Editor’s Note: For banks struggling to establish relationships with Millennials, “Banking & Millennials” is a three-part blog series that explores the savings/investing potential of this group, exposes why popular stereotypes are dead wrong and suggests a roadmap for setting your bank apart from the competition. This is the third and final installment.
People are communicating constantly—on every conceivable channel and with astonishing frequency—making omnichannel marketing essential for nearly every industry. Banking is no exception. Banks need a presence in heavily trafficked mediums to ensure maximum reach, especially considering that one of their primary target audiences is Millennials. This group is never without their smartphones and consumes content from dawn to dusk. But what is the value of your omnichannel reach if your message is all wrong?
Earlier this year, we provided a sneak preview into our Omnichannel Brand Index (OBI) at a couple of conferences. I’m glad to report that our approach was well received and has helped some of our clients solve part of the conundrum that is the omnishopper journey. More and more of our clients are looking to innovative research to understand this complex consumer, inextricably linked to the consumer and shopper journey that is already one of the most intricate of research problems. To be clear, the omnishopper journey adds a layer of complexity that pushes the boundaries of traditional research methodologies. Furthermore, traditional purchase funnels and loyalty loops do not always take into consideration the holistic understanding of the person making the decision, and this phenomenon is exacerbated when one of the guardrails we can use in our purchase evaluations is technology.
Our own research into the omnishopper journey has defined a clear decision-making ecosystem that takes into account the person—and not just the consumer—making the decision. Cultural beliefs, demographics and lifestyle choices form the gateway to our purchase decisions and these inform who the person becomes at the point of sale.
If you’re struggling to untangle the omnishopper journey web, this article will:
Reveal the three core needs of the omnishopper, as we believe it is impossible to understand one without the other
Share a few of the brands and sectors that omnishoppers believe are setting the standard, according to our self-funded research
Outline some of the research techniques you can use to untangle the web that is the omnishopper journey
Announcing Market Strategies’ Omnichannel Brand Index
Omnichannel marketing—the use of multiple channels in a customer’s shopping experience—has developed at a furious rate as brands develop their strategies around ever-increasing marketing opportunities. Whether using traditional methods for brand differentiation or venturing into mobile, social and online channels, brands have to strategize, measure and evaluate their activities to maximize ROI. We have found that at these three stages in particular, properly designed and executed market research is the killer app for omnichannel marketing.