Four ways Omnichannel impacts growth
There are two primary benefits to adopting a more customer-centric model. First, a seamless experience for both buyers and brands. Second, increased revenue impact for your bottom-line. Let’s look at the value of a seamless experience for both buyers and brands, as well as how revenue growth faster and more efficiently.
1. An enhanced buyer experience
For buyers, the value of Omnichannel comes in the form of interacting with brands in the most convenient manner possible. As Forrester puts it, in this day and age, “empowered customers shape your marketing strategy.”
Buyers are already engaging with brands and marketers need to build their strategy based on it. By being available across all channels with consistent messaging, brands are operating on the buyer’s terms – ensuring positive interactions. For buyers, being able to call the shots on engagement results in better customer journeys and more satisfying experiences overall.
2. An enlightened brand perspective
For brands, awareness into key buying behaviors and insights-driven marketing are major contributors to success. By being aware of all prior customer interactions and combining that with superior customer data & insights, brands can focus on efforts that have the highest returns.
The positive experience coupled with more active buying behavior leads to lower acquisition costs and more incremental revenue (more on that later).
3. Accelerated lead velocity
Omnichannel allows marketing and sales to surround the right buyers with the right message wherever they are. A more expanded channel strategy increases the awareness, engagement and likelihood of conversion than a single-threaded approach. While overall spend and planning time may increase, the heightened exposure across channels results in faster conversions – offsetting time spent coordinating campaign touchpoints. Advanced stages of Omnichannel also allow organizations to prioritize the right channels based on a prospects preferences and buyer stage, which accelerates the buying process.
“By implementing a multi-channel* strategy, PR Newswire shortened it’s sales cycle by 30%. ” (MarketingSherpa)
4. Increased campaign ROI
Marketers also have better visibility across all their customers when using an Omnichannel approach. The added visibility enables marketers to identify the efforts that are most likely to convert customers. Focusing on high-yield efforts means marketing dollars aren’t wasted on the wrong campaigns and instead result in higher conversions and better engagement i.e. more ROI on spend.
“Multi-channel marketing campaigns* generated greater sales pipeline in one month than the prior three months of combined sales – 300% growth over single channel marketing results” (Apexx Group)
With Omnichannel Marketing, you can leverage multiple channels to provide a consistent message and target your buyers where they spend the most time. Even adding two channels can increase lead velocity and ROI throughout the marketing campaign lifecycle. The added touchpoints allow buyers to progress through their journey faster and also results in higher engagement rates across the funnel. With this Omnichannel approach, you can reduce deal cycles, improve performance across all marketing efforts, and increase total revenue.
Here is an example:
Imagine you have an audience of 10,000 prospects in a specific vertical that you’re planning to target in the upcoming quarter. Using in benchmarks, the model on the next page shows how a single channel approach compares to a multichannel and omnichannel approach. You’ll see that ROI jumps by 37.4%, total revenue by 57.5%, and you will reduce the sales cycle by 27 days. We do acknowledge that building an omnichannel campaign does require more investment–both budget and planning time–however the payoff is worth while.
Do you want to see the a funnel ROI analysis? Download the Omnichannel Ebook.
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The difference between Multichannel and Omnichannel
A common misconception that most marketers have is that Omnichannel Marketing is the same as Multichannel. This isn’t the case. Single or (disparate) multi-touch marketing tactics aren’t designed to support the modern customer:
- They fragment customer relationships by divvying up interactions across functional areas & teams
- They can’t coordinate interactions to deliver consistent messages across the entire customer journey
- They focus on product and brand capabilities, rather than customer needs
- They silo each channel by focusing on individual channel measurement rather than overall experience
- They don’t support the new-age buying mentality of self-learning prior to purchase
- They struggle to track or measure engagement across marketing efforts
While Omnichannel Marketing does have some similarities to a multichannel approach, the two differ quite a bit. Put simply, Omnichannel is a high-level strategy focused on building a seamless and consistent brand experience regardless of how customers interact with your company.
Multichannel Marketing on the other hand is more tactics-oriented, with a focus on leveraging multiple channels in a specific campaign. While all channels can be focused on the same message, at best multichannel functions at a campaign-level and not across the entire brand experience.
“Omni-channel is a high level strategy to ensure an organization’s brand is accessible across any and all channels, providing a seamless experience for all customers and prospects no matter the channel
Multichannel is a tactic that defines the channels used within a campaign. Not all campaigns can or should be ‘omni-channel,’ but all campaigns should use both inbound and outbound components to optimize campaign success. Demand generation marketing should include at least 2-4 channels per campaign.”
Majda, Anwar, Pedowtiz Group, Omni-channel vs. Multi-channel explained – Demand Generation Marketing
Common challenges with implementing Omnichannel
Why didn’t the ‘customer-obsessed’ transition didn’t happen sooner?
The transition for most brands to a Omnichannel model means connecting all channels in a way that would benefit buyers. But most channels used in marketing have been around for quite some time and buyers have expected better experiences for even longer.
So why is the shift to customer-centric models just now catching on? There are two reasons:
1. Lack of adequate customer data
Bad data hinders revenue success, and it’s possibly the most expensive problem companies face. In fact, a recent Gartner survey1 highlighted that respondents were losing an estimated $8.8 million annually because of issues with data quality.
Simply put, marketers don’t have access to clean, actionable customer data in their systems of record. The result – bad decisions made on bad data. And advanced solutions like artificial intelligence` and Omnichannel will never reach their potential unless there is a better solution for bad data.
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2. Lack of integrations connecting tech stack
The second reason is the lack of integrations allowing marketers to connect the platforms in their tech stack. A recent survey by Econsultancy and Adobe found that a majority (51% of 2,000 surveyed) cited non-integrated tech platforms as their biggest obstacle to integrated Omnichannel activities.
But there is also an important fact that many B2B buyers forget when evaluating software solutions:
Not all integrations are created equal.
Be sure to consider setup, use cases, and processes when evaluating whether a software product’s integrations will help it fit into your marketing operation.
The combination of bad data and a lack of integrations continues to plague B2B marketers looking to adopt Omnichannel. Later we’ll highlight how marketers can overcome these challenges. Here is what other leading studies have found when exploring the roadblocks to omnichannel.
“Only 14% of organizations say they are currently running coordinated marketing campaigns across all channels.” (Three Issues Hindering Progress In Multichannel Marketing, CMO by Adobe)
“More than half of organizations say that ‘non-integrated tech platforms’ are the single biggest barrier to running more integrated marketing activities.” (Three Issues Hindering Progress In Multichannel Marketing, CMO by Adobe)
“Many medium-sized companies don’t yet have the technical sophistication to maximize the email channel.” – The Reality of Multichannel Marketing, Econsultancy
“After just 3 months, 7.6% of contacts in the average CRM become unreachable.” The Network of Record Assessment, 2016, Radius
“51% of marketers can’t react to new channels, devices, trends or competitors using their current tech.” – Multichannel Digital Marketing Report 2015, Episerver