There is a lot of excitement about “cross-channel marketing” these days, and for good reason. For businesses today, engaging with customers across multiple channels is a competitive imperative. The challenge is effectively integrating customer data into thoughtful strategies and actions that get results. Despite having a wealth of data at their fingertips, studies find that many organizations struggle to leverage customer information effectively across multiple marketing channels. This lack of integration can erode financial performance as the competitive landscape continues to evolve.
The Data Challenge
A recent study conducted by whatsnexx.com interviewed over 275 banking and financial services executives and almost half of the companies surveyed said that they are not effective at leveraging customer data. Executives fear that their lack of understanding of customer behavior is leading to a tremendous gap in delivering cross-channel customer experiences. Financial institutions are not the only organizations that are turning their attention to managing customer experience. New data from Forrester reveals it as a top priority across all major industries. As a result, customer engagement is at the top of strategic planning lists for 2014.
Multi-Channel Marketing ROI
Marketing ROI is increased when organizations integrate several marketing technologies across multiple channels and understand their impact on one another. Research conducted by CMO.com indicates multichannel marketing can improve campaign results in the neighborhood of 300% to 650% over traditional campaigns. These days, a typical consumer will use up to five different channels to discover and evaluate a new financial institution. Most check the company website, search online reviews, and visit social media in addition to traditional advice from family and friends.
Cloud CCM is a Silver Lining
The good news is that Cloud-based Customer Communications Management tools like 366° Degrees? by OMI provide a single platform to manage all of your customer communications no matter what form they take. Leveraging customer data is and much easier and more profitable as a result. You can easily do things like message personalization, target segmentation and in-depth campaign analytics. Easily reach across communication channels in social media, mobile and online formats and then quickly analyze the effectiveness of those social connections. The fundamental benefit is the ability to enable more strategic and thoughtful activity behind how your company engages with customers on an ongoing basis. Find out more today!