Gone are the days of traditional marketing through mass communication channels. Now, we have much better means to reach out to and engage the targeted audience. Increased penetration of mobile internet, digitalization, and vast social media have opened many new opportunities for businesses to reach out to the prospective customers effortlessly. The advantages of these new marketing channels include their ability to provide customized targeting depending on the product profile. Digital marketing channels also provide for complete, real-time data about the conversion rate and help to streamline the marketing strategies, make informed decisions, and to align marketing spends accordingly.
What is multichannel marketing?
Multichannel marketing is the practice of reaching out to prospective customers using a variety of direct and indirect communication channels. Using channels like mail, website, storefront, mobile, social media, and digital catalogs to sell a product or service to the targeted audience is multichannel marketing in simple words. It enables you to interact with the customers on multiple devices and different channels to close the sale quickly. Multichannel marketing is fast emerging as the most reliable marketing strategy. Marketing budgets of the companies now reflect a wide variety of marketing options than before. It grew into so big now it’s inevitable for any business.
Importance of multichannel marketing
Nowadays, people are connected through many channels. Some electronically like mail and website, and few others are through social media. With the increased connectivity through different communication channels, customers now are easily reachable. The new communication channels take you close to customers and bring a large audience to your fingertips. Also, today customers have far more purchasing power and they actually do spend more, multi-channel marketing gives you opportunity to upsell and cross-sell by building valued customer relations.
Advantages of multichannel marketing
Multichannel marketing brings the entire world to your doorstep. It opens up the world for you to reach out, engage, and form valued relations to expand your customer base irrespective of borders. It also provides for targeted marketing. Also, today customers have far more purchasing power and they actually do spend more, multi-channel marketing gives you opportunity to upsell and cross-sell by building valued customer relations.
Marketing budgets are usually high because when using mass communication channels however targeting is not possible. Also, the ROI of these marketing is not easy to track but, multichannel marketing provides for targeting of the audience by location, rank, age group, or any other social indicator as desired. Targeted marketing would always lead to a high conversion rate. Also, marketing through digital channels is not only trackable but also gives a chance to create a user persona and make subsequent marketing operations easy and automated. Generic campaigns often cost more for sustained marketing efforts, whereas customized campaigns provide for a low customer acquisition cost. Multichannel marketing precisely does this to marketing efforts.
Another advantage of using many channels to interact with customers includes automation of complete sales processes, from providing the right information to the customer at the right time to converting the leads. In other words, leads can be generated and converted into customers without any intervention. Tracking the ROI, customer response, reasons for dropping in the middle, etc. can be monitored real-time and remedial measures can be taken to convert every lead. It also helps to create a brand identity and awareness in a short time at much lower budgets.