By Chris on May 24, 2018 11:10:00 AM
Before jumping into the development of a Multichannel Marketing Strategy, we should first establish a detailed definition of what Multichannel Marketing stands for.
Multichannel Marketing is the interaction with potential and existing customers across miscellaneous devices, mediums and networks (also known as channels).
In other words, a multichannel approach means always being where the customers are.
When you develop a Multichannel Marketing Strategy, you define a plan and scheme the resources required to achieve business sales targets.
So, if your main goal is accomplishing a specific business objective, then you must establish a winning Marketing Strategy. This strategy represents the “road map” for achieving greater results.
Effective results depend on the right type of strategy, and the right type of strategy can in turn lead to higher sales, brand recognition, higher market penetration, and excellent customer service, among other factors.
According to SAP, 74% of businesses increased sales with a multichannel strategy, 64% increased consumer loyalty/acquisition and 57% reported better customer experience.
No strategy, no customers!
1. Define Your SMART goals and objectives
Goals are resolutions to achieve a desired result. Whether short or long-term, they provide a clear understanding of what the company is striving to accomplish.
Without goals, you have no defined purpose and nothing to strive for.
Increased market penetration or market development are two examples of long-term objectives which must be clear and measurable and have time frames for achievement.
Remember! When setting goals, it's critical to be as targeted as possible so you can effectively measure the outcomes against what you set out to achieve.
Specific: your goal should be unambiguous and communicate what is expected, why it is important, who's involved, where it is going to happen and which constraints are in place.
Measurable: your goal should have concrete criteria for measuring progress and reaching the goal.
Attainable: your goal should be realistic and possible for your team to reach.
Relevant: your goal should matter to your business and address a core initiative.
Timely: you should have an expected date that you will reach the goal.
It’s crucial to establish SMART objectives in order to keep your business or start up on track and accountable. Once defined, they should be linked to your challenges, opportunities, goals and threats.
2. Determine your target audience
One of the most important aspects of a strategy is knowing who is your target.
In other words, who you are marketing to. An effective way to do this is creating Buyer Personas, a semi-fictional representation of your ideal customer based on market research and real data about your existing customers. These buyer personas ensure that you’re marketing to people who are actually interested in what you have to offer.
When building your ideal customers, make sure to include demographics, behavior patterns, motivations, interests, and goals. The more detailed you are, the better.
- Where do I get information about Buyer Personas?
The strongest buyer personas are based on market research as well as insights you gather from your actual customer base (through surveys or interviews).
Depending on your business, you could have as few as one or two personas, or as many as 10 or 20. The biggest mistake you can make when creating buyer personas is to make assumptions.
Generally speaking, the more time you put into developing your buyer personas, the more effective your marketing strategy will be in the end.
3. Bet on benchmarking
Benchmarking stands for the process of measuring the performance of a company’s products, services, or processes against those of another business considered to be the best in the industry.
By researching the competition, we don’t mean to replicate their moves, but to figure out what you can be doing better or different than the rest of the crowd. Find out what’s working for them and make an effort to do it better.
Ask yourself why your potential customers buy from your competitors and what advantages they perceive.
Remember, just as you are eager to succeed by selling your product or service, so is your competitor.
4. Make a SWOT analysis
SWOT Analysis is a useful tool that allows you to understand the strengths and weaknesses of your company. Also, this technique enables you to identify both the opportunities open to your company and the threats it faces. SWOT analyzes your business and the environment in which operates.
Scrutinizing strengths and weaknesses gives you an internal look at your company’s operations, where you identify what your business is succeeding at and where it needs to improve.
On the other hand, the examination of threats and opportunities gives you an external look, where you identify industry trends and outside forces.
Here are some questions that might help you:
5. Select your channels
It is common to feel overwhelmed when you are trying to define where to promote your marketing message. This is because there are numerous channels that let you transmit exactly what you want to say. While it might be tempting to try everything at once, all you’ll be doing is wasting precious resources on channels that aren’t guaranteed to work.
Take a look at some useful channels that might help you:
- Search Engine Optimization (SEO)
Search engine optimization (SEO) is a set of marketing rules for increasing the quantity and quality of traffic to your website through organic search engine results. Otherwise speaking, this practice makes your website user-friendly, faster and easier to navigate.
Why does SEO matter? If you don’t optimize your website for search engines, you risk losing potential customers to your competitors, as their websites appear higher in search engine results than yours.
- Online Advertising
Online Advertising, also known as Internet Advertising or Digital Advertising, is a marketing strategy that allows you to reach potential customers by advertising a message on the internet such as banners, pay-per-click ads, pay-per-call ads and pop-ups in e-newsletters, on compatible websites, online versions of newspapers and magazines, among other.
- Email marketing
This is one segment of internet marketing where a company sends promotional messages or products and/or services to a certain group of people via email. Unlike spam, direct email marketing reaches those interested in your business’ area of expertise.
- Influencer Marketing
As its name implies, influencer marketing stands for a marketing practice that uses known social media users to drive authentic conversation and engagement around a brand’s products and message.
Tracking in business is one of the key pillars for success. Without tracking, you never know what works and what does not in your company. Plus, without tracking, it is difficult to see where the inefficiencies are and how they can be improved.
Solution? The best way to become a data genius is to jump into the habit of reporting everything when it comes to your business, and that includes the website, customers, and employees.
Now, look at your business and determine your most effective channel. Be mindful not to underestimate the success of one channel over another.
Don't be afraid of making mistakes. Implement, test, report, and make sure to constantly update your strategy, so you can move on and succeed even faster!
Establishing a marketing strategy helps a company effectively use its resources to deliver a sales message to a target audience.
It takes time and market research information to create, but understanding why a marketing strategy is important will help you to justify the time and financial resources required to create one.
Take a chance on it!