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Cross-Channel Engagement Benchmarks for 2022

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Cross-Channel Engagement Benchmarks for 2022


The role of marketing is changing, requiring marketers to know how to effectively reach customers across various channels based on consumer preferences and behaviors.

In particular, customer engagement across digital channels (such as social media) is rapidly growing. How much are consumers engaging with brands on different digital media? And how is this impacting the consumer decision process?

Cross-channel customer engagement is already changing the game in customer service. Organizations that have combined online and offline customer engagement strategies have happier, more loyal, and more profitable customers.

Marketing- A Cross-Channel Reality

Marketing is no longer a single entity. It has become a multi-channel marketing activity.

Treating every channel as an isolated entity is no longer a viable option. Instead, businesses must tailor their marketing strategy to ensure that customers are engaged across multiple channels—and that they are receiving an optimal experience everywhere, too.

Marketing automation has become increasingly necessary to achieve this goal. By automating campaigns, communications, and other processes across multiple channels, businesses can deliver a more consistent and streamlined experience for their customers. In turn, this can help drive more conversions, leads, and sales opportunities.

The first thing to remember about marketing is that everything is changing. And the second thing is that everything is changing faster than ever before. One of the most significant changes going on right now in marketing is the move from a one-channel to a cross-channel approach to digital marketing.

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Trying to manage your business’s marketing through just one digital channel (such as your website or just social media) will become increasingly inefficient over time. Marketing channels will be more closely integrated; there will be more demand for data and analytics, and customers are expecting a more integrated experience across all channels.

What is cross-channel customer engagement?

When it comes to your customers, the lines between channels are blurring. That’s because the more you engage with them in each channel, the more likely they are to buy from you.

Cross-channel customer engagement is a strategy that relies on using various channels to engage with customers in multiple ways, so they’re more likely to buy from you.

The main goal of cross-channel customer engagement is to grow sales by better engaging with customers across different channels. It’s important to note that this is not just a one-way conversation where brands talk to their customers. Instead, it’s an ongoing discussion between the two parties.

What is a cross-channel customer engagement benchmark?

When we talk about benchmarks, we usually refer to an industry standard. Benchmarks are standards that separate the best from the rest and provide clear directions for companies to follow.

First, let us understand what a benchmark is. A benchmark is a standard by which something can be measured or judged. It is a point of reference from which measurements can be made and compared with other results.

Benchmarking is a management tool that allows organizations to identify best practices and replicate them across their business processes, products, services, and strategies. It aims to measure organizational performance against competitors, peers, or best in class.

There are many ways that one channel can provide value for another; however, cross-channel engagement is the holy grail of marketing channels because it could yield higher sales than any other marketing method.

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What are different ways to enhance cross-channel customer engagement?

By sending promotions and coupons via email, direct mail, and social media platforms.

By emailing customers who have purchased a particular product or have visited a specific section of your website and offering them additional products or services.

  • Calling customers who have purchased a certain product or visited a specific section of your website and asking if they need assistance with their purchase.
  • Using targeted ads on search engines, social media platforms, and emails to locate potential customers based on their previous searches, social media activity, and purchase histories.
  • Following up after an initial sale with an offer for a free consultation about how best to use the product you just sold them.
  • Have sales representatives who can answer questions about your products over the phone so that people don’t feel they need to return to your website or store location for information repeatedly.

What are the different customer engagement programs that can help your business? 

With the right technology and know-how, it’s possible to engage with a customer on their mobile device as they browse your website and then re-engage them when they’re browsing in-store and finally recommend products to them via email.

Customer engagement programs include marketing programs such as:

  • Email Marketing
  • Text Messaging Programs    
  • Mobile Apps
  • Social Media Marketing
  • Loyalty Programs (e.g., Club cards)
  • Coupons & Promotions
  • Reward Programs
  • Social Networking Sites (e.g., Facebook)

Customer engagement strategies include rewarding customers for purchases, encouraging repeat purchases, and gaining feedback from customers using social networks.

