In this age of multiple screens, multichannel marketing is one reality which no marketer can ignore. And with the emergence of numerous marketing channels with significant audience participation, designing and implementing an effective multichannel marketing strategy becomes a MUST; but One Massive Challenge.
According to research from Lewis
Multichannel marketing is being widely practiced, with almost one third (31%) of respondents executing seven or more multichannel campaigns in the last year. However, with only 30 per cent of marketers experiencing successful results and ROI from campaigns, long-term investment remains an issue.
Multichannel marketing enables you to deliver coherent, personalized customer experiences across numerous channels. However the reality of implementing marketing campaigns across numerous channels involves greater challenges. For ex: analyzing isolated data from each consumer touch points from multiple channels leaves the campaign/brand manager with huge data sets to make sense of. So, why do marketers struggle to get their multichannel marketing campaign right?
1. Finding Right Mix of Marketing Channels
To find the accurate mix of digital marketing channels which would deliver the best permutation for engaging audiences and generate best campaign results.
2. Cost and Time
The equation is simple, lower the CPA, the greater is the potential for faster and larger returns from your marketing investments. Selecting the right mix which would deliver the highest engagement through lowest CPA is a challenge.
3. Targeted Messaging
Delivering the message is not enough, but messages need to be tailored to the audience’s preferences and also needs to take in due consideration the demographic, behavioral and transactional history, current location and preferred channel.
4. Choreographing Campaigns
A constant need to develop and coordinate highly orchestrated touch-points and micro-campaigns which would connect with targeted consumers in the most fluid, meaningful and trustworthy way.
5. Monitoring Customer Touch Points
Due to Lack of well-established analytics, knowing which channels, campaigns or sequence of touch points paid to qualified conversions and sales becomes difficult to track and monitor.
Strategies for developing multichannel marketing campaign
Like we already mentioned, many marketers still haven’t mastered Multichannel marketing. Here are some effective strategies which can help you tap the power of multichannel marketing and succeed.
1. Know TG
Knowing who your target audiences are and also the numerous aspects that influence their purchase decision empowers you to precisely select the right marketing mix for your campaigns.
2. Set Balance between multiple channels
The key to victory in a multichannel marketing campaign is how effective you are in sustaining a good balance in your digital marketing mix, predominantly in cost and resource allocations.
3. Test effectiveness of your campaigns
Examine the value of your multichannel marketing efforts by setting control groups which do not receive the multichannel promotion. This would help in successfully measuring your campaigns’ effectiveness and make any changes if needed.
This would be a very active strategy in following through with potential leads and generate conversions which may not have occurred the first time a consumer visited your website, marketing channel or landing page.
DMP’s Role in Solving the Multichannel Conundrum
Data management platforms act as one centralized and unified hub, by bringing together information from the chaos of big data, duplication, and silos; thus adding value to the data assets.
According to research from The Relevancy Group, analyzing campaign results across channels is one of the greatest challenges to developing multichannel campaigns. DMP’s vigorous campaign monitoring capabilities help to dramatically improve campaign yields. It helps in detecting the key performance drivers for different campaigns (traffic, click-thru rates, conversion, cost per click, and more.), best performing audience segments and data sources (first-party, second-party or third-party) which drive the best results.
DMP provides one single dashboard to measure and compare how different campaigns perform for specific audiences across multiple channels (digital and traditional). Equipped with such valuable understandings marketers can refine their campaigns, scale and optimize them, and increase ad performance by targeting the right ad to the right prospect.
Putting Together All the Parts
In this dynamic, fast-moving, fragmented world of marketing, understanding the customer journey across limited channels is a thing of the past. Therefore, the current challenge lies in finding ways to know each customer as an individual despite their interaction with different channels and devices.
To tackle such challenges, a DMP act as a centralising tool to bring all chaotic data in order to be further utilised to read and analyse customer behaviour across multiple channels. To know more about other DMP possibilities, you can Schedule a Demo with Cuberoot.