In this guest post, Marketo Australia’s marketing director, Chris Connell (pictured below), says if you don’t understand the “engagement economy” then you about to get swept away in the crush!
Marketers are caught in the eye of the perfect storm.
On one hand, we are being pummelled by a wave of new demands from business leaders, wanting us to take more responsibility for the ‘customer experience,’ deep into parts of the business we have traditionally never set foot.
On the other, like an incoming tide, customer expectations have risen rapidly while communication channels have fragmented into a thousand pieces. And the pace of change isn’t slowing down, it’s accelerating. The strategies, tools and channels we relied on to be successful in the past simply weren’t built to handle the engagement needs of today.
In the face of all this – how does the marketer keep their head above water? How do we adapt? How do we deal with this increasing need to engage effectively across the business ecosystem from buyer to suppliers and beyond? How do we connect the dots in a unified way that makes business sense? And if marketers can’t keep up with customer engagement and digitisation at scale, what chance do business managers have?
The truth is some marketers won’t. They will fail, as will the companies they represent.
But for savvy marketers, digital transformation brings enormous opportunity. Not only for their organisations, but for their place within it. It’s a unique chance for smart marketers to navigate into the ‘big chair’ – taking far greater strategic responsibility within their businesses.
In many ways, there has never been a more demanding time to be in marketing. But there has never been a more exciting time either. For those that seize opportunity. That take up the call to arms. That take charge of change and lead their organisations in the Engagement Economy.
What is the ‘Engagement Economy?’
The world is constantly changing and we have now entered the age of the Engagement Economy. In this new paradigm, we have finally acknowledged the shift in relationships between buyers and sellers and understood the importance of digital where everyone and everything is connected. Thus in the Engagement Economy, organisations must listen to and engage with people across a multitude of touchpoints. In this way, the Engagement Economy is not solely made up of buyers and sellers but also employees and partners as all stakeholders become vital to the success of businesses.
While marketers and companies have figured out how to capture the attention of their customers, it is time for the next step: gaining their engagement and active participation. The collaborative nature of the Engagement Economy means that marketers now have the opportunity to fully understand their customers and engage them in personalised and authentic ways.
How to shift business practices to reflect the Engagement Economy
In the Engagement Economy, businesses must embrace digital transformation in order to create personalised, authentic experiences at scale. As a natural byproduct of digital disruption, the Engagement Economy also changes business foundations to deliver meaningful experiences that feel real, human, and are founded on trust. In order to do this, businesses need to listen to what every individual does, wants and needs and then engage with them to provide an individualised experience. By ensuring that these experiences take place at every touch point throughout the customer lifecycle, organisations will be able to develop and maintain long lasting relationships with all stakeholders.
The Engagement Economy also brings about significant change for marketers as their role now changes. In this new age, Chief Marketing Officers have now become Chief Experience Officers and their role is to deliver exceptional experiences to customers throughout the entire customer lifecycle. Marketing executives also need to look beyond customer acquisition and seek to provide unique valuable experiences for their current customers to encourage retention. Therefore, marketers need to work with all facets of the organisation and engage with all stakeholders in order to create authentic, personalised and adaptive interactions. These adaptive experiences need to evolve over time so marketers can develop meaningful and lasting relationships between brands and customers.
Embracing the Engagement Economy
The Engagement Economy isn’t going anywhere and therefore meaningful, digital experiences are required in order for organisations to succeed. Fundamentally, organisations that don’t embrace this new paradigm are the ones who will lose out on the rare opportunity to gain a competitive advantage. The value provided by the Engagement Economy is unparalleled and creates a space where genuine relationships can grow and develop at astonishing rates. Furthermore, organisations are able to grow exponentially as digital transformation allows them to learn more and build relationships with more of the market. As value is placed on digital, authentic and personalised interactions for the customer and other stakeholders, businesses will be able to capitalise on this and differentiate their offerings from those of their competitors. The competitive advantage created by embracing the Engagement Economy will ensure profitability and continued success in the years to come.
Over the years, VEGEMITE has been largely misunderstood across the globe, with Aussies often having to defend the spread and detail exactly “how to” best enjoy the stuff. But as it turns out, Australians have been getting it wrong this whole time! VEGEMITE and Thinkerbell ventured to food mecca New York to recruit Brooklyn Master […]
Subway has this week, officially launched its digital game Sink A Sub, with the first $10,000 prize already being awarded to a lucky recipient in Queensland. Subway’s Sink A Sub game is a user-friendly experience based on the infamous naval war board game Battleship. It was successfully launched for the first time in 2020 as […]
National Indigenous Television (NITV) has announced the appointment of Peter Noble as general manager, to support the continued growth and evolution of the channel dedicated to First Nations voices and perspectives. Noble (pictured) a proud Girramay and Bandjin man, joins NITV with more than 20 years’ experience in the media industry, working across content disciplines […]
Reality TV star, influencer and unabashed over-sharer Abbie Chatfield has signed with SCA to bring her hugely popular and fiercely candid podcast, It’s A Lot to Australia’s biggest audio content creator – LiSTNR. Chatfield’s never been afraid to call out bad behaviour or tell it like it is. And that’s just what people love about […]
CM Group, a portfolio of martech companies focused on multichannel digital marketing, today announced its merger with Cheetah Digital under the CM Group name. The merger expands and enhances both CM Group’s and Cheetah Digital’s ability to deliver innovative email, omnichannel, personalization, and loyalty solutions. The combined company will own a broad array of technologies […]
Independent ad tech platform Smart has announced a new partnership with connected TV (CTV) ad platform Publica to accelerate its growth ambitions. The integration is a major step in Smart’s commitment to building a scaled, vertically-integrated TV advertising platform for media buyers and sellers following its recent acquisition of global premium CTV demand-side platform (DSP) […]
Independent creative agency Edge has launched Nevro’s first local campaign, “I am not my pain”. Nevro is a medical technology company offering innovative solutions to chronic pain. Their HFX therapy has been available in Australia since 2011 and is a form of spinal cord stimulation (SCS), where an electrical device is implanted surgically near the […]
Pinterest has introduced a new suite of creator and Pinner products and experiences globally, as the platform continues to evolve to become home for the next generation of creators. At its second annual Pinterest Creators Festival, featuring Megan Thee Stallion and Storm Reid. Pinterest creators Kerin Rose Gold, Wendy’s World, Henri Purnell, Carolina Gelen and […]