Article | April 10, 2020
Artificial intelligence (AI) is currently one of the fastest evolving technologies in the world. In 2016, the AI market was valued at $4.06 billion. By 2025, this sector will have a market capitalization value of $164.41 billion, signaling a 55.6% rise in compound annual growth rates. Today AI is everywhere you turn. You will find it in the auto, healthcare, finance, manufacturing, education, legal, retail, and marketing industries. The technology now runs self-driving vehicles, crucial medical equipment, and various programs and platforms online. Businesses such as Facebook, Amazon, Apple, Google, Microsoft, and IBM are heavily invested in AI development. These platforms are also continuously making this technology more accessible to users. You can, for instance, access Google’s AI via its RankBrain search engine algorithm. This AI interprets search queries to provide Google’s users with the most relevant results.
Article | April 10, 2020
The addition of artificial intelligence (AI) to the traditional marketing ecosystem can help businesses leverage real-time customer interactions to automate routine tasks and personalize responses to convert more leads. Many tools in the marketing tech stack including marketing automation, customer relationship management systems and content management platforms incorporate AI to some degree already, and it is becoming more pervasive. AI is already being applied by many B2B marketers with substantial success. According to the most recent Gartner Marketing Technology Survey, marketing leaders rated AI as their first choice of emerging technologies that will have the greatest positive impact on marketing over the next five years. The growing use of automated chatbots, text and other tailored marketing messages all require a strong AI foundation to provide a more human-like interaction, the report noted.
Article | April 10, 2020
Companies with robust omnichannel customer engagement see a 9.5% year-over-year increase in annual revenue and see a 7.5% year-over-year decrease in cost per contact. Consumers are extremely comfortable and contented with omnichannel shopping. More than 89% of customers are engaged with omnichannel and the number has been increasing gradually. As a result, omnichannel marketing has become one of the vital components of advertising.
Maintaining quality at reasonable prices is no longer the only aspect of a customer’s purchasing decision. Brands need to be present on all the platforms where there is a target audience.To put the consumer on priority in your strategy, you must foster optimistic, persistent, and unified experiences at every touch point along the customer’s journey.
Let’s examine every aspect of omnichannel marketing to understand its significance in your business and utilize it to create an exceptional experience for your consumer and maximize your ROI.
What is Omnichannel Marketing?
Omnichannel marketing is a holistic approach towards the target audience by creating a brand’s presence across multiple online and offline channels. One of the most important aspects of omnichannel is that each channel is interconnected to deliver a seamless experience and connected purchase journey. Its objective is to produce superior, first-class connections that drive your customers to take action. It’s about meeting your clientele, no matter where they are or where they go, with a consistent brand identity, message, and all-around experience.
A survey conducted by Harvard Business took 14 months to analyze consumers’ shopping behavior wherein they interviewed approximately 46,000 purchasers. They found 7% of the customers were only online shoppers and 20% of them were store-only shoppers. 73% of them used multiple channels throughout their shopping journey.
The survey found that the more channels the consumers utilize, the more valuable they proved to the retailers. For instance, the study revealed that the consumers who use more than four channels spent 9% more in the store than those who used a single channel. Due to this, the retailers had to reconsider their customer journeys and discover new ways to acquire, engage, and retain customers through positive experiences across multiple touch points.
With new marketing channels emerging, omnichannel has become the need of the hour for marketers and shift their focus from traditional marketing to omnichannel marketing strategies.
Omnichannel vs. Multichannel and Cross-channel- Differences
Marketers utilize these marketing channels interchangeably. After all, they seem to mean the same thing - using multiple channels to acquire, engage and retain your customers. But, there is a slight difference among all of them. So, let’s understand the differences.
Omnichannel marketing is a tactical approach to create your brand’s presence across various online and offline channels. These communication channels are connected, consistent, and interactive, which makes the customer journey easier on all devices.
In omnichannel marketing, the messages are consumer-centric that are created to convey personalized and one-on-one communication. And this unique quality attracts the customers to buy products or services. Omnichannel marketing has superseded multichannel and cross-channel in the last few years.
Multichannel marketing is an amalgamation of multichannel online and offline to get in touch with customers and put products and services at the right place and at the right time. However, these channels aren’t connected — they function in isolation and there is no exchange between them. The goal of multichannel marketing is to grow the reach and connect with the audience wherever possible. It is company-centric which delivers different messages on different channels.
Cross-channel marketing refers to customer-focused digital marketing techniques used by marketers globally to provide their customers with a consistent experience when interacting with their brand across multiple digital channels. Cross-channel marketing is sometimes customer-centric or company-centric depending on the requirements.
Marketers using three or more channels in any one campaign earned a 287% higher purchase rate than those using a single-channel campaign.
Customer retention rates are 90% higher for omnichannel vs. single channel.
98% of Americans switch between devices on the same day.
Omnichannel shoppers have a 30% higher lifetime value than those who shop using only one channel.
Omnichannel strategies drive an 80% higher rate of incremental store visits.
