Whichever field you’re in, competition is a reality of the market. Most of the time, “one approach” won’t cut it. You have to spread things out, employing a multifaceted strategy to promote your brand.
Yes, it would be easier to post one ad on one platform and hope for the best. But it won’t work.
Now that we’ve ripped that bandaid, let’s talk about multichannel marketing.
At Your Business Marketer, we work with some big guys and a lot of mid-sized guys. This means we’re conscious that your marketing dollars have a limit. Whether your budget is jumbo or modest, it’s possible to deploy tactics that yield a return.
Let’s dive in.
What is Multi-Channel Marketing?
Multi-channel marketing is an approach to marketing that uses different outlets to engage with customers. This means both online and offline channels.
Here are some examples of different marketing channels:
This list is not exhaustive. Skilled marketers will develop specific approaches based on customer buying data/known behavior. This drill down matters.
Modern Marketing Requires a Multi-Channel Strategy
Customers are no longer a monolith when it comes to how they engage with brands. In case you think that’s a reference to Greek architecture: people want to see you in multiple places and have options about how they engage with you.
The way people consume media and interact with companies has almost completely changed in the last two decades. And, of course, all of the buyers are getting younger.
The traditional approach of single start-and-stop campaigns using one channel like TV or email is like a record player. Gen Zers may think it’s retro chic, but it’s not replacing Airpods.
To be effective in today’s landscape, you need to market across multiple channels. In fact, 73% of consumers reported having engaged with multiple channels before they buy.
Multi-channel marketing allows companies to go to the people. Find them where they are and serve up optimized content.
Between the thousands of screens, social media and TV channels, it only makes sense to cast a wide net. Plus, to be effective and get the best return on ad spend (ROAS), you probably have to.
Here are some answers about the nitty-gritty details of multi-channel marketing.
How Much Does Multi-Channel Marketing Cost?
The right question is: how much do you want to grow?
Obviously, you need a balanced budget. You also need effective strategies that yield actual results in terms of dollars-and-cents.
A lot of times, we get clients at YBM who have been burned by agencies, only realizing months later that they haven’t gotten new sales (just tons of random leads) or that no one was watching the metrics.
The investment needs to be managed by people who know what they’re doing. Then, track the results and adjust accordingly. You may spend anywhere from 5%-20% of your gross revenue on marketing. As long as it pays off with real, paying customers, it’s a wise spend.
How to Setup Multi-Channel Marketing?
Multi-channel marketing requires some audience segmentation. You probably know (or should know), who your typical customer is. But you can break it down further.
When you do multi-channel marketing, you’re targeting discrete segments of your audience. So, you may typically sell to 35-50 year old middle-income males. But if you’re defining an audience for Tik-Tok, you’re going to eliminate the top age bracket of that and probably lower the income.
The good news is that any marketing consultant or marketer who’s worth their salt knows the basic demographics of popular platforms. They can guide you through this segmentation process before you throw a ton of money to Pinterest when all of your customers are on Twitter.
Here are the technical steps either you or a marketer will do:
Segment your audience
Choose the platforms
Develop targeted messaging
Automate & track
Use the data wisely: adjust and focus efforts
You should probably get through a full cycle of deployment/reporting before you give up on any platform. Some take a little longer to gain traction.
Your Marketing Goals (Eyes on the Prize)
All of this is well and good but it’s a waste of time if you don’t have a well-defined goal. In other words, what will success look like? 500 new leads? 50 new sales? Get clear about what you hope to accomplish, and don’t make it a moving target.
his strategy bit is going to qualify and quantify all of your marketing efforts. Then, as you move through each quarter, you can turn up or turn down the aggression meter on any of your channels to see results.
Budget Allocation (Mind on the Money)
The last piece is funnelling your marketing dollars in the right direction. As a team, decide:
Are you buying into these platforms or experimenting with their effectiveness?
What’s the order of priority for each platform (which kid gets the most allowance)?
At what reporting benchmark will you revisit budgeting?
An eye on the prize should be matched by a mind on your money.
More Hands to Activate Multi-Channel Marketing
If your business has limited in-house marketing resources, a multi-channel marketing approach may seem overwhelming. Don’t worry.
The team at Your Business Marketer has expert understanding and lots of hand (two each, in fact). Book a call today and let’s talk about upgrading your marketing efforts.