They help businesses gauge their customers’ level of satisfaction with their service and how loyal consumers are to a given brand or product line. Companies can use this information to make strategic decisions about where to allocate resources and improve upon the customer experience.

What are cross-channel customer engagement benchmarks?

While there is no one-size-fits-all approach to customer engagement, there are specific benchmarks brands can follow to increase their success with each channel.

Customer Experience (CX) is one of the hottest topics in B2B Marketing. It’s not surprising since the average attention span of a human being is getting shorter and shorter, and people are more and more impatient about so many things, including their customer relations.

To measure how customers are engaging with a brand, companies look at metrics such as Average Order Value (AOV), Customer Acquisition Cost (CAC), and Customer Lifetime Value (CLV).

Average Order Value

A measure of the average amount that customers spend on each order. It can be calculated for an entire business or a specific product or category. It is also known as average order quantity (AOQ). AOV is one of the key measures used to gauge sales volume and profitability.

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Customer acquisition cost (CAC)

It represents the total costs required to attract and acquire a new customer, including investment, salaries, and overheads. It is calculated as the sum of all marketing and sales costs divided by the number of customers acquired during a given period.

Customer Lifetime Value (CLV)

It is the customer’s total value throughout their future relationship with your company. It’s calculated by considering the average order value and the length of their relationship with your business. The term “lifetime” is used because customers can remain valuable to your organization for many years, even decades if they continually return and purchase from you.

Cross-channel customer engagement benchmarks enable us to benchmark ourselves against similar companies operating in the same industry. By benchmarking ourselves against competitors, we can see how we are performing relative to our peers in the industry.

What is customer engagement KPI or user engagement KPI?

KPIs are trending toward cross-channel measurement. We’ve identified six main KPIs emerging as the most important for marketers to measure and benchmark in the next few years.

Key Performance Indicators (KPIs) are the metrics that matter to your business, and they’re critical to measuring the health of your CX efforts.

The suitable KPIs will vary on a company-by-company basis, but many companies already adopt these three broad categories: customer satisfaction, retention, and conversion rates.

Given the constantly changing digital landscape, it’s essential to monitor your performance across time and other metrics such as KPIs, engagement, or revenue. Benchmarking your CX efforts helps you keep track of progress and identify areas of improvement.

What are the customer engagement KPI types involved in cross-channel marketing?

When it comes to measuring the efficiency of your cross-channel CX efforts, there are three main KPIs you should focus on:

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Customer satisfaction

After dealing with you, customers have an overall opinion or feeling about your brand. You should monitor using NPS surveys or similar tools to make necessary adjustments when needed.

Customer retention

It is one of the most straightforward measurements for your marketing efforts. By simply looking at the average lifespan of a customer, you can determine how loyal your customers are.

Retention is necessary because it shows that your customers are happy with the overall experience with your business. After all, it’s a wise business decision to ensure your customers are satisfied and keep them coming back.

Conversion Rate

Sales conversion rate shows how many prospects purchase reaching out through a particular channel. Conversion rate is a metric that compares the number of leads or requests to a business’ website to the number of sales or leads converted. This measure is indicative of your company’s ability to capture leads and turn them into sales.

What will cross-channel customer engagement benchmarks take into account in 2022?

Customer retention is vital for growing your business—and it starts with being able to identify the right audience. Companies must understand their customers across different channels before engaging with them.

By knowing why customers take certain actions and respond to specific messages, businesses can create more targeted interactions that foster loyalty and bring in new customers while boosting overall revenue.

The consumer journey has evolved. It’s no longer a linear path from awareness to purchase but rather a multi-step process that can include product research, reviews and ratings, price comparisons, and more before a purchase is made.

Tying together these touchpoints across multiple channels and devices has become essential for meeting the needs of today’s informed customers. The cross-channel engagement benchmarks provide an industry-wide view of how businesses perform those tasks.

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How to measure cross-channel customer engagement?

 The first step is to identify which channels you have at your disposal and how you can use them for CX.

Retention is also a valuable indicator of success since it shows you how many customers are coming back to your business and how often they come back. One way to do this is via coupons and discounts, but there are other ways to retain customers, such as loyalty programs or regular discounts.

