Marketing(n) – the activity of showing and advertising a company’s products in the best possible way.
Traditional marketing is undoubtedly helpful these days. But is it the only way that can help us succeed? Well, the evolution of marketing has been on the top hill for a few years now. Adopting new techniques and processes is must to keep up with the more current market standards and achieve marketing goals. Today, we will discuss channel marketing. What is it exactly?
Channel Marketing – What is it?
A practice of working with a third party to market your products is known as Channel Marketing. This type of marketing works great for both small and large-sized businesses across multiple industries. In addition, Channel Marketing has been proved to be more effective than specific traditional growth models used by organizations for marketing.
Let me explain it with an example – A company that manufactures mobile phones will surely sell them directly via its own online store, etc. But the company also relies on certain dealerships and resellers for the marketing and selling of the products. Such deals with resellers and dealers are known as Channel Marketing, and these can be called channel partners.
Nowadays, people are highly engaged with numerous devices and various media platforms on a regular basis. To enhance brand awareness on multiple channels is the biggest challenge for marketers. In order to keep up with the audience on various channels, marketers come up with multichannel campaigns that can be called multichannel marketing. With the technology evolved so well, it is more important than ever for marketers to understand the consumers and how they interact with your store on various platforms. This can help to effectively reach the target audience with relevant target ads and achieve ROI goals.
Marketing efforts can be monitored based on priorities that are set as marketing goals. Whatever the preferences, conversion rates are an essential part when you’re looking at the overall performance of any marketing campaign. The new era belongs entirely to customers. Customers no more listen to the high-end marketing messages by marketers; they are the ones who control their own journey on your store. This is where multichannel marketing plays a vital role. It is why promoting information, campaigns, or products across multiple channels is necessary.
In today’s fully evolved technological and competitive world, businesses are required to make it most effortless for the customers to purchase from them. This can help the businesses to retain customers and let them avoid going to the competitor. To gain this goal, they must be available for customers on every channel where the customers are, increasing the chances of converting.
According to a research, 72% customers say they would be happy to connect with brands through multiple channels.
How to Boost Conversions?
Not only does this marketing tactic help in reaching out to the target audience, but it also helps in increasing conversions.
Let us have a look at ways through which multichannel marketing can help boost conversion rates.
Build Multiple Touchpoints
A study mentioned that for a customer to commit to a brand to make a purchase, it takes nearly six to eight touches with the brand.
When compared to a brand that covers only a few platforms, your brand is more likely to hit sales.
Well, here are a few steps that can make it easier for you while creating multiple touchpoints for your brand.
The first step for all of it is to identify your business’s customers/target audience and how they find you. Next, map out where your customers usually buy, whether it is the website or social media channels such as Facebook, Instagram, or any other marketing campaigns run by you.
Now, take the five different stages of the customer buying cycle into consideration:
- Using the product/service
- Customer retention post-purchase
Choose the Most Effective Channels
Choose the effective channels that you identified in the above stage. Marketing campaigns across too many channels can be harmful. Therefore, it is excellent to choose highly effective channels for all the stages of the customer journey.
Create a Well-knit Campaign
Every channel chosen can bring in the requirement of different activities; therefore, it can be hectic to run the campaigns on each platform. The best solution for this is to create a single campaign that covers all the touchpoints you choose.
Here is an example of the same.
This shows a series of Facebook ads run to an email list and an email marketing portion. Here, the two channels are working together to generate more sales than a separate campaign.
Reach the Right People at the Right Time
Now that consumers are more in control of their spending, it is nearly impossible to push purchases to the customers. Instead, the brand that makes them feel like they’re making the right decision wins the purchase. This is precisely why brands need to be there for customers at the right time.
Personalization, a term and a process that has taken up the customer experience game to the next level. Especially in eCommerce, getting personal and offering personalization is a great marketing tactic. Retargeting, personalized notifications, etc., take a significant amount of customer’s attention. Re-advertise the products that customer has shown interest in on their social media feeds is a technique that does the wonders.
Offering the customers what they are looking for when they want is a vital and massive part of multichannel marketing and is a reason it is successful.
80% of consumers are more likely to make a purchase when brands offer personalized experiences – Source
Make the Most out of Mobile Marketing
The mobile revolution is totally upon us.
Most online shoppers choose to make a purchase via mobile applications on their smartphones rather than visiting a store. With the covid 19 pandemic, lockdown, and social distancing rules, it has become an opportunity for businesses to become customer’s priority by implementing mobile marketing.
According to research, consumers exposed to multiple channels spend 3-4x more on purchases than single-channel customers.
Multichannel marketing, along with Mobile Marketing, is like a cherry on the cake. The engagement, whenever wherever they wish, is the best part of this combination and works like a charm for your business.
I guess this article helped you realize the importance of multichannel marketing. It is high time for brands to move towards it and start integrating the practice of becoming their customer’s favourite brand on their favourite channel. This can help them create an experience that will lead them to a successful purchase.