The Importance of Creating a Multichannel Marketing Strategy
When it comes to marketing your business, are you putting all of your eggs into just one basket?
If the chaos of 2020 has proven one thing, it’s that the marketplace can change quickly and without warning. With this, we’ve seen the immense risk that some organizations take when they put all of their marketing efforts into one channel. It’s evident that many companies continue to face challenges in adapting to the drastic changes of this year, and even organizations that have been in existence for almost 200 years have folded (we’ll miss you, Lord and Taylor!).
Diversifying your resources into a multichannel marketing strategy maximizes opportunities to recruit and retain clients, spread your brand awareness, and reach a broader audience.
What baskets should you be using for your marketing?
How much of your resources do you allocate to each basket?
What’s the best way to track results?
In this blog, we’ll look at the importance of having a strategy with multiple channels and how to prioritize where to start.
Where to Put Your Eggs
What baskets should you be utilizing for your marketing? To answer that question, you have to know your audience. Where are they spending their time? What mediums do they use? Social media platforms are often divided into users of certain ages, genders, and demographics, so you have to research the most effective spots (and explore platforms you may not have considered before!). Television is another channel that can be incredibly far-reaching, with the ability to target your advertisement to run during specific programs and designated market areas. Videos are also extremely popular with the millennial generation, with a recent statistic explaining that people pay attention to video content, whereas they skim or multitask while viewing written content. Seek your audience in the places where they want to be and are already active.
Recognition Through Consistency
Staying top of mind with customers can be achieved with brand recognition. People will remember when your ads are consistent and memorable, and when they see them in multiple places. Marketing isn’t the place to be a shy wallflower. You want to be visible on a variety of platforms, but in a way that’s identifiable. An example of this is the World Wildlife Fund. Who doesn’t recognize that adorable panda? Their logo is consistently on their mailings, literature, emails, and more. It may be subtly placed in a corner of an ad, but it’s always clear what the company is.
Gain A Competitive Advantage
Although 95% of marketers admit that running a multi-channel marketing campaign is important for their business, only 73% already have a working strategy in place. That gives you the chance to snag more of the market. Gaining a higher share of the market is like running a race, but not a sprint. You have to be in it for the long marathon! See how your competitors market well and where to improve yourself. They may be missing places where you know you can find a niche audience. Each step you take should be to place yourself in a unique position that sets your brand apart from the rest.
Increase Your Audience Engagement
By default, online and television channels are more frequent and interactive means of marketing. Think of how many times a day you may check Facebook, consult Pinterest, or watch a commercial. When an advertisement appears on those platforms, the user is already more engaged. Using unique ways to further their interest is another way to lure them in. Special offers, limited-time deals, compelling content, and striking visuals all work in your favor and will make a difference in your bottom line.
Increase Sales and Revenue
Convert your eggs into the Golden Goose. By using multichannel marketing, you’re making your brand more accessible and available. Through identifying the most valuable platforms for your audiences, you’re already set in a position where the users are true potential customers. Converting them into clients will be easier since they’re already your target market. They will also be higher spenders, showing a marked increase in your sales. In fact, 15-30% of multichannel customers spend more than single-channel customers. By finding these users on the channels they enjoy, you’re reaching people who will be bigger spenders and more engaged customers.
Who doesn’t love to save money? Multichannel marketing is extremely cost-effective. Since you’ll use similar or even the same ads on a variety of platforms (consistency!), you can save both time and money. Invest your resources wisely. By finding the right outlets for your advertisements, you maximize your marketing efforts and increase your return on investment faster.
Be Patient, But Proactive
We all wish that our marketing efforts would immediately yield results, more sales, and increased traffic (preferably within the hour). Going viral may not magically happen, so patience is important to give yourself adequate time to see the fruits of your labor. Track your results with analytics and monitor the responses. Google Analytics is the top SEO tool used by marketers, and it has search and monitoring capabilities that will clearly show the metrics that matter in your marketing campaigns. While you do want to allow enough time to develop your strategy on those selected channels, consider other options and ideas. If one of your channels is a flop, what do you anticipate replacing it with? Bad eggs will sadly happen, so a well-researched backup plan is important to ensure that you’re prepared to try something that could better reach your audience.
Finding the optimal spots where your audience is active is a fun and exciting goal. It will help you better understand your clients and users, and recognize what appeals to them. An effective multichannel marketing strategy will improve your returns on investment and increase your leads, all while providing valuable insight into your client base.