Every major industry was once a growth industry. But some that are now riding a wave of growth enthusiasm are very much in the shadow of decline. Others, which are thought of as seasoned growth industries, have actually stopped growing. In every case the reason growth is threatened, slowed, or stopped is not because the market is saturated. It is because there has been a failure of management.
Where does your business come from?
With the increase in multi-channel marketing - also known as cross-channel marketing - many companies are still not clear as to where their business is coming from? And this leads to enormous wastage in marketing investments (note - not budgets), time and resources. The old saying of "I know that 50% of my advertising is working but I don't know which 50%" is now even truer than ever before.
Customers who interact with your company over multiple channels are more loyal and your primary objective should be to get your customers to add channels and not replace it. Create multiple touch-points and then manage these by focusing on being customer-centric.
Target driven personalised messages
Direct and interactive marketing campaigns are becoming smarter, more intuitive and more advanced with the growth of data-driven marketing and personalisation. Companies continue to experience a 5-to-10 fold increase in response and conversion rates based on personalised communication.
Forrester Research says that 72% of database marketing methods are making a significant difference in relation to mass marketing advertising; 59% agree that database marketing investments have increased and 63% says their database marketing investments will increase in 2005. That is really commitment and understanding of the importance of growth to their companies.
This has lead to the increased use of multi-channel strategies with email marketing as a follow-up channel leading the field. With the increase in channels, so response rates increase. However, most companies can only track roughly 50% of their marketing investments.
How do I get started?
- Multi-channel marketing begins with your database. Ensure that your database holds all the information necessary to assist you in identifying who your customers are, where they shop, which existing channels they use, what are their communication habits, etc.
- Be consistent and use the strengths of each channel in your media mix. Surround your customer with personalised messages and relevant offers. This will keep your brand, product and offers top-of-mind.
- Integrate channels from your customer's point of view. Customers expect you to integrate channels of interaction. They are always on the look-out for buying experiences and they learn, get help and share ideas. This interaction in itself strengthens relationships.
- Integrate the channels used by all your business units within your company. This will give you a synergic approach and is extremely cost-effective.
- Maximise response, revenue and profits across all your multi-channel goals. You will not have to spend more than what is necessary to achieve the same results in every channel.
- Monitor and track the effectiveness of your campaigns and marketing investment for ROI information - create a 'close-looped marketing system.'
What will it give you?
- It will differentiate your company from your competitors
- Keep your company in the minds - and hearts - of your customers and standing in the market place
- Create a funnel of quality leads for follow-up which will automatically reduce your cost per lead and conversion
- It will take your company from product-focused to customer-focused which leads to long-term relationships
- You will retain your customers longer which makes them much more profitable - ROC - Return on Customer
- Think and act like a multi-channel company - it lessens competition within your business and breakdown all empires.
This makes for a profitable and happy company.
And remember that the Golden Rule of Marketing is - Know your customer!
These forgotten vendors, sometimes more correctly called 'providers,' often bear the brunt of a campaign planner's bad planning or miscommunication.
Audits are being done all the time within many companies across most departments to identify problems, opportunities and in some instances, the irresponsible or 'not accountable' behaviour of management and their staff.
We are often asked how we survive the hubbub of our every day business activities, the changing economy and building a balanced life. Simple! It is through our business model of 'collaboration' and support, building trusted partnerships with all our valuable customers, service providers, business colleagues, friends and family. And keeping an 'open door' policy - you never know who will walk in.
Companies now have to deal with many more Customer Contact Points (CCP's) and channels than they did just 5 years ago. While this creates more opportunities to reach your customers, it also makes it easier for them to defect, increasing the pressure on marketers to build relationships that last. It is important to know that each point of contact with your customer is a 'Moment of Truth.'