The multichannel marketing sector is expected to grow to around $28 billion by 2023, according to the Multichannel Marketing Market Research Report – Global Forecast 2023. But what is multichannel marketing, and why is it important that you embrace this new marketing strategy?
Understanding Multichannel Marketing
Multichannel marketing is a marketing technique that involves communicating with customers using a variety of different channels, including television, radio, print media like magazines and newspapers, social media platforms, in-store and online promotional events, videos, mobile, and more. It sees the value of direct marketing, which aims to sell goods and services, and indirect marketing, which helps establish the business as a leader or expert in its industry.
When companies adopt a strategy such as this, the different types of marketing they employ work together, enhancing one another and strengthening a business’s brand and message. The message is consistent and clear across all mediums thanks to the use of common elements like slogans, music, and logos and other imagery.
It also gives consumers greater choice. They can choose how to interact with a brand and at what times. In the modern age where businesses are becoming more conscious of consumer experiences, it’s easy to see why multichannel marketing has become more popular.
It Reaches Customers Where They Are
Modern consumers have more choice than ever before about the media they consume. While traditional media channels like television, radio, and print media persist, they face competition from more modern channels like streaming channels, social media, and blogs. To understand the impact of our changing habits, you need only examine American viewing habits. In the 1950s, “I Love Lucy” was the number one rated television program. At its peak, more than 67 percent of Americans with a TV set watched it. Today, Sunday Night Football is the highest-rated program, yet only 13 percent of American TV owners tune in.
Some types of media are more commonly used in certain circumstances, like television consumed in the home and mobile web during a daily commute. When businesses advertise through a wide range of media channels rather than focusing on just one or two, they increase the chances their advertising will be seen at a time when consumers are receptive to acting.
When advertising across a range of channels delivers one clear message, brand awareness grows. The approach appears to be working, with multichannel customers spending three to four times more than single-channel customers, according to research from LEWIS.
It Reaches Consumers Again and Again
Consumers rarely see a marketing campaign once, then make a purchase decision. The most effective marketing touches consumers repeatedly, strengthening their brand awareness and understanding. Just think about how many times you’ve heard the Nike slogan “Just Do It” since the sports brand adopted it in 1988. You probably also know that M&Ms “melt in your mouth, not in your hands,” as do your parents. The chocolate brand has used this phrase in its marketing since 1954.
Consumers might act when they feel confident about the brand or only once they have a need for its products or services. It’s also likely that the first couple of times they see the ad, consumers don’t even notice it. In his book “Successful Advertising,” Thomas Smith said most people won’t even become aware of an advertising until their third viewing. It’ll take to the fifth viewing for them to read it.
Multichannel marketing is perfect when you want to reach consumers at different times and in different ways because it is much more pervasive than single-channel marketing. However, as the branding remains strong across an entire multichannel marketing strategy, there’s no confusion among consumers, no matter how they’re receiving the marketing messages. Studies also show that messages repeated through different channels are also retained better than messages repeated through a single channel.
It Helps You Expand Your Demographic
Some types of media and media platforms naturally appeal to certain demographics over others. For example, you’re more likely to capture the interest of teenagers on Snapchat than by taking out a newspaper advertisement. A single-channel marketing approach can capture some consumers, but it will ignore others.
In the past, businesses identified their target demographic, then devised a marketing strategy to reach them. Multichannel marketing companies can expand their consumer base and reach customers they hadn’t imagined. By attracting customers of all ages, this type of approach can help businesses boost their revenue.
It Helps Your Business Deliver The Right Message for the Right Medium
Different types of messages are best suited to different types of mediums. Short messages that require urgent action are ideal for SMS marketing and push notifications. Email marketing blasts suit longer messages, especially those with a visual element like showcasing a new product range. Social media is ideal for interacting with an audience, especially with marketing campaigns designed to be shared.
Businesses that use multichannel marketing aren’t as restricted as those that use a single-channel marketing approach. Multichannel marketing companies can create marketing that best suits the mediums they want to play in to improve the effectiveness of their marketing efforts.
It’s the Way of the Future
Businesses must move with the times or risk being left behind. Multichannel marketing has proven itself to be much more than a fad. The sector is expected to have a compound annual growth rate of 24 percent between 2017 and 2023, according to the Multichannel Marketing Market Research Report – Global Forecast 2023. An Invesp infographic notes that 95 percent of marketers know that this approach is important for targeting consumers. All these signs point to the importance of multichannel marketing — not just now, but for the future.
If you’re not staying up-to-date with this marketing trend, you’ll fall behind your competitors. That’s a fate no business wants.
Multichannel marketing is growing at a rapid rate, and its popularity is not expected to slow anytime soon. Embrace this new marketing technique and reap the benefits or risk being left behind.