All You Need To Know About Omnichannel Vs Multichannel Marketing In 2024 - image

All You Need To Know About Omnichannel Vs Multichannel Marketing In 2024

Team Onstro on March 19, 2024 in Campaign Management

Key Highlights

  • Omnichannel and multichannel strategies are popular, as 51% of customers use four or more channels.
  • You must consider customer conversion and retention rates while facing omnichannel vs multichannel dilemma.
  • Onstro is a marketing software that is effective for both omnichannel and multichannel strategies.

Do you still use only email to stay online? Probably No. The same is true with your customers. 51% of companies use at least 8 channels for marketing purposes. So, you need nothing less than a unified marketing strategy to get to them. That’s exactly where the debate of omnichannel vs multichannel marketing arises.

Even though the terms omnichannel and multichannel sound similar, the truth is that they are entirely different. Replacing one over the other can make eye-popping differences in your marketing results. So, you need to be careful to choose the right one. That’s why we have uncovered the key points of multichannel vs omnichannel marketing.

Multichannel vs omni channel: What’s the big difference?

Let’s start with the basics. What exactly is the difference between omnichannel and multichannel? Omnichannel is a type of marketing strategy in which you deliver unified messaging across multiple social media platforms at the same time. For instance, imagine the case of a visitor who has added a product to the cart. The e-commerce platform may send emails and app notifications simultaneously to remind the lead about the product.

Multichannel marketing is a strategy where each marketing platform is separate and acts independently of the other. It allows you to set unique strategies for each platform but at the cost of consistency.

Also Read: How to improve your business performance in 2024?

5 Factors to Consider Before Choosing the Right Strategy

One of the biggest dilemmas that a marketing manager might face is multichannel vs omnichannel. Which one should you go for? Let’s check it out. Here is the key difference between omnichannel and multichannel:

  1. Conversion Rates

    One of the main reasons why omnichannel is the best is its better conversion rates. Perhaps the conversion rate is the most important metric in a marketing strategy. It is the percentage of users who buy the product. A potential customer may face many issues, especially technical ones, which can affect the conversion rates.

    An omnichannel strategy is a better approach to addressing such issues as it allows customers to purchase a product from any channel. Omnichannel avoids the need to purchase through a specific channel so that they can check out from any device, including a smartphone, laptop, or desktop. As per stats, omnichannel strategies involving three or more marketing channels have a 287% higher purchase rate than multichannel strategies with single-channel campaigns.

  2. Customer Retention

    Customer retention is a crucial component to be considered when choosing between omnichannel and multichannel. If you are struggling with low customer retention rates, an omnichannel strategy is a better option to consider. Nowadays, customers want to purchase in the most convenient manner, and for that, businesses must get in touch with multiple channels. This way, you can increase customer loyalty and lifetime value.

  3. Customer Satisfaction

    Customer satisfaction is often considered a pillar that holds a business and, therefore, is a crucial factor to be considered in the omnichannel vs multichannel marketing dilemma. Is omnichannel marketing effective for this factor, too? Yes, it has a clear-cut edge over single-channel strategies.

    In fact, omnichannel strategies are designed specifically to improve customer satisfaction by providing a unified and personalized experience. This way, customers feel more valued, and as a result, they are more likely to continue purchasing from you.

  4. Targeting

    A unique perspective often discussed in the multi-channel vs. omnichannel marketing debate is targeting. A multichannel marketing strategy involves targeting the platforms where potential customers are more active. You can track customer data and set a unique strategy for each platform, which would not be applicable in omnichannel marketing. Thus, you can reach out to customers easily through the platforms on which they are most active.

  5. Brand Awareness

    Another factor to consider while choosing between omnichannel and multichannel strategies is branding. Multichannel marketing is the perfect strategy to consider if your focus is on improving brand awareness. When you approach a customer through multiple platforms at different times, they have more chances to remember the brand. Perhaps they will even recognize your brand if you send a message through a third channel. Moreover, your brand reaches users on different platforms with an effective multichannel strategy.

Final Words

The choice of omnichannel vs multichannel strategy could make a big difference in your marketing and sales graphs. But the main point to be considered here is that whatever strategy you choose, your marketing software must be compatible with that.

Onstro Marketing is a trusted campaign marketing software that can give you a hand no matter what kind of strategy you have in mind. It helps you organize marketing campaigns and track real-time progress. Contact us now to learn more.

Team Onstro