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What is the Engagement Economy?

Look at the capabilities that surround us today. Technology has made information available on just about every subject.

People can compare products in the blink of an eye. They can easily see what’s out there, which means the criteria by which they make their choices is changing. Buyers no longer want to soak up advertising passively.

They’ll choose your brand because you do more than just offer the same function as other brands out there. You speak to them.

Consumer want to be engaged. Buying is personal. Peoples’ brand choices reflect their personalities.

They need to know that a brand understands and relates to them, which is why the experience you give them is so important. The relationship with consumers is critical.

So What Does that Mean?

It’s time to use all of the technology available to you. Many people are getting their information about your brand from third parties.

So it’s time for you to connect with those third parties who are online. Part of the new marketing struggle is making influencers some of your priority.

Then the work becomes reaching out to consumers on the right network, at the right time, with the right information.

Know your social media avenues, or enlist the help of someone who does. It’s important to show the consumer that you understand the way they think, and to reach out to them, to meet them where they are.

Customer Retention is Critical

In the engagement economy, besides just convincing new customers to choose your brand, you also have to do more to convince old ones to stay or buy your new products and services.

Otherwise, you risk someone else swooping in and benign more relevant. All that being said, the state of the engagement economy should encourage you to keep great communication across the board.

It’s not just about communicating with your consumers, but also about star communication with your whole team.

Everyone is involved in the process of engagement and should be on the same page for the best results. What you deliver with all of this is an experience that the consumer feels a part of.

Consider Your Approach

In the engagement economy, the approach of experiential marketing is the key to reaching and engaging. The multi-pronged approach of an effective experiential marketing campaign reaches consumers in the exact way they crave today.

Experiential marketing allows you to do more than simply address the consumer. You’re creating an opportunity for them to interact with your brand and forge an emotional connection.

If you’ve worked to understand what sort of experience your customers will cherish, they’ll be able to see those efforts clearly.

Ultimately, the engagement economy should not be such a scary place. You can stay relevant to consumers by simply taking the time to care.

This leads to communicating on the platforms they prefer, finding them where they are, bringing them what they want and delivering on what they’ve asked for.

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Summary
Article Name
What is the Engagement Economy?
Description
The engagement economy is a term to explain the kind of world marketing must survive in today. It’s not so difficult to work with successfully. As its name implies, the emphasis is about engaging.
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