Businesses that adopt omnichannel strategies see 91% higher year-over-year customer retention rates compared to businesses that don’t.
Some 73% of consumers shop on more than one channel.
Almost 90% of retail leaders agree that a seamless omnichannel strategy is critical to business success.
70% of internet users buy clothing and footwear online, making clothing and footwear the most purchased item online.
By 2023, the global omnichannel retail commerce market is projected to grow to US$11.01 billion.
Companies with strong omnichannel customer engagement will see a 9.5% rise in annual revenue.
60% of millennials expect brands to provide consistent experiences across multiple channels.
Creating a cohesive customer journey across different channels is important to 86% of senior-level marketers.
Omnichannel campaigns produce a 250% higher rate of purchase frequency than do single-channel campaigns.
80% of consumers say they are more likely to do business with a company if it offers personalized experiences.
Challenges While Implementing Omnichannel Marketing Strategy
Lack of Effective Content Strategy
Content is the valuable, essential, and utmost important factor for omnichannel. A well-analyzed and creative content strategy can ensure your campaign success. Your target audience uses various channels such as social media, mobile apps, websites, etc., to interact with your brand. Therefore, you have to be extra careful while delivering messages. The quality content consists of top-notch quality, relevant information, sophisticated language, and avoid an embarrassing mistake in grammar.
Improper Utilization of User Data
When users interact with a brand, they leave data such as contact numbers, email ids, addresses, etc. However, brands don’t store or utilize it properly. According to Neustar, 60% of this data is outdated within two years. 37% of the people in the US alone change their contact details within a year, making your data obsolete. Brands need to contain the information in a unified system that they received from users to be utilized by the sales and marketing teams to deliver relevant offers to users.
A survey conducted by Yes Lifecycle Marketing says that two-thirds of marketing administrative at large companies found it challenging to coordinate campaigns across various channels. The study blames silos and organizational structure as one of the primary reasons for failure in implementation. If you want to make your omnichannel marketing strategy efficacious and profitable, you need to understand your customers’ requirements and plan accordingly. Placing your customer at the center of your strategy, leverage technology, putting relevant information, understanding buyer’s journey, providing vouchers, offers,a flaw-less content and systematic approach make your omnichannel marketing strategy result-driven.
Lack of KPIs Measurement
Four stages of a buyer’s journey- awareness, engagement, conversion, and delight are much more valuable and play acrucial role in marketers’ lives. Marketers have to ensure that the entire journey delivers a constant experience to the buyer. While marketers measure the campaign’s overall effectiveness, they fail to measure the KPIs at every stage of the buyer’s journey. This averts the marketer from deriving meaningful insights about each stage of the journey posing a challenge in improving the experience for the customer. Marketers need to evaluate the campaign at every stage instead of evaluating the results for the entire campaign.
Create an Incredible Omnichannel Marketing Strategy
You can make your omnichannel marketing strategy unparalleled, persuasive, and goal-oriented by just following these substantial steps.
Know Your Customer Better
Before executing your marketing plan, you must be aware of your target audience. Who they are? What are theirs need, their age, demographics, etc? Only then will you be able to design relevant campaigns for your customers. It doesn’t matter if you reach your target audience online or offline — it’s vital to express the unique value proposition (UVP) you provide. In addition, your UVP must be tied to a solution to their problem.
Do you want your target audience to visit your website and experience your product or service? If so, you must create an omnichannel experience that shows your expertise in your field. You need to maintain the quality of the content you are delivering your audience whether it is video, gifs, or other content forms. It should be pertinent, valuable, and easily understandable.
Evaluate Each Channel
In omnichannel, it is essential to analyze each channel’s performance. It helps to understand your marketing approach in a better way. You need to find how many channels are performing well and eliminate the channel that does not respond to your business objectives.
Put the Customer at the Centre
Undoubtedly, your objective is to sell your product or service, but your customer should be your utmost priority. You need to discover a way where you can enhance the engagement of your customers with your brand. Creating interesting puzzles, asking advisory questions, sharing fun facts, etc., shows that you are involving your target audience and giving them a value that helps build your brand.
Woo the Audience with Offers
Most marketers introduce vouchers or some interesting offers to woo the customers. For instance, you can create a campaign where you can ask some interesting questions and provide a reward. This tactic initially helps your brand to gain a maximum audience. Once you have most visitors to your website or other channels, it becomes easy to hold on to audiences.
Significant Omnichannel Trends in 2021
There are many significant channels that can help you to scale your business. Here is the list of some prominent channels.
Social Media (Facebook, Instagram, Twitter, Youtube, etc.)
Some marketers might question whether omnichannel marketing is worth it or not. Well, thorough researched data, relevant and valuable information, important marketing channels, and knowing your customers’ requirements are the key factors that make your omnichannel marketing strategy influential. It helps in every aspect. Appropriately implemented omnichannel marketing boosts your sales and conversions, builds robust connections with your customers, and enhances your brand affinity. This omnichannel marketing guide will help you to find concise and comprehensive information.
