I just need a few well thought out replies to a few discussion posts. Will post the discussion posts below the requirements for the replies. 100-125 words per discussion reply. The class is Marketing and the subject we are discussing is Dealing with an omni Channel World.
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Discussion Post 1: Scott
Omnichannel marketing is not necessarily different than multichannel marketing, but it is an improvement on the idea that provides more feedback to the business that results in a more personalized marketing effort toward each consumer. Multichannel marketing is traditionally seen as contacting customers through a variety of direct and indirect channels. These may include direct mailings, catalogs, emails, text messages, retail stores and their corresponding websites. Each channel has a reach to a different market segment, so marketing professionals face a challenge in order to send a properly tailored message to the consumer through each channel. As stated in the “7 Big Problems…” article, “The fundamental problem is not the maximization of a particular channel, but the interfaces that link between channels. Think of these as drop offs and hand offs between channels (Jaworski, 2016).” An omnichannel is a multichannel system that is aware of these channel ‘hand offs’ and is able to present the consumer a message of continuity. Traditional marketing approaches are not dead in an omnichannel world, but they will become less successful in the marketplace as marketers become savvier and customer expectations/experience/exposure increase.
Firms need to collect more consumer data and make it available for strategic use across all channels. For example, consumer data that is collected from an in-store purchase needs to translate in changes to the messaging they receive through e-mails, snail mails, YouTube advertisements, and amazon purchase suggestions. This data can be very useful in predicting, promoting, and reinforcing consumer behavior.
Discussion Post 2: Stephen
A primary distinction that differentiates Omni-channel from multi-channel is that in an omni channel world data points, insights and strategies are ideally housed under one analytical and decision-making umbrella. Whereas, in the multi-channel world data points, insights and strategies could be handled well in silos with each channel being handled by specific subject matter experts and unique success metrics.
For the most part traditional marketing approaches do work in an omni-channel world but the target market segmentation, use of data and analytics and an overall digital transformation are necessary to ensure a cohesive execution of vision and evaluation of effectiveness. Herein lies the challenge for the marketing units within more established firms. As firms go further down the road of the digital transformation, key data sets are under the auspices of either IT or Business Intelligence teams. As such, marketing departments have lost some autonomy and authority over key performance indicators and measuring the full impact of a marketing mix. Some firms have addressed this by creating a new C-Suite position called a Chief Brand Officer or Chief Business officer and then having the CMO report into that person. The idea is to bring marketing and related non-marketing functions under one authority.
Big Data is an overwhelming challenge that firms of all sizes need to deal with. With presumably actional data being triggered by everything from adjustments in the supply chain due to environmental factors to end user actions captured from the use of web site functions or some other Internet of Things action point, companies can easily run into an issue called analysis paralysis. Essentially insights are different from data and simply collecting data does not produce insights.
The Wall Street Journal just did a piece about GE and their very costly foray into trying to bring all of their data across all of their products into one app that was to be used internally initially but would be a first step toward a public facing GE Digital and a potential cloud computing business. A key factor that they failed to comprehend early on is that across all of their product, there were different data generation protocols. The net effect of deciding to bring these data points together without a standardization strategy was an excruciatingly slow platform that produced no real insights or efficiencies.
Discussion Post 3: Brian
Although Omni-channel marketing and Multi-channel marketing share a great deal of characteristics, they do differ from each other too. Both share the use of advertising and keeping their name in front of customers through several different avenues, omni-channel takes it to the next level by putting the consumer first and trying to build a relationship with the customer’s through data to hit on key points that draw customers in and retain them for future purchases.
Multi-channel marketing is defined as a marketing strategy used by brands to connect with customers or prospects across multiple channels. The goal is to ensure brand presence, discoverability and messaging on key platforms (like social media, Google search, YouTube etc.) and utilizing mainstream channels (including email marketing, tele-marketing etc.) for reaching target audiences. (martechadvisor Pg.2)
Omni-channel marketing is defined as a marketing strategy that enables a brand to connect with a consumer or prospect across multiple channels as well- however, in this case the messaging is cohesive and consistent across channels and platforms, and above all – is contextual to the customer’s own buying journey. (martechadvisor Pg.2)
All the same traditional marketing tactics work within the omni-channel approach, just like in the multi-channel approach, omni is more building a connection with the customers to develop a better chance for brand loyalty to bring reoccurring revenue to the company. With using multichannel marketing which is the basis for both, the way the world is constantly changing there is always a new way of reaching potential customers but using all available means to get and keep your name in front of the customers increasing the chances of the purchase going your way. If you think about it logically, you the more you keep your name or product in front of the masses the better chance you have to obtain them as a customer. Catchy slogans or jingles help to keep in the forefront of the customers. They may not know your product, but if they have a choice between a brand they don’t know or a brand that is constantly there, you increase your odds of selling your product.
Discussion post 4: Akkil
Omni-channel and multi-channel are two different marketing strategies that use multiple channels to reach consumers. The multiple channels include web or print ads, social media, physical locations, website etc. In multi-channel marketing, different channels work independently with its own strategy and goals while the Omni-channel marketing focuses on giving the consumers a seamless experience across all platforms. (Pruett, 2017) Omni-marketing puts the customer in the center and the multiple channels work in harmony to give a consistent shopping experience. Deloitte’s Digital Influence Study revealed that over half (56%) of all brick-and-mortar transactions are preceded by a digital engagement. (Pruett, 2017) For example in an Omni-channel marketing strategy a customer browsing shoe photos on Instagram can see a product via an ad, buy the product online and pick it up at the store. All channels interrelate in the Omni-channel strategy and focuses on creating a stronger relationship with the consumer and the brand. (Becker, 2016) The multi-channel marketing’s strategy of casting a wide net across multiple channels can generally lack focus, resulting in a confusing and impersonal experience for the consumer.
The tried and true traditional marketing can work in an Omni-channel world. The traditional marketing can reach the demographic of consumers who are not glued to their phone. The billboards, radio and TV ads can reach targeted audience. The print sales circulars, coupon books can reach consumers who respond better to traditional marketing. But more businesses are choosing digital marketing due to the advantage of interacting with the consumer and the ability to create more targeted ads.
In an Omni-channel world, businesses need to focus on using data to create targeted messages to consumers and improve their experience. The data can be used to interact better with the consumers and use their feedback to create and market products. The data analytics can help businesses predict consumer behaviors from personal and behavioral data. The businesses also needed to be aware of the new devices such as the Apple watch or the up and the coming Apple smart glasses, and utilize them to market their products.
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