Companies are relying too much on third-party channels like social media and digital advertising.
Email, mobile and direct mail, while less popular, are better sources of first-party data easier to use without reliance on third-party data, according to The Omnichannel Difference, a study from Emarsys, conducted by Forrester Consulting.
For single marketing campaigns, brands use these channels:
The study separates brands into two categories: high maturity (customer obsessed) and low-maturity (non-customer obsessed). Only 15% fall into the high maturity segment, although 58% say they understand what it means to be customer obsessed.
The two types of companies differ in their goals and approaches.
Of the non-CO companies, 45% say improving the customer experience will be a top business priority over the next 12 months, compared to 67% of the CO brands.
Similarly, 45% of the non-CO firms seek to grow revenue, compared to 66% of the CO companies.
Another 41% of the non-CO outfits will strive to improve their products/services. But 68% of the CO organizations will do so.
More impressively, 74% of CO brands hope to improve their ability to innovate, while only 35% of non-COO companies will follow suit.
Firms that use email, direct mail,
and loyalty programs rather than broad-based acquisition methods should “continue with this due to concerns about a looming recession.”
The study advises:
“Stand out from other companies that also want to leverage the cost-effectiveness of email marketing by using context to create more dynamic, customized communications.”