Article | December 11, 2020
The Coronavirus pandemic brought an old realization back to businesses – The devil is in the detail. As stores shut and opened tentatively, Amazon’s delivery cycles stretched and returned, and brands reconfigured production-supply chain combinations several times in a span of months, one thing was clear – staying strong and emerging through the current chaos would require close attention to details on a real-time basis:
Where is the demand moving?
What’s my inventory?
What are my operating costs and profit margins on one channel vs. another?
What are my buyers’ other options right now?
How do I optimize digital assortments?
What are the new and emerging customer needs?
And amid the chaos, another thing became apparent to brands – they needed a robust digital strategy to not just drive through this crisis but to thrive in the emerging world. Driven by lockdown restrictions and the desire for safety, more consumers have moved online.
According to research by Adobe Analytics, the total U.S. online sales reached $73.2 billion in June 2020, year over year up 76.2% (from $41.5 billion the previous year).
Consumer research by various teams at Course5 Intelligence has shown that the pandemic has created a large population of first-timers on eCommerce, with a massive increase in online spending by those who were already shopping online earlier. Most research respondents said that their shopping would continue to be omnichannel in the future, with an increased share of online.
And yet that’s only part of the reason why brands need an effective digital strategy. Even before consumers buy their products, they are looking online for information on what they want, availability, meeting the safety standards, and aligning with their preferences and needs. Google and Amazon have become the first point of research when users when to buy something, so digital lies at the very start of their purchase journey. And this is also where digital has distinctive strength over offline channels – the space and scope for a brand to define their brand, highlight distinguishing characteristics from competitor products, share user reviews to gain credibility, and deliver highly customized price-product offers, optimizing gain for buyers and the business.
However, many CPG companies do not have their direct-to-consumer platforms; many are still focused on partnering with a variety of e-marketplaces that exist globally or regionally.
How do you optimize your brand parameters for eCommerce platforms?
Even though many brands have set up their own D2C sites (for instance, PepsiCo’s snacks.com and pantryshop.com), there is no comparison in reach with major eCommerce platforms such as Amazon, Walmart, Flipkart, Shopify, Tesco, Target, Alibaba, Costco among others; your brand needs to be here. Each of these platforms has different engagement parameters for brands. While Amazon has 1P (1st party – Amazon is the wholesale buyer and markets and sells to consumers) and 3P (3rd party – Brand sells direct to consumer via Amazon) options, with Fulfilment by Amazon (FBA) and FBM (Fulfilment by Merchant) options within 3P, others have a variety of other arrangements brands must choose. Making more significant decisions such as choosing the platform/s you want your brand on, the right selling/fulfillment strategy and base pricing to fine-tuning the advertising, product messaging, price, optimizing the supply value chain and product assortment on a day-to-day or week-to-week basis requires a combination of real-time contextual insight and the digital capabilities to be responsive.
Course5 Intelligence has been helping CPG, Retail, and Technology brands use AI-driven insight mechanisms and digital capabilities to define their eCommerce strategy and improve revenues in three broad ways —
WIN THE DIGITAL SHELF BATTLE
Price — How do I optimize my pricing strategy based on various trends?
Product portfolio — How do I optimize my product portfolio and packaging initiatives?
Catalog — Which categories do I overplay?
Market Share — How do I drive sales and gain market share faster than my competitors?
Brand Hygiene — How do I optimize search, product discovery, and reach for all my SKUs?
OPTIMIZE MARKETING SPEND
Ad-spend Attribution — What marketplaces are delivering the maximum ‘clicks to revenue’?
Purchase Signals — Are my ads targeted on purchase signals or on guesstimates?
DEMYSTIFY DATA COMPLEXITIES
Enable Quick Decisions — Do I have visibility on all dimensions and objectives?
Expedite Data Semantics — How quickly can I glean insights from new data sources?
Solve the ‘Alt-Tab’ Environment — Does my analysis exist in an ‘alt-tab’ environment? Or within a single product?
These are just a few data points that drive action within an effective and profitable eCommerce strategy. CPG brands that would like to make lasting inroads to consumers’ online shopping habits will need to deliver compelling value to buyers continuously. To do this, they will need to expertly navigate a complex and dynamic set of parameters to shine through at every level of the buyer’s journey – from the first appearance on the buyer’s horizon to becoming their first and last choice, always ensuring that the numbers match across buying price to experienced value.
Optimizing your digital marketplace strategy for the end-to-end buyer journey in an amorphous market landscape is the only way to stay ahead of the competition, establish category leadership, and increase revenue on a sustained basis.
Article | August 11, 2020
My focus, however, is not on the things we should be investing time and money in, but more the people responsible for doing it. The people that already had strained practices when they were in the office. When they were in huddles dealing with the demands of trading but now (with the past few weeks of childcare, homeschooling, back-to-back online meetings and low social interactions), these people are asked to go again. As the demand for online has increased significantly, so has the demand for these people to work harder, longer and with these added dynamics around them. HR Supporting programs are not as hands on as they were in office based situations, lack of social interactions reduce the 'storming norming' effect and yet expectations are up; which all leads to lower production capability.
Article | July 26, 2021
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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"name": "Why is omnichannel marketing important?",
"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."
"name": "What tools are needed for effective omnichannel marketing?",
"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 | July 13, 2021
Do you find it challenging to choose the proper marketing channels that can help you boost sales? Find details about top trending marketing channels for your business in 2021.
