Part III: Omnimarketing Cost Benefits

Summary

Note:

This is Part 3 of an 8-part series. To jump to other articles in the series, please click below:

Benefit 1: Cost

This article on forentrepreneurs.com is called Startup Killer, and it looks at the proper balance between cost per customer acquisition and monetization.

The point of the article is that more can’t be spent on acquisition than there is monetization, and, for a startup especially, this is extremely challenging on Web 2.0.

Here are the suggestions made to maintain a proper balance:

Cost: Web2 vs Web3

A successful Web2 marketing solution, simply put, finds their audience on Google or social media through an organic search or paid ad.

Then, it hands out an amazing offer in exchange for the user’s name and email address.

Once you opt-in, well, here you are– so you get that part.

Like most good things in life, Web2 Marketing doesn’t happen overnight, and whether we’re talking Web2 or Web3, the only thing worse than paying for marketing is paying for bad marketing.

Some merchants have a misconception about the cost of omnichannel.

They think it’s too expensive and complex to implement, so they stay with legacy strategies for one or even disconnected multiple channels (source).

Omnichannel Marketing Statistics

• According to Omnisend’s 2020 Marketing Automation Statistics Report, the purchase rate of campaigns using three or more channels is 287% higher than single-channel campaigns.
• The customers who are able get the benefits of omnichannel marketing have a 30% higher lifetime value than others.
•  Businesses that have empowered their support agents to serve online shoppers are witnessing a 10x increase in conversion rate and a 50% increase in average order value.
• Companies that delivered strong omnichannel customer service retained 89% of their customers compared with 33% for those with a weak omnichannel strategy.
• Consumers use an average of almost 6 touchpoints; nearly 50% use more than 4 touch points.

2020 Marketing Automation Statistics Report

• Businesses experienced a 287% higher purchase rate when using 3 or more channels.
• 47.7% higher conversion rate when integrating SMS.
• 2755% average SMS ROI with a click-thru rate of 14.2%.

The Point

Hopefully you get the point.

Whether you are focusing on SEO or social media, paid ads or blogging, lack of cohesive branding across all touchpoints is costing you money.

And may cost you your business.

In this omnimarketing revolution, businesses who are able to implement an omnichannel marketing strategy first will effectively drive out the competition.

Just look at Amazon.

Up Next: Campaigns

OmniMarketing Chatbot Solutions has the power to deliver all of this to you, and more, including creating a play in your runbook (more on that coming up) that intercepts unhappy customers while also automating reviews and reputation management.

An omnichannel chatbot solution also makes outbound marketing extremely effective for audience and brand building.

We will discuss that in Benefit 3, but next it’s time to dive into Benefit 2: Campaigns.

Resources

• Four Business Myths, Part 4: Cost of Omnichannel Less Expensive Than You Might Think
• Harvard Business Review: A Study of 46,000 Shoppers Shows That Omnichannel Retailing Works
• Omnichannel Retail and the Cost to Serve Online Customers

Note:

This is Part 3 of an 8-part series. To jump to other articles in the series, please click below:

• Part I: Omnichannel Marketing 101
• Omnichannel Marketing Part II: 6 Benefits
• Part IV: Omnimarketing Campaigns
• Part V: Omnimarketing Audience & Brand Building
• Part VI: Omnimarketing Campaign Optimization
• Part VII: Your New Back Office
• Conclusion: Are You Converted?