Earlier this year, Marketo CEO Steve Lucas introduced the idea of the Engagement Economy, a new era where everyone and everything is connected digitally. Steve noted the new era “embodies the fundamental shift in relationships between buyers and sellers.” Buyers are exposed to a massive amount of information about the brands they engage and as a result are more selective about their purchasing decisions. To keep up, marketers are required to not only deliver engaging experiences across countless digital channels but ensure every interaction is unique and personalized to each consumer.
There is no doubt that as the Engagement Economy matures consumers will demand newer, more interesting engagement opportunities from the brands they love. Marketers will either answer the call or risk becoming irrelevant. Marketo’s first-ever study on the Engagement Economy, The State of Engagement, compares and contrasts insights and data from more than 2,000 global consumers and marketers, revealing just how connected consumers feel to the brands they buy from today.
Three key takeaways from the report:
- Marketers have prioritized the consumer experience, and 82% believe they have an understanding of their audiences.
But more than half of consumers think brands could do a better job aligning with how they prefer to engage.
- Consumers use different channels at each stage of the buyer journey, making it important for marketers to listen to their activities and respond accordingly.
However, marketers ranked the tools available to them to accomplish these tasks as their top barrier to create effective engagement.
- 98% of marketers believe consumer experience is critical and have a strategy to specifically address it. But only 56% of marketers report having alignment on their strategy across a key stakeholder group—executive leadership.
The data concludes that marketers understand the value of customer engagement strategies but they miss the mark on delivering the experiences consumers expect. The number one barrier to effective engagement? The lack of coordination between the technologies and data across departments. Are marketers failing to effectively use their operations teams? Or, more likely, do marketers know how to effectively use their operations teams?
In a session at Ramp by InsightSquared, Maria Pergolino, CMO at Apttus, noted the key to building a successful relationship between the marketer and ops team is to ensure departmental technologies and data work together, rather than against each other. From there, the ops team will create work systems and workflows through every business unit and coordinate marketing activities throughout the funnel.
Consumers interests and investments change quickly in the Engagement Economy, and to keep up, marketers must rely on the ops function to translate data into actionable insights that support their cross-channel consumer engagement strategies.