Assess yourself: Is your business ready for the Engagement Economy?
tl;dr To succeed in the Engagement Economy, you have to make sure you’re able to understand what our customers want and deliver just that. Take the quiz and see if your business is ready for the Engagement Economy.
A quick reality check: In most situations, consumers will choose to do business with you, not because of your awesome products, but because you make their life easier than your competitors do.
Consumers have a myriad of options. They can be more selective about the brands they choose. They now can self-direct their purchase journeys with so many alternatives to click, swipe, tap, and buy.
And, they’re overloaded at every angle!
While technology has made it easier for companies to reach (and bombard) consumers with messages, it is also becoming more difficult for brands to turn these split seconds of attention into tangible benefits. And it will not get any easier. It’s simply too easy for consumers to tune you out if you don’t provide any value. It’s a noisy world out there and differentiating yourself and WOW-ing consumers is truly no easy feat.
The missing link is meaningful, authentic engagement.
While the vast majority (82%) of marketers believe they deeply understand how their buyers want to be engaged, half of buyers couldn’t disagree more.
This is where the Engagement Economy comes in and forces brands to fundamentally change how they approach their customers. Instead of launching traditional “push” marketing campaigns, engagement leaders focus on understanding customer needs and interests and drive conversations around these. They aim to involve customers in a deeper, more sustained relationship as engaged customers spend more and are more loyal.
Nike, for example, has traditionally relied on general media advertising to promote its products. With the Engagement Economy picking up steam, Nike has shifted towards advertising through personalized experiences, for example by engaging with shoppers on a personal level, giving them workout advice and helping them with their fitness regime. And in doing so, Nike gets invaluable insights into their customers’ needs, motivations and product use.
With NikePlus, Nike has given its customers a reason to want to come back to their website every day, boosting sales and engagement.
“The motto for engagement marketing is, ‘Ask not how you can sell, but how you can help.’” — Mohan Sawhney, clinical professor of marketing and McCormick Foundation Chair of Technology at the Kellogg School
Excelling in this Engagement Economy provides an incredible opportunity for you to be more than just another company. If you already ask yourself these six questions, you’re right on track:
- How can we create a two-way conversation with consumers
- How can we better understand what our customers want and need
- How can we turn this insight into actions to deliver, adapt or anticipate the best response
- How can we make our customers lives easier and add value
- How can we turn transactions into meaningful interactions
- How can we scale this to engage billions of people every day at a personal level
zoovu has created a self-assessment quiz to help you quickly evaluate where you currently stand and provide you with tips on your journey of becoming an engagement leader.
Click here to evaluate your business: Test yourself — How engaging is your company?
This article has been originally published at Guided-selling.org.
