You may be familiar with the poster children for omnichannel B2C marketing -- Tesco, Macy’s and Nordstrom’s. The companies gained significant admiration for their ability to gain insights from shopping patterns and then offer that same user the perfect pair of shoes, or coupon, whenever they are ready to purchase -- be it in store, in-app or online.
In the B2B world text messages, in-store shopping and coupons are close to irrelevant. Impulse buys never happen, acquiring a new customer unsolicited is unlikely, and while e-commerce does exist, its intent is entirely different. It’s not surprising that omnichannel is not a hot buzzword in this space.
The question remains “why?” Is it because it’s not relevant or because it’s relevant, but still too complex to generalize? Will omnichannel as a trend carry a significant shift in how we operate in the entire business world in the next few years?
Buzzwords are very similar to genetics as there is a type of natural selection, which actually makes them valuable. Different concepts mutate and they use a poster-term like “omnichannel” to describe the more complex process behind it. But their survival depends on their ability to replicate. They stick around in practice only if they actually work and replicate across customers and professionals -- if solutions are provided, people implement them, see results and talk about them.
So in order to even try and foresee which trends will translate the short-term buzz into long term impact, it’s valuable to look at the underlying principles in practice and see if what they bring to the table is something that CMOs would go ahead and re-implement in new companies.
Universal Omnichannel Principles and How They Apply to B2B
On a high level the impact of omnichannel principles can be divided into two groups:
- You aim to centrally manage execution across all channels consistently, reducing cost and time to market.
- Simultaneously, you try to measure and consolidate data across all channels to determine which combinations of channels and interactions have the biggest attribution to the bottom-line (increasing conversion rates and revenue).
Omnichannel as a trend is very much about a universally relatable concept: less cost, more revenue. Marketing needed a shift from a black box concept into measurable attribution. Multichannel didn’t solve this problem because of redundancy, and cross-channel didn’t solve it because of incompleteness. The omnichannel trend is the evolved response to both. It’s not a once size fits all solution to all CMO problems, but as a process it’s a significant step in the right direction.
Omnichannel forces you to consolidate all data, platforms and process and remove any redundancies, but this is only the first step through a true, real time experience. Tailoring real time relevancy across channels is impossible without a 360 degree view.
So in an alternative non-shoe related example, how would a B2B organization have to adjust in order to get this view? It’s simple -- by removing all inefficiencies in process, data and technology.
1. Remove inefficiencies in your process:
Map what “omni” or “all” means in your case -- what channels are relevant? I like to use “POEMSS,” an acronym for Partner, Online, Email, Mobile, Sales and Social. In true omni-fashion you could add a lot of things there as well, including e-Commerce, SEO, SEM (e-POEMSSSS?) and, of course, there might be more channels relevant to your business. The point is to look at the different pairings side by side and try to question and remove every redundancy in process: