What can multichannel marketing stats show us about its overall effectiveness?
So, you’re beginning to think about multichannel marketing.
But you understand that it can be a big commitment regarding personnel, time and resources. You also know that it must be done right if you want it to work for you.
Overall, you aren’t thoroughly convinced that it’s the next step forward for your business. But you’re considering it.
The multichannel marketing stats that follow might push you over the edge. Let’s explore several multichannel marketing stats that prove it’s worth the effort.
90% of Our Media Consumption Occurs in Front of a Screen
At first glance, this stat via Think with Google may not seem all that compelling.
But if you dig deeper, you’ll find what they’re saying is that consumers balance their time between PCs, TVs, smartphones, and tablets to achieve their ends. Yes, a whopping 90% of buyers are exhibiting this behavior.
What this suggests is that if there isn’t a way for people to interact with your business on multiple platforms, you’re almost certainly leaving business on the table.
Marketing Week also backs up this notion stating that consumers today use an average of almost six touch-points with nearly 50% regularly using more than four.
Businesses That Adopt Omnichannel Strategies Achieve 91% Year-Over-Year Customer Retention Rates
As a savvy business owner, you should be aware that it’s cheaper and more lucrative to keep the customers you have than to keep generating more leads.
This isn’t to suggest you shouldn’t keep generating leads. What it means is that if you can retain your customers and keep selling to them, you will have a more profitable business overall.
This stat via Loyalty360 shows that multichannel marketing is what customers want.
50% of Multichannel Marketers Say They “Usually” Or “Always” Hit Their Financial Targets
Most businesses have documented revenue goals. But it’s safe to say that not all of them reach their targets.
This stat via Invesp demonstrates the overall effectiveness of multichannel marketing.
With more and more customers expecting a seamless experience across different channels, the more consistent and reliable an experience you can create, the better.
And, there’s a better chance you will reach your financial targets if you do it right.
Shoppers Who Use Multiple Channels to Browse Have A 30% Higher Lifetime Value Than Those Who Shop Using Only One Channel
One of the most important metrics in your business is CLV (or Customer Lifetime Value).
The higher this number, the more you make per customer.
This stat via Think with Google demonstrates that those who engage in your multichannel experience are ultimately better customers.
Bringing in more revenue per customer should be a high priority, especially considering what was said earlier about customer retention. Generating new leads is expensive. Tapping into your existing customer base is more lucrative.
49% of Consumers Buy From Their Favorite Omnichannel Brands at Least Once per Week
This is a genuinely compelling stat via Marketing Land.
Effectively, if you have an omnichannel strategy, your target audience likes, you’ll be selling considerably more.
Executing a cohesive multichannel marketing strategy can be a challenge, but the benefits are indeed there.
Are These Multichannel Marketing Stats Compelling?
Now you know just how effective multichannel marketing can be.
Increasingly, consumers are expecting to be able to engage with you across many devices and on many channels. In time, multichannel marketing won’t be a competitive advantage – it will be a must-have.
Do you have a multichannel marketing strategy? Has it proven effective for you? What is your greatest challenge in developing and executing this strategy?
Let us know in the comments below.