What’s in a name? Multichannel vs Omnichannel Marketing

March 13, 2018 | Marija Sekularac

Marketing is an industry full of buzzwords, and at first glance the terms multichannel and omnichannel marketing seem to be describing the same thing. Both involve reaching out to customers in a variety of ways, and both involve keeping those touchpoints consistently awesome. While there are similarities there are also significant differences. Marketers need to know what those differences are so that they decide which goal to shoot for.

So what is the difference between multichannel and omnichannel marketing?

Multichannel marketing involves communicating with customers across multiple platforms and channels. It increases brand presence and gives customers the ability to choose their own favored method of interaction and engagement. Which is good, because 98% of Americans switch between devices multiple times in a day. A consistent multichannel experience makes it easier for customers to reach out to the brand when they’re ready to buy.

Omnichannel marketing is multichannel marketing evolved into its purest and most ideal form: a consistent and cohesive customer experience across all channels and types of engagement. It covers every possible interaction with the customer across all channels, from pre-sales to post-sales and everything in between. Every single touch point with the customer has to be seamless and generate warm and fuzzy feelings of satisfaction.

Is omnichannel marketing worth it?

If omnichannel marketing sounds like it’s a lot of work, that’s because it is. Maintaining that level of consistency across multiple channels, platforms and teams is extremely difficult. 61% of customers can’t easily switch from one channel to another when dealing with customer service. Most companies simply don’t have the infrastructure or process required to make omnichannel work.

But the payoffs are enormous when it does work. Businesses that successfully adopt omnichannel marketing strategies achieve 91% greater year-over-year retention rates over those that don’t.

So how can you get your business to that level?

One step at a time.

Take your first step towards omnichannel marketing

We recommend focusing on one area first, then move on to others once you’ve established a standard of quality. This “pioneering area” so to speak has to have the greatest impact for the investment. For most businesses this usually means customer service.

Customer service is the thorniest part of the omnichannel marketing experience because it has the most impact on a customer’s happiness, and yet is the most difficult to get consistent. Disconnected systems and uncoordinated databases break up the flow of a support call and force customers to repeat the same information—especially if calls transfer from one agent to another.

A proper call management and tracking system helps solve these problems by:

  • Coordinating omnichannel information between marketing, sales and customer support
  • Alerting call center agents as to the nature of the call prior to actually starting the conversation
  • Scalable personalization of the call experience
  • Tracking call metrics for better marketing insights

Retreaver’s call tracking platform layers onto existing phone systems to do just this. Get started on your omnichannel marketing strategy by improving your contact center performance and provide valuable metrics to marketing, sales and customer success. Visit try.retreaver.com to learn more!

Revenue Attribution: Tying Marketing ROI to Business Results

March 5, 2018 | Marija Sekularac

Revenue attribution is a modern luxury most marketers ignore. Before attribution, marketers didn’t have any way to reliably tie their efforts to business revenue. This was much due to the nature of the medium. What do I mean? Consider it impossible to accurately credit the impact of a billboard or TV ad on sales unless there’s a drastic spike.

That was then. Today’s marketers can accurately tie marketing ROI to business results. You now have the data to home in on which campaigns, channels and keywords are bringing in the most conversions. It means revenue attribution is necessary to show marketing’s value to the rest of the organization. Sadly, many marketers still have no idea what revenue attribution is nor what it can do for them.

What is Revenue attribution?

Revenue attribution is the process of crediting a conversion or sale to a specific channel or marketing action. The most basic example of this is a promotional email that directly led to a web purchase. The attribution is pretty clear: the customer received the email, clicked on the link, and purchased the item. Therefore, the revenue for this sale—and other sales like it—credit is given to this specific email campaign.

Revenue attribution is key to accurately measuring and reporting campaign performance. It gives CMOs hard numbers with which they can prove marketing ROI.

Different revenue attribution models

Marketers have many marketing channels active at the same time and customers will encounter at least two of them over the course of their purchase. So how do you measure which one gets credit for the sale?

There are different attribution models in place, each with their own advantages and disadvantages.

First-touch revenue attribution. This model gives credit to the first touch point a customer encounters. It assumes that the first touch point is what makes the customer aware of your brand and is what starts them down the path to the sale. The problem with this method, it overemphasizes how important the awareness stage of the funnel is. It’s also susceptible to errors, since the true “first-touch” could have been offline.

