Gone are those days when customers used to be completely dependent on brick-and-mortar stores. Consumers today shop across multiple channels on multiple devices. This change in consumer behavior forms the core of multi-channel marketing. With a multi-channel marketing strategy in place, a company leverages a number of channels to interact with the customers. Presence across more than one channel helps a brand to fulfil a customer’s needs and wants which ultimately lead to a transaction. In this blog post, you will get to know some of the essential multi-channel marketing statistics to look for in 2020.
What is Multichannel Marketing?
Multi-channel marketing refers to the process of creating brand presence and conveys cohesive messaging across multiple channels for interacting and converting the leads. Not only does it increase conversion and ROI but also improve customer engagement to a significant extent. In addition, your business gets to be aware of the demands of customers present across all these channels. With such insights, you can improve your messaging and understand your target audience better. Being one of the most cost-effective strategies, a multi-channel marketing strategy helps you with accurate insights which are crucial for driving revenue.
29 Multichannel Marketing Statistics
Statistics on Multichannel Marketing Challenges
Running multi-channel marketing campaigns is not an easy task. It requires you to be consistent in your branding efforts across the channels. While it may be overwhelming to manage cross-promotions, multi-channel marketing demands you to use every single cross-sell opportunity as well. Time seems to be prime constraint above everything for multi-channel marketers. Here are some key statistics in the domain of multi-channel marketing challenges:
- 11% of marketers agree on the fact that it’s a daunting task to run multi-channel marketing campaigns.
- Lack of time and resources make it difficult for 23% of marketers to run multi-channel marketing campaigns.
- 61% of customers find it difficult to move from one channel to another while having an interaction with the customer service representatives.
- Even though video content is considered as the most effective content form by 46% of marketers, 59% continue to believe that developing video is challenging.
- Lack of understanding of how to run a multi-channel marketing campaign prevents 21% of marketers from implementing the same.
- The absence of investment in marketing tools is seen as a major barrier of running multi-channel marketing campaign by 21% of marketers.
- 45% of consumers believe that retailers fail to offer multi-channel experience in a fast-paced manner.
The effectuality of Multichannel Marketing Campaigns
There is no doubt that multi-channel marketing is effective and has a positive impact on ROI. However, you will need to leverage multiple channels for running the same campaign. That’s what makes the difference. Here are some statistics on how effective multi-channel marketing really is:
- Consumers doing online research before purchasing are observed to spend 13% more.
- Companies with an effective omnichannel marketing strategy in place are able to retain 89% of customers.
- Customers shopping across multiple channels are observed to have a 30% higher lifetime value.
- Consumers have observed 23x increase in customer satisfaction after adopting an omnichannel marketing strategy.
- Customers are believed to spend 10% more after being reached via omnichannel marketing campaigns compared to those who are not reached.
- 50% of marketers using multi-channel marketing strategy were usually able to hit the financial target.
- Companies with an effective omnichannel strategy in place observe a 9.5% year-on-year increase in the annual revenue.
How Do Customers Perceive Multichannel Marketing?
Your customers are a click away from information today. With a presence across multiple channels, you will be able to position yourself as a leader in your domain. But how do your customers benefit from it? Your customers are able to educate themselves and make a better decision with the campaigns you run across multiple channels. Here are some statistics from the customers’ perspective:
- 67% of buyers in the B2B domain are prone to researching content before making a purchase.
- 82% of shoppers are observed to use assistance from their smartphones while making an in-store purchase.
- 64% of B2B buyers will actually read two to five content pieces before making a decision to purchase.
- Your customers are 4 times more likely to watch a video than reading a piece of content.
- Brands with multi-channel presence make it easier for 72% of customers to stay connected.
- Every internet user has 5.54 social media accounts on average.
- Consistent interactions across channels are preferred by 90% of customers.
- 72% of adults give preference for communicating over digital channels.
- 48% of shoppers are actually comfortable with sharing data in order to be able to receive personalized service.
Statistics on State of Multichannel Marketing
Before delving deep into creating multi-channel marketing, you must be aware of the present state of multi-channel marketing across industries. With the significant increase in multi-screen behavior, marketing on multiple channels will be essential for growth. Here are some statistics on the present state of multi-channel marketing:
- Digital video is used by 91% of companies that have estimated revenue of over $500 million.
- Content marketing is believed to be an integral part of the marketing strategy by 60% of brands and agencies.
- A mere 14% of companies reported that they are coordinating marketing campaigns across marketing channels.
- Omni-channel marketing strategy is considered as an important factor in their success by 87% of retailers.
- The importance of creating a cohesive customer journey map is understood and agreed upon by 86% of c-level marketers.
- At least eight marketing channels are used by 51% of companies today.
In the era of hyper-personalization, customers are in the driving seat. They dictate the needs and demands that you must cater to. With multi-channel marketing experience, you are able to offer a seamless experience that ultimately satisfies customers irrespective of the channel they are present on. While technical barriers and lack of funding continue to be the prime impediment, it is time that you create a cohesive messaging strategy across multiple channels with the help of free tools. Since your customers are flooded with options today, you have to take it upon yourself to engage them, nurture them, and make them sales-ready.