There are many metrics enterprise retail brands frequently return to when measuring their marketing team’s success, but Average Order Value (AOV) is one of the most important for many of these organizations. AOVs measure the average monetary size of every sale the company makes, giving them valuable insights into their marketing and pricing strategies.
Why wouldn’t every big retail brand would love to have a higher AOV? With higher AOVs, brands experience higher overall revenue projections and a bigger value per customer gained. But can cross-channel marketing help with that goal? Yes. Let’s take a look into the impact a well-executed cross-channel marketing strategy can have on your brand’s AOV below!
Cross-Channel Customers Spend More Money
It turns out there’s more value to converting single-channel customers into multi-channel ones than many brands may even realize. Omnisend’s research indicates that the AOV of customers who interact with three or more channels ($66.31) is 13% higher than the AOV of customers that interact with just one ($58.70).
That 13% number can add up quickly, too, for enterprise brands with billions in revenue and millions of loyal customers. Any gain in AOV can be significant for the bottom line. How can you achieve this sort of boost with cross-channel marketing?
Brand Engagement Pays Off
When you’re using data thoughtfully in cross-channel campaigns, there’s a personalized aspect to it that shows customers you’re paying attention to them and their wants and needs. This creates a relationship in a way that a series of email blasts simply can’t.
That’s because they go beyond the transactional to feel like a more 1-to-1 conversation between you and your customer. Bringing the interaction down to that more personal level generates more engagement and loyalty, making customers more likely to spend more often and consolidate more spending with your brand when they do.
Build Customer Trust
Using data responsibly and in innovative ways that actually make your customers’ lives better not only makes for a better experience but also gives customers a reason to trust that your brand is doing what it can to deliver campaigns that are fun, engaging, and useful to them.
Customers like receiving messages that are both fun and helpful for them, and they’re quite willing to share data with brands that provide them with some tangible benefit for having done so. The easiest benefit you can provide is to create immersive, personalized cross-channel experiences, increasing conversions, customer base, and their willingness to spend with your brand.
If AOV is one of your key metrics to watch and improve upon in 2022, cross-channel marketing is one tool that can be a significant part of a strategy for doing so. If you can show customers you understand their needs and can find a way to personalize the effort at delivering on them, you’ll find their value as spenders and loyal brand advocates growing over time.