The most critical measurement for cross-channel customer engagement is customer satisfaction. This can be measured through surveys, live chat, email, or phone calls.

Finally, measuring the efficiency of your cross-channel efforts means looking at the cost per acquisition (CPA) and cost per action (CPA) for each channel. You should determine which channels are the most efficient for your business and where you can cut costs if needed.

For example, you can look at cross-channel CX benchmarks for specific applications (like social media), but this does not provide an accurate picture of your overall performance. You need to understand how these tactics relate to each other and how they support your company’s strategic objectives across all channels.

How can your brand keep up with the rapid pace of change in digital marketing?

Cross-channel customer engagement is a new way of thinking about all the ways your customers can interact with a brand. As channels continue to multiply, how can you ensure your messaging remains consistent and cohesive?

Loyalty programs are one of the most direct ways to engage with customers and reach them across multiple channels.

Contact centers are moving away from a linear model to a cross-channel one where they’re delivering consistent, personalized experiences across all available channels. This shift gives customers the ability to reach out to enterprises whenever and wherever they want while providing better service.

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Facing intense competition, contact centers seek new ways to engage with customers on their terms to deliver tailored service. They’re going beyond voice and email to create a more seamless customer experience across all available channels.

Building a cross-channel customer engagement program for marketers and consumer product companies is the holy grail. The allure of reaching customers across multiple channels, from online to offline, from desktop to mobile, from store to home, is powerful.

Truly integrated marketing campaigns that span online and offline channels can deliver more relevant and practical message delivery than traditional marketing methods that focus on one channel at a time. However, marketers must align their sales and marketing efforts across channels and departments to achieve this goal.

Wrapping Up 

Customer engagement benchmarks are used to determine how well a company’s sales and marketing efforts perform. By comparing current engagement performance concerning market-based benchmarks, companies may make strategic decisions regarding their customer relationship management (CRM) programs.





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“Measuring is easy”, said no one ever

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Cross-Channel Engagement Benchmarks for 2022


Source: Booster Box elaboration

Understanding the role that each touchpoint plays in a conversion is crucial for budgeting, allowing devotion of funds to the most effective touchpoints while diverting funds away from ineffective channels. 

Multi-touch attribution models have been proven ineffective for two reasons: 

  • the platforms are sealed off from each other in terms of attribution;
  • the models are not good at tracking the real-life, messy-middle, customer journey and thus provide unreliable feedback. 

At Booster Box we have built MMMMachine – Marketing Mix Modeling Tester, a terrific weapon to combat this, accurately measuring the value of different marketing efforts.

The cookieless wasteland

Source: Vyshnavi Bisani, Unsplash

The advertising world must face the change that the cookie apocalypse is bringing. As of now, almost half of open web users’ actions are untraceable on Firefox and Safari. This number is bound to increase with the upcoming loss of third-party cookies. 

Faced with this situation, it is essential to safeguard the performance of marketing campaigns and limit any disruption to tracking and revenue. Unveiling the real path to conversion through Marketing Mix Modeling (a.k.a MMM) is a viable, ready-to-use solution in a landscape of new privacy norms.

Understanding incremental value

 

Source: Booster Box Photoshoot

Ad budgets don’t grow on trees or fall from the sky. Therefore, investing in ads where customers would have converted anyway, and/or investing in non-converting campaigns is a huge mistake and waste of resources.

Marketing teams who are keen to allocate capital efficiently are always at the frontline in the battle to understand incremental value, cross-channel impacts and marginal returns.They make data-driven ad spend decisions accordingly. 

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Not a pipe dream

A marketing team’s main ambition is to be able to forecast the likely outcomes when deploying a specific set of tactics, thus reducing any deadweight loss by reallocating inefficient spend to the most effective touchpoints. This can be achieved: with a lot of science, data analysis and modeling- three areas Booster Box excels in.  

Come and see me present on this topic in more detail at Hero Conf London.

 

 

The post “Measuring is easy”, said no one ever first appeared on PPC Hero.



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