Last-touch revenue attribution. The last-touch model credits the sale to the last recorded touch point. It’s the simplest revenue attribution model to measure by far, and is what many attribution tools default to. The problem with this method, if a customer encounters your booth at a tradeshow and then goes to your website to do the purchase, it’s the website that gets the credit for the sale. Even though the tradeshow had the most influence.

Multi-touch revenue attribution. 

This revenue attribution model keeps track of every touch point the customer encounters over the course of the buying cycle and gives credit to each. The amount of credit for each touch point varies based on whatever variant of multi-touch attribution you’re using, and it’s still potentially more accurate than the other two methods because you have a better idea of which marketing assets are influencing the overall buying decision.

The missing link in revenue attribution

Most of the methods listed above require some sort of online or digital component in order to capture the required data: website tracking, an online form, or a specific landing page. Offline touch points like print ads, tradeshows, or even word of mouth are overlooked. So how can brands find out which of these offline touch points contributed to the sale?

A proper inbound call tracking solution will do all this and more.

Modern call tracking solutions like Retreaver generate unique phone numbers that you assign to both digital and offline campaigns, and tie them into your marketing automation system. You get an accurate picture of actual campaign performance, and your agent doesn’t have to risk wasting your customer’s time asking intrusive questions.

Visit try.retreaver.com to learn more about how call tracking contributes to your marketing ROI.

A Look at Why Digital is Influencing Purchasing Behavior

November 28, 2017 | Marija Sekularac

Today’s consumers make purchasing decisions with different logic and influences in mind. Gone are the days of effective TV ads where a loud, booming voice screams inane details of a product at viewers. Consumers in the 21st century are highly influenced by the tech toys in their hands, pockets, and purses. Smartphones, as well as tablets, provide a strong digital influence on purchasing behavior among consumers.

Consider Deloitte’s look at digital influence in the retail sector. It found that 64 cents of every dollar spent in retail locations at the end of 2015 were influenced by digital. That’s equivalent to $2.2 trillion. Digital influences aren’t just occurring before the store either. Deloitte found that consumers using digital inside stores convert at a 20% higher rate. Perhaps most important of all, 76% of consumers interact with a brand or product before even setting foot in a store.

Now more than ever, marketers need to understand how digital is influencing purchasing behavior and react in kind with omni-channel marketing that bridges that divide. While digital marketers are adapting, there’s one area in which many fall short: inbound calls.

What is Omni-Channel Marketing?

Before moving on, let’s quickly review omni-channel marketing. Simply put, omni-channel marketing refers to the need to offer consumers a seamless experience when interacting with a brand or product. Consumers can engage a brand or product from a desktop at home, using a dedicated mobile app, or via a social media account on their tablet while they are in bed. Each individual piece in this puzzle needs to be consistent and complementary.

The Tripping Point

As alluded to earlier, the tripping point for many marketers comes in the form of inbound phone calls. This is the ultimate example of offline-to-online conversions, and vice-versa. For many consumers, the vast majority of their research and decision-making process can take place online without any need to interact with a representative of a given brand or product. When it comes to getting answers though, consumers don’t like to settle for lead forms and waiting on an email response.

This is particularly true of larger purchases. If someone is investing a lot of money in a product or service, they want to be sure. And the best way to be sure is to speak with someone directly on the phone. Consumers want to make these phone calls. They need to make these phone calls to complete their purchase in many cases. Google has the raw facts and figures:

    • 70% of mobile searchers have used click-to-call to connect with a business directly
    • 61% state that click-to-call is the most important step in the purchase phase of shopping
    • 47% say a business without a phone number associated to ads is one they’ll skip over

Unfortunately, for many marketers this proves to be a hurdle too high to overcome. Tracking inbound calls is vital in making a connection between online and offline paths in the purchasing process. At Retreaver though, we understand the influence of digital on purchasing behavior, and we can help your business to better track these inbound calls.

Call Tracking with Retreaver

Our call-tracking software allows your brand to track the exact start point of every phone call it receives. You can break down the data by the channel the call originated from, the specific marketing campaign, or even the exact ad that convinced a consumer to call. With Retreaver, you can:

    • Tag individual callers
    • Use individual caller data to route the call to the right department/agent

Digital interactions are vital influencers in the purchasing behavior of 21st century consumers. You don’t have to let phone calls fall through the cracks in your marketing analytics. With Retreaver, you’ll seamlessly bridge that divide and provide a better experience for your consumers from start to finish. Visit Retreaver to learn more about inbound call tracking!