Jay Baer once said, “Doyour marketing so useful people would pay you for it.” As a marketer, it is needed to have a sophisticated marketing approach, well-versed with research, planning, creativity, and a team of experts. You can only make your marketing efficacious and influential when you are aware of its trends. More than 95% of marketers believe that different trendingdigital marketing channels are much more powerful to drive high ROI.
Different kind of marketing channels can help you to accomplish your business goal. First, you need to find appropriate and quality-driven channels. Let’s look at some of the essential marketing channels that businesses are adapting to grow.
Blogs have become one of the prominent channels to attract an audience. Nearly 80% of companies utilize blogging as a part of their marketing strategy. It is relatively easy to convince your target audience through blogging as you approach them in a descriptive and informative manner. Customers love to read blogs as they find valuable information easily and quickly. It builds trust with your target audience. Blogging is an excellent medium for enhancing communication with your customers. Using FAQs, you provide solutions to the various questions that come into users’ minds. Consistent blogging with relevant information assists SEO to perform better, strengthen relationships with existing and new customers, and maximize brand identity.
Search Engine Optimization (SEO)
70% of marketers see SEO as more effective than other marketing channels.Properly implementing SEO is immensely useful to scale your business. SEO is a technology that transforms constantly. Companies need to comprehend those algorithms. Innumerable searches are made every year on Google. Executing SEOranks your website high in search engine results pages, and allows your contentto be easily visible and accessible. Keyword research is the essential component of SEO strategy thatbuilds brand credibility,increasesengagement, traffic, and conversion.
Social Media Marketing
The number of social media users was more than 3.6 billion in 2020, and the number will reach 4.41 billion in 2025. Therefore, it evidences that social media is a powerfulpromotional channel to reach your target audience. Customers use social media for entertainment, education, connecting with friends, buying essential services or products, etc.
Brands use the social media calendar to ensure a constant flow of content that supports brand voice and consumers consider it a reliable source of information. Facebook, Twitter, Instagram, Pinterest, YouTube are the most used channels. It includes text, images, video, and gifs to encourage audience engagement.
Influencer marketing is a powerful channel to convince people to buy your product or services.Brands convey their message with the relevant influencers to meet marketing goals to create leads and increase brand awareness. More than 71% of marketers say that the quality of traffic generated from influencer marketing is better than other ad formats.They are leveraging influencers to attract the audience to believe in your brand and convert them into a long-term customer.
Influencer marketing gives unprecedented growth to the businesses of different industries. It provides vast visibility and reach, maintains relationships with your customers, and enriches your content strategy.Moreover, 93% of marketers are already investing in influencer marketing which is one of the best marketing channels for small businesses.
According to 80% of professionals, email marketing drives customer acquisition and retention. In addition,91% of US adults like to receive promotional emails from companies they do business with. Thus, executing email marketing has the tremendous benefits that it delivers the highest ROI. But, this is not the only reasonto invest in it. The significance of email marketing is that it helps reach millions of people at once by saving your time which is also cost-effective.
Through email marketing, you can share targeted and highly personalized content with your audience that resonates with your customer.Brands believe that including relevant links to your site within the email content is the best way to get customers to visit your website.
Word of Mouth
Word of mouth marketing is the perfect way to maintain communication with the target audience and build a strong connection with them. In-word-of mouth marketing, your contented consumer endorses your product or services. Likewise, the unknown person gets attracted owing to the recommendation of their family or friends.
According to a study by Convince & Convert Consulting, 83% of Americans are more likely to purchase a product or service recommended by a friend or family member through word of mouth. Involving your customer to review your product or service, utilize hashtags to promote your campaign on social media are the best ways to make mouth marketing more influential and productive.
70%of marketers are actively investing in content marketing.78%of companies have a team of one to three content specialists. These statistics show how effective content marketing is. This marketing strategy includes creating unique and appropriate content that your consumer find valuable. It makes your SEO better, enhances your social media tactics, and gives uses’ an incredible experience. If you continuously deliver relevant and valuable information to your customers, they will automatically get attracted and become your long-term customer. It is a long-term strategy to reach definite outcomes in building your brand, generating more leads, increasing sales, etc.
According to the survey of Edison Research in 2020, Podcasts now reach over 100 million Americans every month. Podcasts allow the listeners to hear the emotions behind your wordsthat build a strong connection between your brand and listeners on a more personal level.Through sponsorships, ads, and paid interviews, you can generate income. It has low competition, interactive & attractive features, an authoritative presence, lower marketing expenses, and much more. These qualities make this marketing strategy unique from other marketing channels.If you execute podcast marketing appropriately, you will experience new potential customers and clients.
To summarize, these are the essential, valuable, and viablemarketing channels that fit your business objectives and increase the possibilities of your success.Prominent businesses find these channels worthy and pertinent to scale their business towards perpetual development, achievement, and ideal results.
Consistency, top-notch, quality, and comprehending buyer persona make your marketing strategy stand out. So, while implementing these marketing channels strategy,take care of these points mentioned above.
Frequently Asked Questions
What is a direct marketing channel?
The process of selling directly to the end buyer without any intermediary is called a direct marketing channel.
How do you choose the best marketing channels for business?
Doing research on different marketing channels, having clear pictures about your objectives, determining your campaign budget, and knowing about buyer persona can help you find the best marketing channel for your business.
"name": "What is a direct marketing channel?",
"text": "The process of selling directly to the end buyer without any intermediary is called a direct marketing channel."
"name": "How do you choose the best marketing channels for business?",
"text": "Doing research on different marketing channels, having clear pictures about your objectives, determining your campaign budget, and knowing about buyer persona can help you find the best marketing channel for your business."