating with the audience on Facebook, you’re missing out on an opportunity to reach out to your customers who prefer Twitter, Instagram or some other social media network. Moreover, if you only own a brick-and-mortar store, the only opportunity your customers have to procure your products is to visit the store in person.
This approach significantly limits your possibilities. Today, there is an abundance of touch-points marketers can use to reach out to their audience and it would be a shame not to capitalize on that potential. Multichannel marketing allows you to deliver your messages to audiences across various channels in the way they prefer it. Also, it allows your customers to make a purchase how, where, and when they want it.
Increases sales and revenue
Multichannel marketing can help businesses reach financial success much faster. The main reason is that customers acquired via multichannel efforts spend four times more than customers acquired via single channel campaigns. Not only that, but multichannel campaigns can also generate 24% more ROI than single-channel marketing. Businesses that implement this digital marketing strategy are supporting the customers’ choices and are better at driving engagement from their audience.
As a matter of fact, 72% of online consumers prefer to connect with businesses across various channels. Through multichannel marketing, businesses have an opportunity to connect with their customers on various stages of the buyer’s journey. That way, they can identify the right moment to engage and help convince customers to make a purchasing decision. What’s more, by making themselves more available on various marketing channels, businesses have more opportunities to increase their sales.
Drives more engagement from audience
Multichannel marketing allows you to build your presence across various channels and connect with your audience wherever they might be. The fact of the matter is that online consumers today are more tech-savvy and they prefer to explore both different channels and various new devices. Businesses that plan on implementing multichannel marketing need to have a clear insight about their customers and their behaviour across multiple platforms. That way, you’ll be able to design content for different purposes and tailor your messages so that they yield the best results.
However, your customers’ behaviour, preferences and needs will vary based on the platform they inhabit. Therefore, you need to adjust your approach and way of communication to meet their specific expectations. For instance, you can use free business photos to enrich your visual content and drive the most engagement from your audience. But you can’t have the same approach on all platforms. Instead, you must adjust your content to suit the needs of customers on different platforms.
Improves marketing potential
With multichannel marketing, you’re not bound to a specific marketing channel or time, meaning that you won’t be marketing only via TV ads at 2pm when your audience is watching. What’s more, you’re not limited to a single market either. For example, you can have a retail store and an e-commerce store, which gives your audience an opportunity to make purchases both online and offline. Also, you can sell your products through different retailers, while still having your own store. This expands your marketing potential and gives your customers multiple choices to engage with your brand whichever way they choose.
Moreover, you’re available to your customers on different devices, such as desktop, laptop, mobile, as well as on different channels, such as social, retail, email, and so on. More importantly, customers from almost anywhere in the world can reach you at any given time. This allows you to build cost-effective strategies that will both drive engagement and sales. In addition, you’ll be able to expand your customer base and lower the costs of customer acquisitions.
Gains competitive advantage
It’s no secret that online market is highly competitive and overcrowded. With so many options at their disposal, customers can easily choose your competitors if you don’t get to them first. Multichannel marketing allows you seize the opportunities as soon as they present themselves.
That can help you gain competitive advantage, especially if your competitors lack presence on a specific channel. Furthermore, you can monitor your competitor’s activity and efforts in order to gain valuable insight into their operations. That way, you can improve your own efforts and capture your audiences’ interest before anyone else does.
Multichannel marketing is a highly effective strategy. It helps businesses build their presence on various channels, devices, and platforms. Not only that, but it helps businesses support their customers’ decisions, as well as help them interact and connect with audiences on whichever channel they prefer.
About the Author
Lauren Wiseman is marketing specialist, contributor to bizzmarkblog.com and entrepreneur, currently based in Melbourne. She helps clients grow their personal and professional brands in fast-changing and demanding market environment, strongly believing in holistic approach to business.