Omnichannel marketing efforts can drive significant value in enhancing brand identity and recognition, according to [pdf] a group of 120 executive-level though leaders across advertising, marketing, media and technology industries surveyed by the Winterberry Group in partnership with the IAB. Referring to omnichannel strategies as those “which seek to promote a long-term, channel-agnostic approach to managing and optimizing” the consumer-marketer relationship, the study finds that respondents were most likely to recognize stronger brand identity/recognition as a benefit of the successful application of an omnichannel approach, giving it a score of 3.37 on a 4-point scale (where 4 refers to a frequent benefit, and 0 to a lack of benefit).
Indeed, 60% of respondents said that omnichannel efforts can drive a great deal of value in brand marketing and brand awareness, with another 33% saying the efforts can drive some value.
Next on the list of benefits is higher response rates, with a score of 3.31. In terms of the value that omnichannel strategies can offer direct response and performance marketing, 59% of respondents associate a great deal of value to them, and 32% some value.
Other benefits from the successful application of an omnichannel approach include revenue growth (3.16), profit growth (3.01), and an expanded customer base (2.99).
Asked to identify from a list of factors that are inhibiting their ability to implement an omnichannel approach, 58% of respondents pointed to the lack of appropriate tools and technologies, with internal process/marketing operations challenges (47%) and a lack of optimization of available media options (also 47%) following.
Interestingly, while available media options don’t top the list of hindrances now, they could become more important in the future. Today, only 25% of respondents view omnichannel advertising formats (whereby media companies offer the ability to buy cross-platform, audience-driven, targeted impressions) as very important drivers of customer engagement, purchase activity and lifetime value. But, in the future, 79% believe those formats will be very important.
- 83% of respondents are likely to invest a great deal (46%) or some (37%) in omnichannel efforts in the future.
- The most important tools and platforms for supporting a fundamental omnichannel capability, per respondents, are analytics (3.86 on a 4-point scale, where 4 is “critically important”), standardized measurement/attribution (3.85) and campaign management (3.7).
- The most important skill sets in supporting such a capability (on the same 4-point scale) are analytical expertise (3.71), dedicated marketing-focused IT resources (3.55) and creative leads skilled in content creation for cross-channel (3.45).