Real Money: the Value of Omnichannel Marketing

It’s easy to talk about consistent communications and engaging customers across channels—but why bother putting an omnichannel communications strategy into action?

In a word, says Paul Greenberg, CRM expert and author of the seminal work CRM at the Speed of Light, “money.”

Greenberg has long been an advocate for consistent customer experiences. “The customer experience needs to be the same across all channels,” Greenberg reiterates. “And investing in this process,” known as omnichannel communications, “has a measurable impact on sales and retention.”

Retail weighs in
Greenberg cites a study by Deloitte, which measured customer responses and sales in the retail industry. They found that retailers that used omnichannel strategies experienced a whopping 95 percent increase in customer engagement—and raised their sales by 1.2 percent overall. “It’s literally billions of dollars,” Greenberg notes.

Anyone can participate
Greenberg is quick to point out that companies need not have been in retail to experience the value of implementing an omnichannel communications strategy. According to a study by Aberdeen Group, the best-in-class companies for customer retention used no fewer than seven communications channels.

The top 20 percent of companies for omnichannel marketing experienced an average 6.5 percent annual increase in customer retention rates—compared to a 3.4 percent average from the bottom 80 percent of companies.

The last question
At this point your only question should be “Why aren’t we investing in omnichannel marketing?” To help get more perspective around it, including additional case studies from companies that have been there, be sure to tune in to Paul Greenberg’s online webinar CRM Changes … Again.

Watch Paul’s webinar and kick start your omnichannel strategy