Have you saturated the potential of your current marketing channel? Then it is time to look for new marketing strategies. In fact, you should be continually searching for new channels that enable your business to attract additional customers and improve the ROI of your marketing efforts.
Deploying omnichannel marketing strategies has an 89% customer retention rate. The enhanced brand visibility means customers have more ways to interact with your brand. It goes a long way towards increasing market saturation and boosting your sales.
The Importance of Omni-Channel Marketing Strategies
An omnichannel strategy is increasingly becoming the buzzword in online marketing. The philosophy spreads your brand message to all corners of the internet by tackling several marketing channels. Here are a few advantages of this approach:
- Brand reinforcement: Your customers may need to see your brand message several times across multiple channels before they start paying attention. The modern buyer is savvier than ever, which means they are actively researching brands of interest. For example, if they find you via a search engine, they will also check out your social media presence and vice-versa.
- Increased market share: You might be a marketing channel away from accessing many new customers looking for your products. Customers may only use the internet in a specific way, limiting what marketing channels they are exposed to. Access these customers by figuring where their attention is directed.
- Better ROI: Competing for multiple marketing channels gives you a better idea of where the opportunity lies. For example, social media PPC might be extremely competitive in your niche, but video marketing is an untapped channel with little competition.
3 Steps to Uncover High ROI Marketing Channels
Now that you understand the benefits of adding new channels, let us focus on finding them. The difficulty is locating channels that are profitable for your industry. Follow these 3 steps to get started:
Step 1: choose a marketing channel
Start by creating a list of channels where your buyers are hanging out on the internet. There are several ways you can do this:
- Research your competition to see where they are successfully capturing customers.
- Ask existing customers for feedback about how they consume content online.
- Be a practitioner by picking new channels and testing.
The number of channels you can tackle depends on your resources and business goals. Tackling more channels simultaneously increases the chances of finding a gem, but you will also run the risk of spreading yourself too thin.
Step 2: create a marketing campaign
Build a marketing campaign for the new channel with the right context for the audience you are targeting. You can not throw a generic campaign and expect to have optimized results. For instance, what works well on Facebook posts may not yield effective results on Instagram.
Research the channel by taking a look at how others are advertising. What posts are customers responding to by way of shares and comments? Examining a channel from the sidelines is a good starting point, but you need to test for developing a profitable strategy.
Step 3: test by collecting data
Starting a new channel may seem scary because you have no data to determine if it is profitable. Therefore, you will need to test the waters by allocating a small but effective budget. Test the marketing channel comprehensively by collecting a good sample size of data to make a meaningful conclusion.
Depending on the channel, you should spread your budget among several instances. For example, when doing PPC, target many keywords or use several when testing influencer marketing. Once data is collected, you will need to decide if the channel is a loser or potentially optimize the marketing campaign.
5 Examples of Highly Profitable Marketing Channels
Stuck for ideas on what marketing channels are worth exploring? Here is a list of the top 5 channels that could be a goldmine for your online business:
Chatbots are a way for visitors to ask questions, and you may have seen them in the bottom right-hand corner of websites. There is no need to wait for a human to connect since an AI answers the questions. The sophistication of AI chatbots is constantly improving, so the accuracy and relevancy of answers are getting better.
The quick response time of chatbots means customers are less likely to leave your website. The answers they provide can nudge the user in the direction of a product and the shopping cart. It is a way of nurturing the lead by providing help.
Have you noticed that an increasing number of YouTube videos have a product sponsor? Even low subscriber accounts are getting on the bandwagon. It is an example of influencer marketing and could potentially result in high ROI campaigns.
It works by looking for influencers on social media websites and getting them to endorse your product to their followers. Ideally, the influencer should have an audience that is part of your target market.
This marketing type is powerful because many influencers are not evaluating their worth correctly. Therefore, you can find access to large audiences at a low price. It is one of the highest ROI forms of marketing out there. Also, getting an endorsement from influencers means audiences are more likely to trust the marketing message.
Personalized email marketing
The engagement rate increases by adding an element of personalization to email marketing. You will experience higher open rates and conversions. Buyers want to see products of interest instead of generic offers, and personalization is the perfect tool.
There are several personalization strategies, such as sending cart abandonment emails that nudge customers back in the direction of their shopping cart. Also, consider adding dynamic product images to emails based on customer buying history. Images stand out at a glance, and relevant ones will capture the attention of your buyer’s list.
The rule of 7 states that a customer needs to see your offer 7 times before buying. Therefore, retargeting will increase the conversion rate. It is a great way to convert customers that have left your website without buying.
Retargeting works by placing a “cookie” (a piece of data) into the user’s web browser. It is an instruction to show a specific advertisement, which means customers will see your offer after leaving the eCommerce store.
Please make the most of the content you create by repurposing it to other channels. For example, if you create a long-form pillar post, then you can:
- Break it up into smaller blogs
- Use as posts on social media websites
- Create a video on the same topics
- Add a snippet to emails
Repurposing is cheaper than creating content from scratch. Therefore, the ROI of content creation increases with little extra work. The strategy is great for an omnichannel approach because it feeds content for various channels.
Omnichannel marketing is an effective way to increase brand recognition and optimize your marketing budget. It applies to small companies with a limited budget and larger companies that want to grow.
Continually look for new channels because the digital marketing landscape is constantly changing. Be the first to spot new channels in your niche by keeping an eye on trends. Adopting new channels ensures you have a competitive edge over the competition in your industry.