Everybody talks about growth lately. Mostly considered as a gold mine for the startups, the term mesmerizes business world from top-level management to marketing, sales & business development professionals. Ideas, tips & tricks fly around to accelerate the success and reach the profitability in a short period.
Growth has been the building block of the business since the start of commercial interactions. As a company, you need to expand your reach and increase your profitability to survive and go further. So basically, growth is not a concern of start-ups, but also whole business entities. Settled organizations need to have this understanding to compete with their new rivals that are empowered by new technologies and agility.
Even though mismatched with short-term success cliches, growth is a continuous process. Due to the changing nature of competition and consumer behaviors, brands should adapt themselves to the NEW fast. And more importantly, they need to know and engage with their customers better to reach their growth goals accordingly.
One of the most effective strategies to engage with today’s consumers relies on omnichannel efficiency. Creating a seamless experience across the channels where customers interact with brands is a priority to increase satisfaction, retention, and profitability levels. At this stage, omnichannel steps in an efficient tool for growth.
Here are five ways omnichannel supports growth for the businesses.
1) Increasing the potential for reaching new prospects
As the number of channels to interact with customers increases, brands have more opportunities for lead generation. Today’s businesses have many options including email, SMS/MMS, push notification, chatbot, social media and location-based services for grabbing the attention of masses. Omnichannel orchestrates all these channel activities for increasing the overall performance of the engagement. New prospects are the stepping stones for sustainable growth.
2) Knowing your customers better
Omnichannel marketing strategy empowers you with the customer intelligence you can use for more precise personalization. Since the data is unified across the experiences, brands have more insights into their customer’s behaviors and preferences. Knowing your customers is a key factor for driving incremental revenue. You can create more relevant campaigns and reach better results.
3) Omnichannel supports retention activities
Customer retention is also critical for sustainable growth. Omnichannel helps re-attracting stagnant or lost customers via channel and activity variety. Just imagine the difference between a plain SMS and a push notification with an attractive image. You can grab the attention from different channels to restart the brand-customer relation.
4) Decreasing costs helps growth
High performing omnichannel practices help brand reduce their customer service costs. Cost is a factor that affects profitability. As an example, chatbots are new stars of brands for customer service activities. Brands integrate their digital channel activities with bots to increase communication efficiency. Some companies already started seeing customer experience cost improvements with such new marketing technology advancements.
5) Supporting the tactical marketing activities
The rise of digital marketing empowered brands with so many tactical moves to accelerate growth. From social media and web site to inbound marketing and SEO activities, a marketer can use different tools of marketing integrated with the omnichannel strategy to increase growth rates. Omnichannel and basic growth tactics can be used together to increase the impact of the campaigns.
For growth sustainability, successful engagement with customers is critical. Omnichannel marketing empowers engagement. Brands that are aware already make the difference as far as the competition is concerned. Future relies on satisfying super-connected customers which will lead to growing commercial success.
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