Many Australian SMEs are embracing omnichannel marketing – reaching customers across multiple touchpoints like email, social media, website, and even physical stores. But knowing if it’s *working* requires calculating return on investment (ROI). It’s more complex than single-channel campaigns, but absolutely achievable. We’ll break down how to do it practically.
The core principle remains the same: (Gain from Investment – Cost of Investment) / Cost of Investment. However, ‘gain’ and ‘cost’ become trickier to define when customers interact with your brand across several channels. We recommend focusing on incremental revenue – the extra revenue generated *because* of your omnichannel efforts, not just total sales.
Here are a few key insights to help you accurately calculate omnichannel ROI:
- Attribution Modelling: This is crucial. Don’t just credit the last touchpoint. Consider models like first-touch, last-touch, linear (equal credit to all), or time-decay (more credit to recent interactions). We often see a time-decay model work well for omnichannel, recognising that multiple interactions build towards a purchase.
- Customer Lifetime Value (CLTV): Omnichannel aims to build stronger customer relationships. Factor in the increased CLTV of customers acquired or retained through these efforts. A customer who engages across multiple channels is likely more valuable long-term.
- Consistent Tracking: Implement robust tracking across all channels. Use UTM parameters in your URLs, track promo codes used in different campaigns, and integrate your CRM with your marketing platforms. Accurate data is the foundation of any ROI calculation.
- Cost Allocation: Don’t forget to include *all* costs. This includes advertising spend, platform fees, content creation, staff time dedicated to omnichannel management, and even the cost of integrating different systems.
Calculating ROI isn’t a one-time task. Regularly analyse your results – monthly or quarterly – and refine your strategy. As customer behaviour evolves, so too should your attribution models and tracking methods. Looking ahead, we anticipate more sophisticated AI-powered attribution tools will become available, making this process even more precise in 2026 and beyond.
Ultimately, understanding your omnichannel ROI empowers you to allocate your marketing budget effectively and maximise your return. If you’re unsure where to start, begin with a simple attribution model and focus on tracking incremental revenue. From there, you can build a more comprehensive and accurate ROI calculation.