Frequently Asked Questions
What is omnichannel marketing?
Omnichannel marketing is a holistic approach towards the target audience by creating brand presence across multiple online and offline channels.
Why is omnichannel marketing important?
Omnichannel marketing superseded other marketing strategies to boost sales and conversion, build strong connections with customers, and provide high ROI. Read the above omnichannel marketing guide to understand its importance.
What tools are needed for effective omnichannel marketing?
Artificial intelligence, augmented reality, social media integration, e-commerce website, secures payment gateways are valuable tools to make omnichannel more effective and result-driven.
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"text": "Omnichannel marketing superseded other marketing strategies to boost sales and conversion, build strong connections with customers, and provide high ROI. Read the above omnichannel marketing guide to understand its importance."
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"text": "Artificial intelligence, augmented reality, social media integration, e-commerce website, secures payment gateways are valuable tools to make omnichannel more effective and result-driven."
Article | April 10, 2020
The effects of this year have seen the influencer marketing industry ramp up, and by a significant amount, too.
Our Instagram feeds are filled with more ADs than before and the battle is on for brands to secure long-lasting, authentic collaborations with their favourite influencers. But how can brands transition influencers into ambassadors for 2021?
Amelia Neate, Senior Manager at agency Influencer Matchmaker, explains how brands should be looking to consider ambassadors as part of their influencer marketing strategy for the new year.
The rise of influencer marketing
Fast approaching a market size of $10 billion, the influencer marketing industry has seen an estimated growth of at least 50% each year since 2016. And over the last year alone, the industry has increased by approximately $3 billion.
The coronavirus pandemic has simply sped up changes that were already underway and has allowed creators and agencies within the industry to understand the need to adapt to consumer needs.
And if this year has taught us anything, it’s that trust, and authenticity are pivotal. So, with that being said, we believe that brands should be looking to transition influencers into ambassadors in order to promote collaborative, long-term partnerships.
One-off campaigns vs long-term partnerships
This is not a case of one being better than the other. They both offer incredible benefits to brands, however here at Influencer Matchmaker, we wanted to inform brands how they can turn the influencers they work with into ambassadors and long-term partners.
Influencers are a great way for brands to reach a brand-new audience, providing them with the ability to target potential consumers.
With large and loyal followings, influencers are able to promote a brand, along with their products and services, creating rather impactful results, however many influencer relationships are short-term.
And whilst this is incredibly effective, some brands may prefer to work with influencers as part of an ambassadorship and work on a number of campaigns with them over a longer period of time.
Influencers, as part of both short-term and long-term campaigns, will create and share content about the brand and its products.
However, brand ambassadors will actively and regularly use the products and will share the same values as both the brand and their target audience. This, in turn, creates an authentic and honest relationship between the ambassador and their following.
Consider an ambassador a cheerleader for your brand. They become a representative and maintain an ongoing relationship, earning the trust and loyalty of their followers.
Often, when brands form a partnership with an ambassador, they can post a variety of content, as opposed to one-off posts or stand-alone images. They are able to get involved in press events, offer discount codes and so much more.
Long-term collaborations and ambassadorships usually take part over the course of three months or longer.
How to transition an influencer into an ambassador
Brands should look for influencers who are already fans of their brand and products, and actively uses them.
This may seem odd - why pay somebody to promote your brand when they already talk about it to their audience?
If an influencer already uses your product or has previously discussed your brand, then they already have an audience that is interested and engaged, meaning they are likely to receive any long-term campaigns and collaborations extremely well.
This also increases the level of trust between the brand, the influencer and the target audience. The audience will recognise the authenticity of the collaboration, resulting in a greater return on investment (ROI) for the brand.
As well as this, more recently, brands have been collaborating with ambassadors in a different way and one that is proving to be extremely effective.
Ambassadors have been creating their very own collections with brands, as well as selecting their own edits. This has allowed brands to collaborate with ambassadors in a much more personal manner, creating an even deeper connection with their audience and potential consumers.
Popular influencers have been collaborating with well-known retailors to do exactly that. Victoria Magrath, founder of InTheFrow, recently teamed up with luxury jewellery brand Edge of Ember to create her very own collection. And fellow luxury fashion influencer Lydia Millen has also partnered with Karen Millen.
Similarly, Emma Willis and Marvin Humes have formed a long-term partnership with well-known high-street brand, Next. They both create seasonal fashion edits and collections, which are incredibly well-received by their audiences.
In The Style is an online retailer which is recognised for its long-term collaborations with a number of successful social media influencers. Getting the likes of Jacqueline Jossa, Olivia Bowen and Billie Shepherd on board to create their very own clothing ranges has made the brand one of the most successful online fashion stores.
Transitioning an influencer into an ambassador is a sure-fire way to create successful campaigns. And now more than ever, consumers are seeking creative and authentic partnerships, and what better way to do that than with a brand ambassador?