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Saturday, June 19, 2021

Optimize Your Omnichannel Marketing Strategy

Useful look at the space via Wharton. 

How to Optimize Your Omnichannel Marketing Strategy


Wharton’s Raghuram Iyengar talks about his research on how firms can harness the full benefits of omnichannel marketing.

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Omnichannel marketing seems like a simple enough concept. Consumers like to shop online, offline, and across different channels, so firms need to meet them wherever they are. But coming up with an omnichannel marketing strategy is a lot more complicated than just collecting cookies and tracking purchases. A new study that appears in a special issue of the Journal of Marketing in collaboration with the Marketing Science Institute explains why omnichannel is not a panacea.

There are three big challenges to making it work. Those challenges are outlined in the study, along with some solutions that include using machine learning and blockchain technology to harness the full benefits of omnichannel marketing. Wharton marketing professor Raghuram Iyengar is a co-author of the paper, titled “Informational Challenges in Omnichannel Marketing: Remedies and Future Research.” The other co-authors are: Tony Haitao Cui, marketing professor at the University of Minnesota’s Carlson School of Management; Anindya Ghose, marketing professor at New York University’s Stern School of Business; Hanna Halaburda, technology, operations and statistics professor also at NYU Stern; Koen Pauwels, marketing professor at Northeastern University’s D’Amore-McKim School of Business; S. Sriram, marketing professor at Michigan University’s Stephen M. Ross School of Business; Catherine Tucker, management and marketing professor at MIT Sloan School of Management; and Sriram Venkataraman, marketing professor at the University of North Carolina’s Kenan-Flagler Business School. 

Iyengar joined Knowledge@Wharton to talk about the findings. Listen to the full podcast at the top of this page or keep reading for an edited transcript of the conversation.

Knowledge@Wharton: Not only are firms trying to execute omnichannel marketing better, but researchers like you are trying to understand it better, even while the rapid evolution of technology makes that a moving target. What does this study add to the literature?

Raghuram Iyengar: Omnichannel certainly is a very hot topic. When companies are thinking about omnichannel, they sometimes want to think about distinguishing from multichannel. The big distinguishing aspect of it is multichannel has different ways in which you’re reaching the customer. Omnichannel is that as well, but it should be in synergy.

If you are, for example, a customer of REI, you might have a mobile application, you might have emails coming in. And if they are pursuing an omnichannel strategy, they are hoping that the customer is seeing different pieces of information in conjunction with each other and, in some sense, are complementary to each other.

Carrying that out is not that easy because you need to have a good sense of what the data is like — all the different touchpoints that the customer has had with REI or any other company — and then be able to execute it on the back end. Putting it all together is not as simple as it seems. ... ' 

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