4 reasons how Multi-channel Marketing can benefit your business ROI
In the previous article, we learned how email automation is not enough for organizations to succeed.
We further briefly touched upon the fundamentals of multi-channel marketing and its impact on business ROI.
In this article, we will get into the depths of the relevance of multi-channel marketing for a successful customer engagement strategy.
We all know emails are great. In fact, when used right, they are very rewarding.
We all are aware of how powerful emails can be the benefits it brings to businesses when done right.
Whether it’s a triggered workflow that helps nurture new leads, birthday greetings that add a personal touch, or automated blog updates that take the legwork out of staying in touch with your audience — email automation makes email marketing more efficient, personalized, and relevant.
For example, Email automation could be used to automatically send a reminder message to renew the insurance policy of their existing customers or a monthly notification to pay credit card bills.
Source: Constant Contact
Using automation for email campaigns is one of the most efficient methods of communicating with prospective customers and followers who have a genuine interest in following the updates of a business or brand.
With email automation tools, you don’t have to miss another opportunity to generate leads, sales, and revenue again. Furthermore, you can also gain valuable insight into the wants and needs of your target audience, while gaining a better understanding of your preferred demographics.
There are specific platforms that automate email marketing, allowing you to run drip campaigns and deliver cool reports.
But, is that enough?
Certainly not!
When you have a large customer base, a multitude of products and channels, and your customers use multiple touchpoints to interact with you, using just email automation will hamper your ability to generate leads.
But wait, what do you mean by customers use multiple touchpoints to interact with you?
People are increasingly engaged on numerous devices and media platforms on a daily basis such as websites, retail stores, mail order catalogs, direct mail, email, mobile, etc. Therefore, marketers are challenged to provide a seamless customer experience to keep up with them across these channels — also known as multi-channel marketing.
According to a recent report from Digital Doughnut, in partnership with Episerver, 95% of marketers admit that running a multi-channel digital marketing campaign is important to their business.
Here are some statistics that also speak of the advantages of using Multi-Channel Marketing:
· 40% of agency clients in the APAC region get more than a fourth of their e-commerce revenue from mobile, and almost 10% get the majority of their revenue from mobile. Multi-channel marketing has been critical in capturing that revenue. (Econsultancy, How important is multichannel marketing in APAC?)
· 40% of marketers chose paid search as the top driver of online sales, while 26% say display ads and 18% prefer social media. Multi-channel is the best of all worlds. (Direct Marketing, Multichannel Marketing: Top trends, analysis, news)
· 50% of multi-channel marketers say they “usually” or “always” hit their financial targets. (CMO by Adobe, Three Issues Hindering Progress In Multichannel Marketing)
Source: BRP
How Multi-Channel marketing helps you increase the ROI?
While one marketing channel might bring in the majority of your leads or customers, you still may want to diversify your strategy. A multichannel marketing strategy allows you to connect with more leads, as well as stay top of mind with your customers. By showcasing content and ads through a variety of platforms, you don’t have to worry as much about being overlooked.
Source: Shopify
As the graph above shows that there has been a 38% increase in revenue when the brand uses a single channel to market; whereas it can go up to a 190% increase in the revenue when they opt for +3 channels of marketing or multi-channel marketing.
Now that we understand the fundamentals of multi-channel marketing and have explored some insights on the advantages of the same, let us now take a deeper look at how it can help you increase the revenue on your marketing investments.
4 reasons how Multi-channel Marketing can benefit your business ROI
1. Increase consumer engagement and conversion rates
72% of consumers say they would rather connect with brands and businesses through multi-channel. (Source)
Multi-channel B2C campaigns see a 24% greater return on investment compared to single-channel campaigns. (Source)
2. Be ahead of your competition
Brands using display, mobile, social, and video marketing simultaneously achieve up to 500% improvement in ROI from their advertising efforts. (Source)
3. Increase your customer base, lower customer acquisition costs
According to CMO by Adobe, 52% of multi-channel marketers say they “usually” or “always” hit their financial targets. (Source)
4. Connect with consumers on all of their favorite channels
The average digital consumer owns 3.64 connected devices, so delivering ads to one channel only hits a small portion of an individual’s countless daily digital interactions. (Source)
It’s also important to note that more than 50% of all Internet usage takes place on mobile since people are always seeking the most convenient, on-the-go media.
Campaign Management is a highly powerful function that has the capability to directly influence the portfolio of your brand when done right.
Multichannel marketing is important for the simple reason that you must be where your customers are. And they are everywhere.
If you need another reason, consider this; Multichannel customers spend 3x to 4x more than single-channel customers do.
There’s no doubt that customers today have much more control over the buying process than marketers do. Thanks to the proliferation of available channels, customers have more choices than ever when it comes to how they want to get information.
Today there are more ways to reach customers — both in terms of number and variety of channels — than we could have imagined not so long ago. And as the number of channels continues to rise — and it will — then the need to embrace multichannel marketing will become not only a good idea but a critical one.
What did you think about this article? Share your views with us at marketingfolks@xerago.com
