Lately, I've been writing and speaking on what I predict is next generation marketing: Multi-channel marketing, aligning sales, marketing, communications and the call center through applications tied together using Service Oriented Architecture.
Simply stated: The technology allows all customer touch points to see 360-degree historical customer views in real-time, increasing customer experiences and opportunities to up-sell and cross-sell. The process focuses on inbound marketing, cutting costs while increasing revenues anywhere from 10 to 40 times, according to research analysis recently released by major consultancies.
The question often asked: Is next generation marketing for everyone? No. Like all strategies and tactics, multi-channel marketing is designed for those companies best prepared to take advantage of it. Those companies are B2C and established with customer bases that come close to the ideal 80/20 (serving 80 percent current customers, 20 percent new customers). The ideal industries are:
- Insurance
- Banking
- Investment
- Retail
Why do I believe multi-channel marketing is not only next generation but the most important marketing strategy since TV advertising first came a reality? It meets and exceeds all the criteria required of marketing by executive teams.
- Reduced costs (outbound marketing is expensive with low response rates)
- ROI (estimates range from 10 to 40 times more profitable than outbound marketing)
- Increased revenues
- Great customer experiences (touch points know what customers want and need in real time and can meet or exceed those wants and needs)
- Enhanced customer evangelism (happy customers spread word or mouth marketing)
- Improved brand image
