Chandar Pattabhiram says, “In my last post, I expanded on the concept of the “Engagement Economy,” today’s world where everything and everyone is connected. This world presents a new playing field for marketers trying to engage people within their organization, as well as partners and customers.

I frequently cite the statistic that only 13 percent of marketing leaders are working to retain and grow customer relationships through improved customer experiences. But in the Engagement Economy, keeping a customer becomes more important than acquiring them.

This is because the Engagement Economy is rife with business models where customer switching costs are low. Think of ride-sharing apps: Lyft and Uber must constantly compete for attention and brand affinity, as users can switch between them with virtually no headaches.

Although it’s on a larger scale, the same paradigm applies to the B2B world, where an organization can switch out Cloud-based applications with minimal long-term commitment.

So, what can you do? Smart brands must understand that in order to compete in the Engagement Economy, they must rethink their approach to engaging with their customers. This begins with getting rid of the phrase “retention marketing.” It’s a complete misnomer”.

The new customer marketing lifecycle in the Engagement Economy

Martech Today

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