Over the years, an epiphany has struck enterprise bosses who have started to realize that marketing is quintessential for an organization to gain an edge over competitors, probably more than an innovative product. The recent times have seen a large number of organizations rely on omnichannel marketing to allure customers. However, is the approach smart enough to curb threats posed by competitors? Many retail experts beg to differ and opine that enterprises need to shun run of the mill omnichannel marketing approaches and embrace innovation to taste success in their endeavors. Retail firms need to exploit their presence across online platforms and leverage the data gathered to tailor customized strategies that grab the attention of its target customer segment.
Marketing teams need to be agile with their budget allocation for increasing brand awareness to ensure the investment results in maximum amplification of visibility. For instance, a large spend on television advertising alone isn't necessarily enough for brands to yield rich dividends and companies need to explore unconventional avenues to increase their products' outreach. A few globally renowned firms that have set outstanding examples of omnichannel marketing are Amazon, Netflix, and coffee giant Starbucks. These brands have gone the extra mile to understand their average customer's psyche and purchase behavior. Thus, their product prices and online applications are reflections of their comprehensive understanding of their respective target segments.