Read the full article on Forbes.com
by Jason Laky, Executive Vice President of Financial Services, TransUnion
Summary
- If executed correctly, omnichannel marketing enables even small and medium-sized companies to target appropriate customers effectively and distinguish themselves from competitors.
- A successful omnichannel strategy involves a shift in focus from the channel to the customer, requiring innovative use of data tracking, segmentation, and a feedback loop for ongoing improvement.
- Establishing a unified consumer identity across all channels is crucial for delivering individualized, consistent offers, thus enhancing customer engagement and loyalty.
From mailboxes to mobile screens, the way consumers interact with marketing has fundamentally shifted, a revolution reflected in the article Omnichannel Marketing Is Critical In A Digital World—Here’s How It’s About To Get Better. As consumers increasingly rely on multiple digital platforms to connect with brands, the spotlight is on the underutilized potential of omnichannel marketing. A staggering statistic from the piece indicates that nearly 75% of businesses have yet to invest successfully in omnichannel engagement strategies, highlighting the ample scope and urgency for innovation in this space.
The author, Jason Laky, writes, “Done right, an omnichannel approach can help even smaller niche companies target the right customers in the right way to stand out.” This encapsulates the tremendous potential of omnichannel marketing. With increased digital fluency among consumers and the rise of fintech startups, a minor inconvenience can cause customers to switch service providers. But when omnichannel marketing is employed correctly, it allows businesses to create highly personalized experiences and outshine the competition.
Moreover, omnichannel marketing is not just about customer retention—it’s about increased revenue. In a 2019 study, omnichannel marketers achieved an engagement rate of 18.96% when they used three or more channels, a stark contrast to the 5.4% engagement rate of single-channel marketers. Also, the purchase frequency rose by a whopping 250%, and the average order value increased by 13%.
Another critical aspect of omnichannel marketing is the emphasis on a holistic, customer-centric approach rather than the channel itself. It involves meticulously collecting and tracking data, fine-tuning marketing strategies for different customer segments, and creating a feedback loop for continuous improvement. Lastly, establishing a unified consumer identity across all channels is crucial, ensuring consistent and relevant messaging.
Your marketing approach needs to evolve to become more holistic, more connected, and more omnichannel in nature. Check out Omnichannel Marketing Is Critical In A Digital World—Here’s How It’s About To Get Better for all the essential details and insights.
““Done right, an omnichannel approach can help even smaller niche companies target the right customers in the right way to stand out.”
Jason Laky, Executive Vice President of Financial Services, TransUnion
Omnichannel Marketing Is Critical In A Digital World—Here’s How It’s About To Get Better: Laky, J. Forbes. (2022). https://www.forbes.com/sites/forbesfinancecouncil/2022/10/24/omnichannel-marketing-is-critical-in-a-digital-world-heres-how-its-about-to-get-better
