By Josephine Eilersen
No-one wants to be BlockBuster anymore. A top brand which everyone who loved VHS and DVDs remember. We don’t have to rewind time more than a few years to remember how BlockBuster owned their market globally. I even worked in one of their stores back then and I recall how their top 10 decided the faith of many movies.
A digital platform decided BlockBusters faith. Within months after Netflix entered the market, they outperformed BlockBuster with their ability to meet customer’s needs for easy access, no penalty fees and no lines. Netflix did not have better or more advantageous terms - BlockBuster owned the market, remember - BlockBuster were simply unable to adjust to new customer demands and could not deliver on the digital customer experience. BlockBuster is history. Game over and out of business.
So, your top management obsession over disruption is not a joke. Disrupting the industry and how to be in front in the tech race is a real deal breaker, where digital innovations will save the business from staying in 20th century with a BlockBuster destiny.
What state is your engagement economy in?
Companies may still be living in the past century, I know it takes time to turn around a supertanker, but digitalising companies is a necessity to navigate in an ever changing business landscape. This is nothing new. But in this new landscape, buyers, both business and consumers, are well informed, it could even be claimed that they are over-informed. As a result, these digitally savvy buyers are craving brands that create value through demonstrating innovative mindset and a personal customer experience.
According to Forrester, 74 percent have already conducted more than half of their research before contacting vendors which entails that more than 50 percent of the buying decision is already done before even talking to a sales rep. This underlines how your digital economy influence your business growth and future.
Engagement Economy is our current digital present and future where everyone and everything is connected: an engagement currency that fluctuates from ignorance to savviness. This connectivity fundamentally shift relationships between sellers and buyer and extend beyond the organisation that you work for.
It involves your full network: customers, prospects, past and previous colleagues and other stakeholders in your business network. To them, you consistently have to deliver a holistic experience of a personal brand along with the company’s. The harsh reality is that unless you constantly build your engagement economy - both personal, professional and business - you are out-paced. Out of business.
Engagement Economy is about the personal and authentic relationship between you and the customers while driving wantedness. In a me-centric digital era, we expect that a businesses deliver a journey that is individually tailored and communicate with us in our preferred formats and on our preferred channels. There are unlimited digital channels to reach out to your customers and prospects but the challenge is knowing how, when and why.
Adapt with employee advocacy
To succeed in this new climate, you must adapt your tactics and shift your brand to become more human and digital native-friendly. So how can you embrace and improve your engagement economy in an fast and productive manner?
Well. One way is to involve your primary stakeholders, your colleagues. With employee advocacy you fast forward your marketing strategy by employees’ sharing organic content across social media platforms, your sales force builds stronger relationships with customers and prospects, and industry thought leaders’ position is further endorsed. In return, you will have stronger brand awareness where high employee engagement drives high customer brand engagement.