Want to know about Omni Channel Marketing? Here is a quick snapshot.
E-Commerce has grown some serious muscle, and everyone is on it. Retail is currently five times the size, still. Both are here to stay and the pie gets bigger – consider USD 31 Trillion dollar big by 2024 (Statista)
Now consider the countries contributing 48% to the USD 27 Trillion retail sales of 2021and then you can picture the future size of the prize based on the population.
Retail sales are projected to be USD 31 Trillion by 2025. With this massive jump would also come the investment in Retail Technology/Consultancy:
That sums up the Size of the prize and the future of where we are headed on this journey. ?
On a lighter note, then how should all this come together into a strategy framework. Here is an example of an Omni Channel Marketing Strategy for a fashion Brand just to rope in what has been discussed so far.
1.?????Influencer marketing:?Partner with fashion influencers on social media platforms such as Instagram and YouTube to showcase the brand's latest collections and products. This will help to increase brand awareness and reach a wider audience. Select influencers that are like-minded, build relationships with them over time and build community with such collaborations. Influencers contributed USD 3.6 billion last year. The power will only increase as third-party cookies vanish in the near future.?
2.?????Store activations:?Host events and pop-up shops in key retail locations to give customers a chance to interact with the brand and its products. This can include fashion shows, styling sessions, and product launches. Get the customers to know you better and help them to get your point across by creating these bridges.?
3.?????Public Relations:?Leverage traditional and digital media to build brand awareness and positive sentiment. This can include press releases, media events, and collaborations with fashion bloggers and editors. Look at the opportunity for photoshoots, exclusives, and even discussions based on design, mood boards color palettes for the season. Acquired knowledge is loved and has its value. You add to your community’s knowledge by aiding in it. Remember, you are building a community it will take all channels and touchpoints to contribute to the effort.?
4.?????Email Marketing:?Create a database of customers and use email campaigns to promote sales and new product launches. Use segmentation to target specific customer groups with personalized content.
5.?????Social Media:?Create a consistent brand voice and visual aesthetic across all social media platforms to increase brand recognition. Use a mix of content such as product shots, behind-the-scenes, and influencer collaborations. Study trends and colors. Research what does your target market find viral, and what is it that they are seeking – serve it in your brand voice. With awareness, and building content, it is not for the brand, it is for the consumption of your current and potential customers. The better you can speak their language, the more rewarding will their wallets be.?
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6.?????Website:?Create a responsive and user-friendly website that highlights the brand's products, collections, and events. Use retargeting ads to drive traffic to the website. Study the traffic on the website, the usage, and the events that are created. Use Hotjar, spot heat maps, and study how to make an easier and faster customer journey. This will also help in customer retention & less abandoning of the cart.?
7.?????SEO:?Optimize the website with keywords and meta tags to increase visibility on search engines. This is an ongoing exercise as the algorithm of Google itself keeps changing. Within your sector/segment, keep checking and reviewing.?
8.?????Paid Advertising:?Use paid ads on social media, Google, and other platforms to reach a wider audience and drive website traffic. The funnel must be big however the quality of the funnel has to be defined too. Based on the cohorts you seek, test, and navigate to create a base of potentials that will allow warm attribution leading to a higher percentage of sales.?
9.?????Loyalty program:?Implement a loyalty program to reward customers for repeat purchases and encourage them to share their experiences with friends and family. Reward them on referrals. Create an Integrated Loyalty Program. Look for examples like Cupshe. Fine-tune them to your brand.?
10.??Mobile App:?Create a mobile app to provide a seamless shopping experience for customers on the go. Offer exclusive discounts, promotions, and push notifications to keep them engaged. Create an App that switches in-store, allows a walkthrough for your customer, ease of scanning products and descriptions, and has expert staff to help understand styles, colors, and fits. Take an example from Sephora. It makes navigation a breeze. Once you enter the store the app switches and becomes more targeted to your profile. That is a level of customization that you should seek.?
11.??Visual Merchandising:?Impressive shop fronts inspire imagination, are socially shareable, and excite your community. Think of Harrods Winter Wonderland or the Saks Fifth Avenue Holiday season windows – better still, look at Louis Vuitton’s storefront and see how they build on inspiration season after season. No doubt then, even when you are not a Louis Vuitton Customer, the brand is always around you in the social sphere radiating its aura.
12.??Technology:?What if you could create a physical place into a digital one? No, I am not referring to the Metaverse, but retail spaces in Malls with a high turnover of footfall would love to get an attendance. Beacon Technology aids in sending messages to passers-by to the shop’s unique offering, Secret Sales, a Hide n Seek of sorts – like Harvey Nichols – it will never advertise sales and store you could be surprised while paying indeed the product carried a hefty discount. It’s just that you never knew. It surprises you as a customer, makes you smile, and wants you to visit the store again for more. Beacon technology aids in drawing customers to the store, while the data helps you understand what works and what doesn’t. In essence, the digital aspect of the physical footfalls is better gauged by the efficacy of messaging and translation to sales.??The beacon technology market size will be around USD 25 Billion by 2024 – Considering the Beacon Tech would be around 11 years old by then – tells you how fast the Retail Market has developed – to adopt the tech. The biggest regions where the growth would come – no surprises it would be from LAMEA – that’s how critical it is.?
13.??Trend Research:?A sentient Retail brand, would do well to invest in Trend Research, predict styles, designs, and themes, introspect on color palettes, and technology trends, assess the impact on business, best cases/case studies, – break it down, and simplify for Marketing, Sales, and Retail teams to allow for an aware team, that loves talking about the acquired knowledge. It works wonders, invest in it.??
Before I sign off, here are some generic tactical ideas at the implementation stage of the Omni Channel Marketing strategy above:
Outbound Activations:
This wraps up the snapshot.