There is an abundance of choices out there for consumers to gain access to different companies. That being said, it is important to maintain a presence in more than one channel to reach said audience. Companies need to be where their consumers are, and therefore, they should be investing in a multichannel marketing strategy, as opposed to single channel marketing.
According to the study conducted by Forrester research, 97% of marketing decision makers said they had experienced an increase in revenue due to their multichannel marketing efforts.
What is the difference?
Single channel marketing is exactly what it sounds like; when a companies uses one channel as their way of communicating their message to consumers. All of their marketing efforts are invested in this one approach. Multichannel, or integrated, marketing is when more than one channel is used. A single marketing plan is used through many channels, distributing the same message across them all.
Single-Channel
The biggest pull of this style of marketing is that it is presumed to be the most cost efficient way to market. It is also seen as more focused since efforts are going in one direction through one platform. However, in this day and age, one channel will simply not keep up with current technology. Certain organizations rely on quick response rates, therefore some channels are not as speedy as others, and if that is your sole channel then one can really hurt his or her business.
Multichannel
There are a few things to keep in mind when trying to implement a multichannel marketing approach. Firstly, each company’s leadership should identify their main goals. Then, they can determine which channels will help achieve these goals, without wasting money on unnecessary channels. They should aim for the most relevant channels that work best for their brand. Secondly, the company must be proactive about making sure their message is consistent across all the channels they use. The biggest feature of multichannel is the ability to reach significantly more consumers easily. There is an increased chance of gaining more of a following if your message is given in different ways to different people. Also, you are reaching your customers through their preferred channel, making it easy for them to receive your information. The simplicity of it all should contribute to an increase in activity. Multichannel marketing will also provide companies with more overall data, which can be beneficial to the operations and management side. Other specific benefits may include better tracking of the companies own performance, less of a cost in the long run and faster marketing campaign execution.
Takeaways
According to multiple online sources, experts highly recommend the key to a successful multichannel approach is consistency across all channels. Additionally, this approach allows for the marriage between older marketing strategies and new marketing strategies created by advances in technology. This combinations allows for the opportunity to engage a variety of consumers, no matter their channel preference. A last key takeaway is to ensure your company is implementing a multichannel marketing strategy, as opposed to simply marketing through multiple mediums. It is important to use these channels in order to benefit the company in the most efficient manner.
The video below can help explain these two strategies with some examples:
Sources: http://www.iprintnmail.com/integrated-marketing-vs-single-channel-marketing/ http://www.mediaspacesolutions.com/blog/why-you-need-to-embrace-multi-channel-marketing https://yourbusiness.azcentral.com/advantages-disadvantages-single-channel-strategy-16385.html