The September presentation by Paradysz and PM Digital’s co-founder and co-CEO Chris Paradysz and VP, Advisory Services Michael McVeigh focused on the growing need for Omnichannel marketing, the related challenges marketers face, and strategies and solutions to meet those challenges.
The top takeaways were:
What is Omnichannel Marketing? It’s a strategy that builds campaigns and infrastructure from the point of view of the customer. It fights fragmentation to achieve customer-centric foundations. And it drives content based on unique customer behaviors and histories.
Why is Omnichannel Marketing Necessary? Customers are spending more than double the amount of time per day on mobile devices vs. 4 years ago, as well as doubling the number of consultations prior to purchase. They rely on more information sources and expect a seamless buying experience across the channels closest to those sources. Furthermore, your competitors are investing in omnichannel: 83% of marketers said they intended to invest in it in 2014.
Who’s Doing it Right? One example is Skriiiex, a 26-year-old music producer and DJ who produced $16m in revenue in 2013 using a vast portfolio of social media followers, fans, subscribers and downloadable sources. Another strong example is Macy’s, where the stores are fulfillment centers; sales reps order products for customers on line; and budgets are omnichannel (and not in silo’s).
The Challenges. Challenges include the fear of the strategic overhaul that omnichannel implies. A transition to omnichannel threatens existing separate digital and offline groups. And fractured & isolated capabilities contradict findings across the board.
The Process. The key to successfully leveraging data across all touch points is to create a comprehensive view of how customers behave from channel to channel to understand (and optimize) the experience.
First understand your audience – what do they care about? What are their preferences? Your goal is to understand these customer profiles well enough to develop a marketing recipe strategy that will drive engagement.
Then segment your audience and build a contact strategy for each segment.
How Do You Know When You Need a Dashboard? When weekly report attachments take up over 90% of your inbox storage … and amount to more than 90% of your unread messages. (Or if your existing dashboard can’t pass the “Fortune Cookie Test”: Are you less likely to open your dashboard than a fortune cookie … or do you find its contents less informative?)
What is an Effective Dashboard? It scales up to an executive level; drills down to campaign, channel and customer segment; enables you as the user to interact by time period with filters to answer questions as they occur to you; and displays Key Performance Indicators (KPIs) versus goal and budget.
Competitive Dashboards. In an omnichannel environment, things change quickly. As with your own business, you need to know how effectively your competitors are growing, engaging and retaining customers in each channel. You need to understand how they’re doing it. And to determine whether you should emulate what they’re doing. You should be doing this vigilantly across channels, using competitive dashboards.
Multichannel Attribution. As of November 2013, 18% of marketers were practicing sophisticated cross-channel attribution, which identifies how spending in one channel effects responsiveness in another. As of September 2013, 2% of marketers used a combined attribution strategy to achieve omnichannel success, and this number is growing rapidly.