The most important person in 21st-century business is the customer. Companies recognize that putting the customer at the center of their thinking delivers better engagement, higher retention, and greater customer lifetime value, resulting in improved sales and better ROI. The number of channels and touchpoints like Email, Social Messengers, Digital App, Websites, etc., is ever-increasing that enterprise marketers can leverage to reach the customers.
But leveraging the full potential of multi-channel touchpoints can be challenging. Brands must meet their customer in the channels the customers choose. The need for an Omnichannel Marketing Strategy has become existential for enterprise marketers to engage with their customers seamlessly across touchpoints. Twenty-first-century marketing is omnichannel, with companies being required out of necessity to be hyper-personalized in real-time. So what are those 5 things that you can do to create a successful marketing strategy? Let’s find out.
1. Building a Strong Omnichannel Strategy
- 43% of the automobile companies advanced their conversion rates over 2x just by attaining omnichannel marketing maturity.
- Only 6% of Financial services can deliver fully integrated real-time Omnichannel experiences.
- 50% in the Energy Manufacturing sector have started to work on integrated experience for their customers.
- Retailers with strong omnichannel customer engagement see a 9.5% rise in annual revenue.
- Tech Companies that adopt omnichannel engagement have achieved 89% customer retention.
Today’s marketing landscape is an omnichannel one. Businesses and clients interact across a myriad of touchpoints, whether they are buying a product for the first time, seeking to resolve a problem, or renewing a service. Having strong omnichannel capabilities enables the customers or clients to easily navigate between the website, social media, and physical store, providing the experience of keeping them hooked to your product or service.
Strong omnichannel customer engagement sees a 9.5% rise in annual revenue for the retail industry.
2. Refocusing the conversation around Data Privacy
- 82% of automotive experts assert that GDPR legislation has made the refocus on customer data and conversion.
- 80% of finance experts who re-focused on data privacy gained their customers’ trust effortlessly.
- 2/3 of energy providers said that data privacy is reshaping the conversation around internal customer data.
- More than 50% of the tech experts make better use of first-party data with increased transparency for more relevant communications, helping brands to build trust among prospects and customers.
The best marketing technology in the world is useless without the data to fuel it, but changing attitudes to privacy among consumers and regulators have created new challenges for marketers. But the right marketing platform built on robust technology can help organizations maintain better data practices and reduce the risk of a data breach.
77% of the Enterprises report that data privacy legislation has resulted in a refocus on customer data and better conversion.
3. Tearing down the walls between the CMO and the CTO collaboration
- Only 6% of marketers in the automotive industry say they can obtain complete views of their customers from available data sources.
- In more than three-quarters of banking and financial services CMO and CTO work closely to enhance the organization’s martech capabilities.
- 27% of the energy providers structure their departments rigidly around business functions, leading to data integration and tracking issues.
- 68% of retailers state their CTO and CMO have a close working relationship, leveraging digital capabilities and promoting growth in the organization.
- 78% of the technical professionals agree the recipe for an effective marketing strategy consists of a relentless focus on the customer experience, married with extensive knowledge of tools and technology frameworks.
Organizations need to ensure that customers remain loyal to their brands, and this is where marketers come into the picture. However, since technology has a major impact on buyers’ journey, customer experience, and customer loyalty, marketing can no longer operate in isolation. Therefore, CMO and CTO must work together to effectively use MarTech and prepare their organizations for tomorrow’s challenges.
The relationship between the CMO and CTO is pivotal for the kind of successful technology and channel integration required to underpin the best possible omnichannel customer experiences.
4. Adopting Personalization for boosting retentions
- 41% of customers in Banking and Insurance say they would churn from a company for poor communication.
- The best B2B companies in energy focus on data to drive personalization at scale, whether through online or offline interactions.
- A focus on customer experience will enable retailers to reap sustained customer loyalty even after the pandemic.
- 75% of retailers affirm their marketing technology provides personalization capabilities.
Today, customers value experience and personalization more than price or any previous association with the brand. A highly customized and personalized message can work wonders as it shows the customer that they are not some random number to your brand but someone your organization values.
Customer experience is the key that can set you apart from the competition. They value experience and personalization more than price or any previous association with the brand.
5. Single vendor approach or a range of vendors?
- 53% Of the Automotive Industry uses an Integrated Platform Centered Around A Single Vendor.
- Almost 3/4 of companies in BFSI (71%) report their company has a unified marketing stack, including 32% who use a single vendor.
- 54% of the manufacturing companies have a unified martech stack that uses a range of vendors.
- A best-of-breed approach ensures retailers only use the tools that are most relevant to them.
- 59% of technology leaders stated a preference to taking an integrated-suite approach to select technologies.
Martech decision-makers have broadly faced a choice between partnering closely with a single vendor or integrating solutions from disparate sources (or a compromise position with a core partner and some add-on tools). Most companies with a ‘unified’ technology stack employ a ‘range of vendors.’ However, top performers lean towards a single vendor approach.
Leaders with the best marketing performance are x3 more likely than their mainstream peers to have a unified martech stack centred around a single vendor (53% vs. 17%).
Strategy is the foundation and starting point for brands to execute real-time personalization and facilitate cross-channel journeys. All team and business functions must have access to a vast volume of data through a centralized repository to deliver effective omnichannel strategies. The real challenge for marketers is understanding how information flows between different tools and technologies to utilize data effectively.
To gather more such insights, get the industry-specific reports below.
- Omnichannel Challenges & Opportunities in BFSI
- Omnichannel Challenges & Opportunities in Automotive
- Omnichannel Challenges & Opportunities in Retail & E-commerce
- Omnichannel Challenges & Opportunities in Technology & Professional Services
- Omnichannel Challenges & Opportunities in Energy, Manufacturing & Engineering