Multi-Channel Selling Strategies
In the not-too-distant past, buying and selling a product was simple, if not always easy: you went to a store, found the item you needed, and took it to a cashier to finalize your purchase. Today, consumers are far more likely to look online before buying a product and they are more likely to compare different products in order to find one that comes with the best reviews and the lowest price tag. With customers utilizing more platforms to search for and purchase items than ever before, multi-channel marketing has become an essential tool for business owners. Below we will look at what multi-channel marketing is and how businesses can utilize it to increase their sales and customer base.
What is multi-channel marketing?
In a nutshell, multi-channel marketing simply refers to selling or marketing a product on different platforms. So if you’re selling coffee mugs, for example, you may have a brick and mortar store that you sell them on, but you may also have various other (mostly online) platforms that you also sell them on. Those platforms could include your own business website, marketplace websites such as Amazon, eBay, and Etsy, and social media platforms, such as Facebook and Pinterest. Each platform exposes your product to a new group of potential customers, thus maximizing your potential revenue.
Why use multi-channel marketing?
Multi-channel marketing is essential today because the way people shop has changed so much. Obviously, online shopping has completely revolutionized consumer culture and if you have a product that you want to sell, then you need to make sure it is available online. However, there are still plenty of people who prefer to shop through brick and mortar stores, but even these people utilize online resources before making a purchase. In fact, when it comes to big ticket items, most consumers tend to research and compare products online before visiting an actual store in order to make a purchase. Even if most of your business is done through a brick and mortar store, you still need to make sure your products are appearing online for customers to see.
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The bottom line is that multi-channel marketing gives you an opportunity to vastly increase your business’ sales. Each platform that you feature online will typically have a direct impact on sales rates. Furthermore, multi-channel marketing can help you build your brand and increase customer loyalty. If you have your product available on a number of different platforms then it sends out the message that you are a major player in your industry. That message is likely to resonate with consumers who want a product from a company they feel is trustworthy and experienced.
Being Smart About Multi-Channel Marketing
Just signing up for as many different online marketplaces as possible however is not the smartest way of engaging in multi-channel marketing. Instead, you want to make sure your product is reaching those who are most likely to buy it. On Amazon, for example, one product may be sold by dozens of different third-party sellers, yet most buyers will choose to buy from whichever seller gets Amazon’s coveted Amazon Buy Box, which makes purchasing simple and quick. Ensuring that your company is well positioned to succeed on sites like Amazon and eBay by maximizing the efficiency of your marketing efforts is essential.
And if you really want to succeed, you need to be aware of the limitations of multi-channel marketing. Online marketplaces, for example, have strict guidelines you must follow if you want to sell through them. These guidelines are beneficial in the sense that they provide a guarantee to customers that any retailer selling through them is experienced and trustworthy, but it can also limit your branding opportunities. Additionally, with multi-channel marketing, you will begin selling your products in multiple states and maybe even overseas. That is great news for your pocketbook, but it means tax time is going to get a lot more complicated. These drawbacks should not scare you away from multi-channel marketing since the pros definitely outweigh the cons, but if you’re going to succeed then you need to know what to expect, including what challenges may lie ahead.
Multi-channel marketing is the key to succeeding in today’s highly connected and fast paced business world. If you have a product to sell, then a simple brick and mortar store isn’t going to be enough. You need to reach as many customers as possible and as quickly as possible. With multi-channel marketing, you will see your business sales increase and you will begin to attract a larger and more loyal customer base.
