Marketing Minutes: Engage to Win
Updated: Oct 13, 2018
It is hard not to fall in love with the simple concept that engagement is driving success in the modern consumer economy. Don't we all want to connect, to be listened to and heard, and to be truly and uniquely valued?
I have to admit that I don’t often read marketing books but I was fortunate to attend a keynote presentation of Steve Lucas, CEO of Marketo, at the Brand Innovation Conference 2018 in Chicago and a few weeks later, his wonderful Marketo team sent me a complimentary copy of his new book: Engage to Win.
Lucas offers a fresh perspective on marketing and customer relationship building in a hyper-digital world and lays out the keys to success in the Engagement Economy, a term first coined by Marketo. I enjoyed reading this book so much that I read it in almost one sitting, decorated the pages with dozens of comments and colored sticky notes and recommended it to many others. I guess, he knows something about generating engagement after all.
If you are the kind of person that likes to watch the trailer before the movie, I hope you will enjoy reading my selected highlights from Steve Lucas: Engage to Win: A Blueprint for Success in the Engagement Economy:
“We are living in an era, a digital world where everyone and everything is connected [...]. This has caused a fundamental shift in relationships not only between buyers and sellers but across entire organizations. Customers, prospects, employees and partners are also affected.”
On top of this, “brands must demonstrate at every step in the customer journey that they understand what customers need and want.” What? Customers want you to care about them! This is not a novel finding but it gets interesting when the author compares survey results, according to which the majority of marketers think that they demonstrate care and value while the majority of customers think they are not being cared for and valued up to their expectations. How is this possible?
Three misconceptions that help explain:
Businesses don’t dictate any more. “Today, the customer is in charge.” We want to be asked how we prefer to engage. Above all, we expect companies to respect when and how we want to interact with them.
Not a small group but everyone in the organization influences what your (potential) customer thinks about you. “Currently these teams [credit, warranty, administration] do not believe they touch customers, but what they do really does impact customer experiences”
Customers "don't measure brands against those brands' peers. Rather they compare them to companies people perceive to have strong engagement practices, such as Amazon, Netflix and Starbucks."
“Nearly every company is in the process of transforming its business (digitally) or soon will be.” “Thousands of massive organizations are set in their ways and just flat out lack the ability or capacity to change easily. These organizations want to transform the way they do business so that they can become more efficient and nimble, but because of the complexity of their business processes, or simply their size, they can’t adapt to the changing needs of their customers quickly enough.” For these companies, the question about transformation is really “how do I radically simplify my organization and how do I remove complexity from my business processes [...]?” You will need to read the book to find out the answer. Lucas does an excellent job telling you stories and business cases to let you figure it out on your own before he reveals the secret sauce.
One of the most intriguing idea (and my favorite part) in the book is when Lucas introduces the framework to shift our thinking and replace the classical but outdated 4Ps.
Product -> Experience
Promotion -> Advocacy
Price -> Value
Placement -> Engagement
The essence of this book is how to master this new mindset in all four areas, measure your maturity and progress, and navigate the landscape of rapidly expanding technology solutions. It guides you through the challenges involved in surviving and ultimately, striving in this new digital era we live in.
Insightful, strategic and tactical at the same time, and not to forget, highly entertaining.