Omnichannel analytics allows you to gather and analyze data about how your customers interact across all your business’s touchpoints. The insights from omnichannel marketing analytics can help you deliver a highly personalized experience for your customers, making them yearn to revisit your business sooner.
Marketing has tremendously evolved over the last decade, with personalization being the most effective strategy. Compared to 47 percent in 2017, 60 percent of consumers in 2021 say they’ll become repeat customers after a personalized shopping experience.
In this post, we’ll show you what is omnichannel analytics and how to use omnichannel analytics solutions to improve customers’ experience across all your business channels. Brace up for an informative read!
Omnichannel Analytics: Key Metrics and Data Points
Tapping into customer data and using the insights to develop your omnichannel strategy helps you improve your buyers’ journey, and, consequently, makes interaction with your business a seamless experience. You can use the key metrics below to gather and analyze data correctly:
1. Identify the Omnichannel Metrics Relevant to Your Business
You can identify the metrics that truly matter to your business by pinpointing key performance indicators such as conversion rates across various channels and customer lifetime value. Knowing the metrics also helps you understand the intricate paths customers traverse while engaging with your business.
2. Decide on Data Sourcing Strategy
Next, you have to decide how you source omnichannel data. The best omni channel measurement strategy may require extracting data from online platforms, physical stores, communication avenues, customer service interactions, and your other business touchpoints.
Also, effective data integration and synchronization are the linchpins of actionable insights. Streamlining data through a centralized repository, ensuring real-time updates, maintaining data accuracy, and employing advanced analytical tools collectively forge a solid foundation.
How to Perform Omnichannel Analytics in 5 Steps
Omnichannel analytics empowers businesses to harness insights from diverse customer interactions across various touchpoints. To effectively navigate this terrain, follow these five essential steps:
1. Select the Right Analytics Tools and Platforms
The first step in your omnichannel tracking is deciding the ideal platform for your company. There are many readily available tools for omnichannel data analytics, but you must consider your budget and unique needs.
Some features are common to reliable retail omnichannel analytics tools, such as real-time omnichannel reporting, customer behavior tracking, predictive analytics, cross-device attribution, channel performance analysis, and more.
However, you may want extra offline features like location tracking, depending on your business needs. In this case, try finding a custom solution or special extension, as many tools don’t necessarily offer offline features.
2. Define Your Data Sourcing and Collection Strategy
Your customers’ omnichannel journey analytics begins with the data. So it’s vital to define how you source data. An experienced omnichannel analyst would source and collect data relevant to your business from various touchpoints, spanning online and offline channels, customer interactions, and transaction records.
After determining your data sourcing and collection strategy, you should also develop a comprehensive method to organize this data for actionable insights. Leverage popular data collection tools and techniques, such as adding cookies to your sites and apps, using tracking codes, and creating surveys to ensure a holistic view of customer behavior.
3. Integrate Data and Analytics into Existing Systems
Once you’ve decided on the tools that align with your business needs, it’s time to integrate your current data streams into them. High-quality omnichannel data analysis tools allow you to connect with other third-party software like SAS omnichannel analytics and Google Analytics for more integrated marketing analytics and insights.
You can also include Mandala Analytics in your multichannel analytics systems. Mandala Analytics is one of Mandala AI’s digital marketing analytics tools, with incredible features that provide you with cross-channel data insights across your social media accounts.
4. Prioritize Key Performance Indicators (KPIs) and Relevant Metrics on Your Dashboards
A typical omnichannel statistics and analytics tool has many helpful features for your business, but not all of the qualities may be relevant to your overall omnichannel strategy. By defining clear KPIs and metrics aligned with your business goals, you should be able to discern what’s beneficial for your business and what’s not.
Next, customize your dashboards with the features relevant to your business, prioritizing those features in their order of importance to your company. The main features you may want to look out for include channel performance analysis, user experience (UX) analytics, customer segmentation and targeting, and more.
5. Utilize Business Performance Measurement and Reports
When it comes to measuring the impact of your omnichannel strategy, analysts start by measuring three things: user engagement, revenue, and attribution. Later, they might bring in other metrics to determine the success of your overall omnichannel strategy.
While using an omnichannel analyst is highly recommended and may be necessary, you can add omnichannel reporting tools to spice up your performance measurement. Also, use business-specific tools like retail omnichannel tracking or eCommerce analytics solutions for an eCommerce business.
You may also use unified analytics platforms that provide adequate and insightful simultaneous measurement and reporting across all your business channels, including in-store, on-page, emails, social media, and targeted ads.
How to Leverage Insights From Omnichannel Analytics for Marketing Strategies
The goal of omnichannel analytics is to draw useful insights that can promote a data-driven marketing strategy. Below are our two cents on how you can leverage the insights from your customer journey analytics:
1. Make Data-Driven Decisions to Improve Customer Experience
Omnichannel analytics empowers marketers to discover patterns and trends that can bolster customer satisfaction while interacting with your business. Armed with these insights, you can tailor your marketing initiatives to cater to specific customer preferences, pain points, and behaviors.
This marketing approach adds a touch of precision and relevance to your strategy, causing you to enhance the overall experience of your customers and foster satisfaction and loyalty to your brand.
