The current marketing trend has stressed the importance of creating an omnichannel presence for our consumers. Please

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Question:

The current marketing trend has stressed the importance of creating an omnichannel presence for our consumers. Please compare and contrast multichannel marketing and omnichannel marketing methods. Think of your favorite stores (especially since Black Friday and Cyber Monday are just around the corner…). What do they do to encourage your loyalty? How have they integrated their omnichannel system?

1. While multichannel and omnichannel marketing are very similar in motivations and end goals, there are key points where they differ.

Multichannel marketing strategies focus on the product, using many marketing tactics and channels to promote a product or brand. This method uses the old marketing adage of seven touches. The adage says that, on average, any given customer requires seven touchpoints before they act on the call to action you’ve set out. That means, if your call to action is to purchase your product, it takes seven times for the customer to interact with your product in a number of ways before purchasing it. This is also where we strive to find the perfect marketing mix. Touchpoints could include seeing a booth at an event, seeing an advertisement, viewing a logo, receiving a newsletter, getting a sales call, or hearing a word-of-mouth mention from a friend or co-worker (Dias, 2021).

Omnichannel strategies focus on the customer. While multichannel might try to be everywhere on the hope that the marketing mix reaches the seven touchpoints for more customers, omnichannel means offering a unified experience for customers. Omnichannel strategies give customers a full brand experience, meaning that there is not a broken out strategy for each separate area a customer may interact with the brand – instead the customer is drawn to using all platforms, because it’s so simple to do so. Omnichannel truly focuses not on trying to find new customers, but on reducing customer churn by creating loyalty, through ease of brand use. The omnichannel strategy identifies existing customers and finds new ways to interact with them. This can be through specialized discounts (you liked X product from us, here’s 10% off Y) or offering new places to engage (VIP Facebook page, specialized pop-up event) (Winkler, 2019).

When I think of my favorite stores, the first to come to my mind is Target. Target uses an omnichannel strategy to promote customer loyalty. Year-round, Target’s omnichannel strategy includes a Target debit or credit card with a % cashback when using either on your purchase. This allows Target to further focus on customers by selecting discounts and advertisements that speak directly to product buying habits based on past purchases. Target Circle allows for instant gratification in-store where you can scan your selected items to see if any Circle discounts apply, and then also find discounts with the special placards placed on items throughout the store. This keeps the customer tied in closely with the app. To touch on the philanthropic side, Target Circle members can use points to vote for dollars to go to their favorite local charities. As we look forward to the holidays, Target is also offering a Holiday price match guarantee, which is another tactic to get loyal customers to continue to be loyal. If customers are price sensitive around the great deals nearing the holidays, Target can keep them as customers the whole season, because they can honor any price that a competitor is offering."

2. The use of multichannel and omnichannel marketing is something that we take part in all the time whether we realize it or not. It seems like every time you go to a store and buy something they want to sign you up for their rewards program or put you on their emailing list to help remind us of when deals are available near you. I find myself signing up for various rewards programs to get a deal at the time and then getting frustrated with all of the spam/junk emails that come from that store afterwards. There are a few stores that are definitely worth the time to sign up for, however the majority of them just blow your phone up with notifications. The use of these marketing tactics truly is a phenomenal way to increase sales and boost the return on a companies investment in the marketing sector by creating brand awareness and loyalty.

The stores that I shop at the most would be menards and bomgaars. Menards does a good job of sending notifications through email as well as through their app to notify me of any deals or things that I may have shopped for in the past. The thing that truly creates a snowball effect and has always seemed like a genius idea to me is their 11% rebate throughout the store. The customer buys a product, sends in the rebate, and then gets that money back to spend in their store again. By getting this money back they are drawing people back to the store to buy more goods. The only way to actually get full use of the deal is to keep spending in the store. "

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