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Omnichannel is particularly important for consumer-facing businesses. That’s because 70% of consumers use three channels or more to research a purchase. An omnichannel strategy is your company’s best way to build a one-of-a-kind customer experience for your customers. Take Bank of America, for example: Omnichannel Marketing for digital marketing trends 2019 With the free BofA smartphone app, customers can do all their banking on the go. The virtual assistant “Erica” can even answer customer questions and help customers make financial decisions. Bank of America serves up helpful content to existing customers through email, their app, and their website. They also send new product offerings through direct mail and through their app. Omnichannel isn’t just important for generating new business. It’s a necessary strategy for building a positive customer experience that increases your customer retention rates. According to the Aberdeen Group, companies with a strong omnichannel marketing strategy have seen a 9.5% year-on-year increase in their annual revenue and retained an average of 89% of their customers.
Ultimately, it is the business, marketing, and brand development strategies which drive the growth of a business, so it is important to have a sound marketing strategy and branding in place before working on the digital tactics. Otherwise, it’s likely your hard work on the digital tactics will be wasted if they are directed at the wrong audience and your value proposition isn’t strong enough. The key trend here is the way digital technologies and media offer the opportunities for digital disruption. Yet digital marketing is not always used as a disruptor. As I discuss in my Digital Marketing: Strategy, Implementation and Practice book, digital marketing is more often used for market penetration than new product or market development (these are the classic Ansoff growth strategies). To give you a benchmark, this new CMO Survey research from Duke University Fuqua Business School, Deloitte and the American Marketing Association based on the views of Chief Marketing Officers (CMOs) in large US organizations is useful. It’s interesting since it translates the theory of Ansoff into practice, showing how businesses are mainly investing, but other strategies are significant.
Voice Search & Smart Speakers: The increasing use of voice search has made it important for companies to rethink their digital marketing strategies in 2020. Consider these numbers: 50% of all searches will be via voice by 2020, 55% of all American homes will own a smart speaker by 2022, 72% of people who own voice-activated speakers say that their devices are used as part of their daily routines, Voice shopping is set to jump to $40 billion in 2022, up from $2 billion today, Global smart speaker shipments have almost trebled between Q1 2018 and Q2 2019, growing from 9.36 million units to 26.1 million units. Overall, people expect to be using voice search far more in the future: Voice search plays an important role in providing all the relevant information that people are searching for through audio content. AI is getting smarter and the number of errors made by voice assistants like Alexa, Siri and Google has reduced greatly. As Digital Marketing Institute puts it: “Adopting a voice search strategy isn’t just about remaining relevant – it’s also about creating a unique and optimized customer experience that will foster relationships and build brand loyalty.”
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