Tips for Measuring Omnichannel Marketing Success
Gone are the days when customers did their shopping just one way – in a brick and mortar store, most likely in the same neighborhood where they live. Now, customers can buy what they want, when they want it, in whatever manner they choose. From the phone that you have in your pocket, to the tablet in your bag, to the computer on your desk, and of course, to the storefront in your neighborhood, you have more ways to shop than ever before.
The whole point of omnichannel selling is to be able to reach customers wherever they are, on your Magento website, on social media pages, or in your store, and to create a seamless customer experience for them no matter how they choose to engage with your business. Consider current shopper behavior – a consumer may go into your brick and mortar store to buy, purchase products online, or search and buy on their phone or tablet. However your customers interact with your company, it’s important that you provide them with a positive and consistent experience.
Providing that consistency requires that you cast a much wider net when it comes to sales and marketing. Consumers want to have the same positive experience no matter how they make it to the checkout. Omnichannel marketing ensures that happens.
Like any other business strategy, omnichannel marketing requires that you have a solid way of measuring its performance. If you don’t know and understand how your strategies are working (or not working), then you are wasting marketing dollars. Tracking your omnichannel marketing performance is just as crucial to your success as providing your customers with the shopping flexibility they want.
How Important is Omnichannel Marketing?
Developing an omnichannel marketing strategy isn’t just important, it’s crucial to the success of your business, and customer behavior proves it. An omnichannel marketing strategy provides customers with the flexibility they want – being able to buy anywhere, at any time. They guide their own customer experience based on their needs, schedule, and inclinations.
But more than just wanting what they want, when they want, and how they want, customers also expect a unified experience across all sales channels. They want to be recognized and marketed to personally. Customers prefer to shop retailers who know them by name, make product recommendations that are based on purchase history, and who understand their unique needs.
5 Effective Tips for Tracking Omnichannel Marketing Performance
Now that you understand the importance of omnichannel marketing, let’s take a look at some tips on how to track your success.
#1 – Measure More Than Channel Performance
Key metrics like conversion rate and revenue are important, but they will not tell you all you need to know about your omnichannel marketing efforts. Adding and analyzing data points like LTV, Return on Ad Spend (ROAS), and New Customer Acquisition Cost (NCAC) to your dashboard, both by channel and overall, is going to provide you with a more comprehensive view of your marketing performance.
#2 – Use Customer Segmentation
Once you have a better understanding of your customers and their shopping behavior, you can begin to drill down into targeted marketing strategies. Whether you use email, social media, AdWords, or other methods, you will need to implement customer segmentation to reach your targeted audiences. Segmentation allows you to provide the personalized marketing that customers have come to expect.
Ecommerce marketers use Glew to create dynamic customer segments for targeted email campaigns.
#3 – Automate, Automate, Automate
Omnichannel marketing requires a lot of time and effort. Don’t waste valuable time and resources gathering and compiling data for your analytics reporting – use a marketing automation solution. Receiving automated reports allows you and your team to allocate your time to where it’s needed most – creating and implementing effective marketing strategies that will improve your bottom line.
#4 – Know Your Customers
Understanding your customers, really understanding them, is essential. The more you know about them and their behavior, the better you are able to contextualize and personalize the marketing you use. That means that tracking customer demographics, buying behavior, price sensitivity, and channel preference is vital to your marketing success.
#5 – Use the Right Technology
Of course, to accomplish all of the above tips and to understand how to reach your customers best, you have to have the right technological tools. Keep in mind that tracking omnichannel marketing strategies isn’t just for huge corporate retailers; companies of all sizes can take advantage of powerful data analytics and reporting tools to better their marketing efforts – and they should. Having the right tools will make all the difference to your business’ success.
4 Ways You Can Use Product Analytics to Drive Sales
April 10, 2019
March 29, 2019
How to Use Data to Identify and Grow Your VIP Customers
March 20, 2019