Business Value of Engagement

[fa icon="calendar"] Mar 29, 2019 7:23:51 AM / by Elizabeth Chaney

Elizabeth Chaney

We all know the value we get from a positive digital experience – one that is frictionless, one that meets our needs at the right time, and probably one that exceeds our expectations.

The economic power of engagement – a seamless experience pays off

It’s a simple example, but when making a reservation at one of my favorite restaurants, Google seamlessly connected me directly to OpenTable for the reservation. I didn’t need to bother with the mechanics of opening a new application, signing in, finding the restaurant again, and so on. This exceeded my expectations and met my need on demand.

These kinds of seamless digital experiences are few even though our digital lives are expanding into every corner of our lives and of course in all aspects of business. The business value of engagement has been often highlighted in numerous experience statistics. Forrester Research reports that experience leaders achieved a 17% average revenue growth rate over five years versus experience laggards only 3%. Similarly, Bain & Company has found that experience leaders grow their revenue 4% - 8% above their market.

Digital engagement – eliminate the friction between silos and systems

McKinsey has shown in their U.S. research that across industries, a positive and engaging experience results in customers spending more and being more loyal. But what’s interesting about the McKinsey research, is that even though individual digital touchpoints may deliver an exceptional experience, it is the entire experience journey to achieve an outcome that counts. If the entire cycle necessary to accomplish a task is not seamless, the overall experience is significantly diminished, sometimes by as much as 50%.

What is engagement and why is it so difficult to achieve?

First let’s look at what makes an experience engaging. From the simple example in the introduction, engagement requires all of the information, applications, and systems to work together seamlessly to enable a customer, partner, or supplier to achieve their desired outcome. In addition, it requires the intelligence and analytics-driven learning to know who the individual is, their preferences and their location so as to provide the right content, information and language on demand. Having all of the disparate elements come together automatically into a personally-designed workspace oriented towards a person’s role eliminates the need for inefficient navigation.

Would this require a whole new experience-first operating model that overcomes functional silos within a business or between businesses? Instead, what if there was an engagement engine that contains all the user intelligence, workspace automation, machine learning and on-demand analytics to drive and increase engagement?

Welcome to Webinfinity.

Topics: PRM, Partner Portals, Personalized Experience, Partner Ecosystem, Engagement

Elizabeth Chaney

Written by Elizabeth Chaney

I work with businesses marketing directly to consumers, or those looking to forge tighter relationships with other businesses, large, medium or small.