2. Prioritize Personalization and Targeting Across Channels
Leveraging omnichannel analytics and marketing automation insights, you’ll gain an intricate understanding of each customer’s cross-channel engagement with your brand. This knowledge can help you build better and more effective personalization techniques.
With personalization at play, you’ll easily create meticulously crafted marketing messages unique to (and that resonate with) each customer across all your business channels. The result, of course, is a seamless, harmonized experience that transcends channels and nurtures enduring customer relationships.
3. Optimize Campaigns With Omnichannel Insights
Omnichannel analytics in today’s marketing landscape helps to drive effective marketing campaigns and conversion rate optimization. The insights from omnichannel analytics and reporting can enrich your marketing campaigns with lots of data points that help you leave no stone unturned.
These valuable omnichannel insights also help you unearth the effectiveness of each channel, enabling you to identify high-performing platforms and recalibrate resources for maximum impact. With data as the driving force, campaigns evolve from mere endeavors to strategic endeavors, yielding superior return on investment (ROI) and customer engagement.
How to Measure Success and ROI
The success of your omnichannel marketing campaigns depends on your established KPIs. It’s essential to check regularly whether the results you are having from your campaigns align with the established KPIs.
Some common KPIs you can set to aid your omnichannel ROI measurement are
- Number of customer interactions
- Customer lifetime value (LTV)
- Cross-channel conversion rate
- Click-through rate
- Customer satisfaction
For instance, if your KPI is to improve customer click-through rates (CTR), you should measure the CTR daily, weekly, or monthly to see if it aligns with your business goals. If you’re behind in your target, consider it an opportunity to redefine and tweak your approach for better results.
3 Best Tools for Omnichannel Analytics
1. Mandala Analytics – Social Media Tracking Tool
Mandala Analytics is an excellent AI reporting and analytics tool trusted by many social media marketers in Europe and Asia. Mandala Analytics builds on Mandala Cosmos to provide ready-to-use, comprehensive data that gives you insight into social media discovery, content creation, and social listening.
Aside from that, you’ll also get real-time actionable insights on your social media campaigns, which help you to quickly decide what works or doesn’t. Additionally, the insights from the multiple features can provide you with business intelligence to help you take your omnichannel strategy to new levels across all your social channels.
Some useful metrics Mandala Analytics helps you track are as follows:
- Social listening
- Social data analytics
- Progressive workflow
- Influencer analysis
- Social benchmarking
- Insight analytics, and more
2. Google Analytics – Website Analytics Tool
Google Analytics is always a necessary tool to include in your omnichannel analytics arsenal, mainly because it is directly connected with the Google search engine – the most used and profitable search engine in the world.
Google Analytics delivers free web analytics that helps companies to analyze their website traffic. You still need to add other tools for an effective omnichannel strategy since Google Analytics can only track information about your visitors once they reach your website.
Your website should be a central hub for all the different advertising and marketing touchpoints in your business. This being the case, it’s important to track your website performance and how customers relate to it.
Some of the common metrics Google Analytics will help you monitor are
- Number of users and sessions
- Bounce rates
- Google Ads campaigns and results
- Ratio of new to returning visitors
- User behavior
- User demography, and more.
3. Databox – Collect Data and Generate Reports
Databox is an omnichannel analytics tool for building powerful KPI dashboards. It allows you to gather all your metrics in one place so you can evaluate your business’s performance across all your targeted channels.
Another incredible feature of Databox is the ability to build specific dashboards for different roles within your company. For example, your sales team could get a dashboard, while your marketing team gets another dashboard on the same account. Plus, each dashboard can be streamlined to the different departments’ unique processes.
Additionally, Databox offers multiple integrations that can transform your omnichannel marketing for good. Some of the different dashboard integrations you can plug into Databox include:
- Google Analytics
- Twitter (now X)
Future Trends in Omnichannel Analytics
The sky is the limit for what businesses can do with omnichannel marketing. As the strategy is still in its infancy, insights from omnichannel analytics can open a Pandora’s box for the future of omnichannel marketing strategies.
Here are three trends to look out for in omnichannel marketing and reporting in 2023 and the near future:
- More digital-centered brands will enter the brick-and-mortar space. The massive shift to online shopping was steered by the pandemic in 2020, but many consumers are still much interested in personalized in-store experiences.
- The increasing demand for more personalized experiences among consumers is here to stay. As a matter of fact, businesses that don’t prioritize their customers’ personalized experiences may lose them soon enough.
- Social selling through video content will be on the high. The rate at which people buy products directly after seeing a social media video advertising a product is rapidly increasing and is likely here to stay.
Take Your Marketing Strategy to the Next Level
Omnichannel analytics helps marketers and businesses to measure the effectiveness of their omnichannel strategy. With the right analytics tools, you can quickly pinpoint different areas of improvement to get better ROI with your omnichannel campaigns.
To make massive progress in your omnichannel strategy and improve your customers’ experience when they interact with your business, we recommend that you use the best omnichannel tools.
If you’d like to know the best omnichannel analytics tools ideal for your business, please contact us now. At Mandala AI, we are willing and always ready to help you achieve your core marketing goals!