Definition - What does Multichannel Analytics mean?
Multichannel analytics is the practice of getting information from various customer channels, such as radio, television, Internet, print, etc., and then combining these pieces of information into one software environment that allows comprehensive reporting and analysis.
Multichannel analytics allows companies to really see why people are buying or converting into customers. It often reveals, for example, the share of conversions that are based on or assisted by social media messaging.
One of the controversies that multichannel analytics helps solve is the question of return on investment on supplementary marketing activities such as Facebook or Twitter posting. With a good multichannel analytics platform, marketing executives and other officers can see not only which conversions have been based on the use of social media, but also where social media or other platforms have been assistive.
The idea is that many customers utilize multiple "touch points" before they finally convert, and without multichannel analytics, it is difficult to see whether conversions that happened directly on the website or in a store were supported by previous social media communications or not. This is one of the major values of this type of analytics in the overall business intelligence environment.