Looking in the rearview mirror cannot predict the future, but it can help navigate the journey more smoothly and successfully.
Just a few years ago, I remember all the cool Marketers were Multichannel gurus. The more channels that carry the brand message, the better. The goal was to address consumers in as many different ways as possible while keeping your fingers crossed that each channel had the most recent message/logo updates with the hope of reaching those revenue growth goals.
We have traveled much further down that road, and now Omnichannel strategy is all the rage and, in my opinion, vital to any brand’s success and evolution.
Omnichannel shifts strategy from building brand equity to focusing on customer equity over a customer’s lifetime. When the customer becomes the center of a brand’s universe instead of products, charting a course for growth closely tracks the customer’s evolution.
While multichannel marketing involves multiple silos, with each carrying its message, Omnichannel is an actual ecosystem that follows the customer through each phase of the engagement and purchasing process.
Key Differences Between Multichannel and Omnichannel Marketing
| Aspect | Multichannel Marketing | Omnichannel Marketing |
|---|---|---|
| Focus | Presence on multiple platforms. | Seamless experience across all platforms. |
| Integration | Channels operate independently. | Channels are fully integrated. |
| Customer Perspective | Engagement on individual channels. | Consistent engagement across channels. |
| Strategy | Channel-centric. | Customer-centric. |
| End Goal | Maximize reach and response per channel. | Enhance overall customer experience and loyalty. |
Said another way: Multichannel is “omnipresent.” Omnichannel is “omnipotent.”
Top 5 trends for Omnichannel Marketing
- 90% of consumers with multiple devices switch between them every day, using an average of 3 devices to complete a task (Google Research)
- Customer retention rates are 90% higher for Omnichannel vs. single channel (Omnisend)
- 90% of customers expect consistent interactions across all channels (SDL)
- Omnichannel shoppers have a 30% higher lifetime value than those shopping only one channel (Think with Google)
- 77% of strong Omnichannel companies store data across channels (Aberdeen Group)
Omnichannel marketing extends the customer journey significantly and makes it stickier.
This new “omnipotent” customer journey begins earlier in the process with insights and data and does not end with a purchase. Instead, it attempts to connect with prospects and collects consumer behavior at each step of the first purchase journey.
The journey is now an experience focusing on customer metrics dovetailed with financial metrics to guide decisions and concentrate on building customer equity to support and promote growth.
What trends have you seen in your organization as you grow? Is your model transforming from focusing on revenue growth to building customer equity?
