Consumers shop across numerous devices and channels, much of these increasingly digital in today’s changed environment. In fact, the average shopper uses approximately 10.4 sources of information to make a purchase decision (Bazaarvoice). Omnichannel strategies have become increasingly critical for brands to engage with consumers across the entire purchase journey.
In recent findings from PFL and Demand Metric, marketers who use 4 to 6 channels in their omnichannel campaigns report the best response rates in reaching consumers with meaningful engagement.
Data accuracy, understanding audience needs, and branding topped the list of omnichannel marketing campaign success factors.
In terms of channels, brands plan to focus more spend on social media, search, video and email, according to research by Nielsen.
Although marketers plan to increase budget, confidence in measuring ROI for each channel is not as high.
The top ranked marketing objective according to Nielsen’s research is customer acquisition.
However, in the last six years alone, the cost of acquiring new customers has increased 60%. This doesn’t mean brands should stop focusing on acquisition, rather they need to work smarter, not harder.
Focus Spend on In-Market Shoppers
V12 provides a product called V12 Signals so brands can better prioritize spend. V12’s Signals solution provides insights into consumers who are actively shopping for products and services. Our solution suite includes:
- Signals Online –Provides insights into consumers who are actively browsing online for products and services. We provide visibility into behavioral data and searches occurring on over 90% of internet-connected devices every month.
- Signals Mobile – Provides insights into shoppers who are visiting physical locations such as the brand’s store or a competitor’s location.
- WebID – Enables brands to identify up to 50% of unknown visitors on their website and market to them via omnichannel campaigns. Once these consumers are identified, V12 deploys marketing campaigns across email, direct mail, and social.
- Signals Events – Market based on lifestyle changes and trigger data such as new movers, new children and economic changes. These events often correlate to an increase in purchasing.
According to the Nielsen report, data quality is also top of mind for marketers. Brands recognize the importance of data quality and that when quality is less than optimal, it can cause a challenge to strategy execution.
Brands also recognize the importance of different types of data, including 1st, 2nd and 3rd party data.
Marketing Data Overview
Here is a quick comparison on the different types of data available to marketers:
- 1st party data is information a brand has collected about their customers and prospects. This includes transactions, contact details, websites, and data in CRM systems. This is considered a brand’s most valuable data –insights a brand has collected for themselves rather than obtaining from an outside party in which the origin of the data may be questioned.
- 2nd party data is another brands’ 1st party data in which you may have worked out an agreement to share your data with one-another, such as through a data co-op.
- 3rd party data is data sourced through vendors such as demographics, contact details, lifestyle info and in-market purchase indicators. As is often the case, a brand’s internal database is missing important contact details or lifestyle and behavioral insights so 3rd party data can fill in these gaps or fix incorrect data.
Having the right data in place drives incredible ROI and engagement:
- Companies with data-driven marketing are six times more likely to be profitable year-over-year. (Attomdata)
- 75% of companies see increased engagement when they use data-driven marketing. (Attomdata)
- Businesses with data-driven strategies five to eight times as much ROI as businesses without. (Invesp)
As the economy and consumers shift into the new normal, brands need to be diligent about their strategies and tactics to reach and engage with consumers with the right message in a world where behaviors and preferences have completely shifted.
Check out our Success Kit on Omnichannel Marketing and access some of our most informative resources on omnichannel marketing trends, strategies and tactics. The most convenient way to research, this success kit contains topic focused blogs, webinars, white papers, case studies and more – all with one download.