Over the last few years, a considerable number of businesses have shifted from a single-channel advertising approach, where the focus is solely on highlighting the product or service, to a multi-channel approach that focuses on the needs and preferences of the consumer and engages in a two-way conversation with them. Although multi-channel marketing is more complex and campaigns require longer development time, the effort is worth it when you consider its ability to reach customers through their own desired medium, which makes the desired conversion much more likely.Consider the Numbers
According to a recent global survey conducted by Forrester research, 97% of marketing decision-makers said they had experienced increased revenue which they attributed to their multi-channel activities. Forty percent of these same respondents indicated that improvement was greater than 15% in specific areas such as ROI, customer satisfaction and loyalty, and a reduction in customer acquisition costs.
The Forrester study respondents also held a number of common observations about the value of a multi-channel approach:
- 86% believe successfully integrating multiple channels under a single integrated marketing strategy is critical to long term success
- 66% believe a multi-channel customer is worth much more than a single-channel customer
- Half of the respondents indicated a negative customer experience is affected by inconsistent treatment across channels
Let’s take a look at some of the specific benefits:
Better Tracking and Measurement
With a traditional, single-channel advertising strategy, there is very little scope or data for measuring a campaign’s performance. This kind of strategy is pretty much like throwing messaging against the wall and hoping it sticks. A multi-channel approach, on the other hand, is measurable because it uses intelligent data to answer questions related to how the campaign is being managed, the return on investment, and how you would allocate ad spend for future campaigns.
Less Costly in the Long Run
It seems counterintuitive that targeting multiple channels costs less than targeting just one, but this is easily recognized when you consider all the combined financial benefits of multi-channel marketing. For starters, integration of different marketing efforts into a single platform often helps lower training and support costs. Shared segmentation helps get the most out of marketing time, which leads to higher productivity. All this is to say you get more with the same amount of resources.
Leveraging multiple channels gives you access to customer data from all channels at the same time. Why is this significant? Because having access to this invaluable data helps you categorize your customer base and identify your target audience, which leads to higher conversion rates and higher revenue.
Faster Campaign Execution
In today’s competitive global marketplace, the most effective strategies are those that can be executed quickly and stay up-to-date with the latest trends. A multi-channel approach offers greater effectiveness and efficiency than a single-channel marketing strategy because it reduces creation and execution time. And, because it is more dynamic than a single-channel campaign, it offers real-time response and customer feedback.
A Consistent Consumer Experience
When executed strategically, an integrated multi-channel marketing approach ensures a consistent consumer experience amongst your target audience. This ability to maintain consistency across all channels and campaigns can boost the effectiveness of your strategy and improve your brand identity.
Puts the Choice in Consumer’s Hands
A multi-channel approach means you give customers and prospects the choice of how they will interact with your business. When consumers have the choice of which channel to receive your message, your chances of completing conversions dramatically increases.
More Touch Points
More touch points in your marketing funnel gives you the ability to collect more data and better understand which of your promotions are working for you and which are wasting your advertising budget.
Consumers are increasingly using more channels to interact with businesses. Once you understand how customers and prospects are interacting with your brand across multiple channels, you can optimize their touch points, deliver relevant messaging, and help ensure they stay with your brand while interacting through various channels. You can also measure how your campaigns are performing and make sure you’re spending your advertising dollars wisely.
- Planning an Integrated Advertising Campaign is like Planning a Picnic
- What Print and Digital Ads Have in Common
- Are Traditional Advertising Channels Still Worth Your Time and Money?
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