Shoppers do not shop exclusively ‘online’ or ‘offline’ they shop on a ‘best fit’ basis influenced by a range of one and two-way communications across multiple channels. Multichannel marketing strategy is not merely about extending the communications and commerce pipeline to our target customers. When combined with technology it is also the means by which we can understand the complexity of modern day shopping habits so that we can optimise our marketing activity for future business growth. To do that, we need to increasingly understand the value of each channel at an individual and combined level.
Such a shift does have an impact on the internal structure and operations of your business. The very best results come from well-managed transitions that inspire positive and collaborative changes within your marketing team and horizontally across the business, particularly with the sales team(s) which can be very challenging but ultimately very rewarding.
Attribution Modelling Can Impact Assigned Marketing Budgets
Attribution modelling is about understanding what specific marketing tactics led to the conversion or sale. In today’s multichannel B2B and B2C landscape, where consumers engage with brands on a range of platforms and across multiple devices within a single purchasing journey, the single (last) touch attribution model presents an incomplete picture of marketing ROI.
We as marketers need to know what is working and measuring revenue growth, ROI and conversion rates is one thing but proving the marketing impact on business results to upper management and other business functions is entirely another. This is where successful attribution modelling really helps to increase credibility and secure the necessary budget.
Marketers that will excel both today and tomorrow are those that equip themselves with right tools to measure the impact of marketing spend in each channel at every stage of the customer journey more accurately so that they can optimise and scale up or down their per-channel spending accordingly.
Whilst attribution modelling does continue to have its challenges, rapid developments in technologies are continuing to turn this pipe dream in to a reality. Take the increasing ability to add tracking capabilities to offline channels in ways that digitally infuse offline journeys for instance.
Test technologies to develop the right mix for you. This is one part of the puzzle, increased collaboration and effective communication pipelines to tackle attribution is the other
Develop an understanding of how marketing is affecting the sales funnel to increase revenue and/or brand value. You will be able to devise influential marketing projections alongside your marketing budgets for your plans and campaigns. It helps shift the perception of marketing from being viewed as a cost center to a revenue and/or brand development machine
From Old Silo Marketing Habits to Collaborative Marketing
From experience I have found that silo marketing habits among agency, retail, leisure and professional services sector marketing teams are increasingly presenting barriers to successfully implementing multichannel marketing strategy, particularly when monitoring marketing performance. Silo working habits have inherent fractures that hinder your ability to fully leverage your collective marketing team and business strengths. Project by project collaboration is great but we need more of it, we need it to become the norm and doing that poses issues that generally fall in to two categories.
The first are the management issues relating to your organisations structure and culture. For such a strategy to flourish leaders should endeavour to have the right structures, processes, people and technology in place at a team and organisational level to support collaborative working.
The second is the ability of managers to adopt a leadership style that motivates colleagues, and facilitates effective communication and collaboration among team members and other cross functional business units.
Audit your current position and plan for improvement
Utilize team and 1-2-1 meetings to reinforce the need to make ‘the customer’ or ‘the brand’ united focus of all activity. Continue to unite, inform and excite the team around the company mission, clear SMART objectives, and align their values with the corporate and brand values
Work towards developing or recruiting ‘generalist’ marketers to be the glue that helps bind together the specialist roles that may exist within silos of your marketing team
Avoid just managing from the balcony and make time to get on the dance floor – Make time to interact with the team / colleagues in order to relate to them at a more personal level. Today’s workforce has motivations beyond pay such as doing ‘meaningful’ work, recognition, development opportunities and social involvement with the team beyond work
With Change Comes The Opportunity… To Make POSITIVE Change
Getting the best results out of a multichannel marketing strategy may need some changes to be made within the team and beyond it which at the implementation and controls end of your marketing strategy can be quite tricky. But it is always important for us to remember at this point is to remember that we are embarking on a process to bring about positive changes in line with our objectives.
The process provides endless opportunities but to highlight a few:
- Modifying the structure of the marketing team – develop more agile, innovative, influential and integrated marketing teams that can champion the customer and brand across internal departments
- Highly influential and predictable multichannel marketing data to inform decision-making
- Increasing sales and marketing collaboration projects and campaigns that increases profitability
- Letting the numbers, not hunches or intuition, drive your business decisions. Leading with intelligent data will drive you to the top of your profession.
Find ways to involve management and staff members early in the marketing process with opportunity for input and feedback that informs and encourages wider ‘buy in’ and ownership of marketing strategy and tactical planning.
Encourage collaboration and open communications on an ongoing basis for planning, projects, campaigns and news via IT. Apps and software such as Evernote, Trello, CRM systems, instant messaging and such are very good enablers.
Consultative or persuasive leadership styles are better breeding grounds for effective 2 way communication and collaboration.
We shouldn’t fear change because change brings opportunities and standing still passes opportunity by.
About the Author: Marvin Miller is a Marketing Management & Campaigns Specialist who works across multi channel marketing strategy, campaign strategy and marketing implementation. You can follow his daily updates via Twitter and join his professional network via LinkedIn