With CleverTap’s new report, discover how to optimize your cross-channel marketing strategy. Learn how businesses leverage multiple channels to boost engagement, conversions, and app stickiness.
CleverTap released its market research report on “Unraveling the Cross-Channel Marketing Strategy.” The report highlights the necessity of tailoring marketing approaches to resonate with regional audiences while maintaining a cohesive global presence. It underscores the importance of understanding local and industry-specific nuances to optimize cross-channel strategies as businesses grow.
The report has looked at more than 600 businesses across the globe and examined factors that could influence or shape the omnichannel strategy, such as business growth stage, geographical nuances, industry dynamics, customer lifestyle milestones, and user retention. The cross-channel strategy of a business involves selecting the right number of channels and the right mix – depending on the growth stage the business will be in at any given time and where the customer is in their lifecycle. The number of monthly active users is a key indicator of the company’s growth. It is observed that businesses witness up to 49% increase in conversion rates by using four or more channels as part of their omnichannel strategies.
While email remains dominant in markets like the US and the UK, SMS holds significant sway in regions like China and the US. WhatsApp has emerged as a powerhouse in South America and Asia. The report found that adopting an omnichannel marketing strategy impacted the following key areas: app stickiness, conversion rates, and onboarding rates. Key highlights include-
Engagement
- 23% uptick in engagement on Fintech platforms with email, push notifications, and in-app messages.
- 16% increase in engagement for Subscription platforms with email, while combining it with other channels can take it beyond 20%
- 13% elevated engagement in Gaming platforms with email, push notifications, in-app messages, and app inbox.
Also Read: Omnichannel Gold: Shoppers Spend 1.5x More, 3x More Loyal
Conversion rates
- Up to 31% conversion rates in Fintech apps, where email, push notifications, and in-app messages are pivotal.
- 16% uptick in conversions in Subscription apps from push notifications and in-app messages
- 10% increase in conversion in the Gaming industry from push notifications and in-app messages.
- 6% increase in conversions in Ecommerce due to a cross-channel strategy incorporating in-app, app inbox, email, and push notifications.
App-stickiness
- Over 28% increase for Fintech platforms with more than three channels.
- 30% to 70% increase stickiness in Subscription platforms, such as streaming platforms or grocery shopping platforms, with two to four channels.
- 32% increase in stickiness in Gaming platforms with more than three channels.
- 26% increase in stickiness in E-commerce platforms with more than three channels.
Commenting on the report, Jacob Joseph, VP – of Data Science at CleverTap, said, “Many organizations often dive into customer engagement with a narrower focus, which, while important, can limit their effectiveness. Our latest report highlights the need for a holistic approach to drive impactful results. Businesses can significantly enhance their engagement efforts by strategically utilizing various channels. The findings demonstrate that a comprehensive, all-in-one MarTech stack is vital for marketers who must navigate the complexities of diverse channels. This approach addresses the numerous challenges and amplifies overall engagement and effectiveness, ensuring that no customer touchpoint is overlooked and every interaction is optimized for success.”
To download the full report, click here.
