Last week, we covered how the FAANG companies (Facebook, Amazon, Apple, Netflix and Google) have created massively profitable and scalable businesses by creating “Walled Gardens” to understand, predict and deliver what consumers want. We also touched on how communications companies like Comcast, Verizon and AT&T are pursuing their own Walled Garden Strategy by acquiring the missing content and data assets to compete with the FAANG companies.
You don’t have to be a multi-billion-dollar corporation to learn from and use this strategy in your own business. Organizations can break this Walled Garden concept down into three strategic areas – Access, Content, and Data, to maximize customer engagement, knowledge and satisfaction in order to grow lasting relationships and value. Today, we’ll focus on four categories of Access strategies.
Your Walled Garden starts with an access strategy through which you can deliver content and utility to your customers and prospects, and also gain insight into their needs, interaction behaviors, wants and satisfaction. An access strategy cannot rely just on your website or customer portal or any specific channel. Rather, you need to enable your customers to interact with you on the multiple platforms in which they are most comfortable using. The good news is that you don’t have to build all of these platforms yourself. It’s helpful to understand these platforms in four basic categories: paid, earned, leveraged, and owned channels. Each will play a different but complementary role in building out your content and data strategies. Knowing the difference between each type and understanding how they intertwine are critical to the success of your garden.
I recommend that all marketers regularly assess their Access strategy based on these four categories of media. Next week, we’ll address content strategies in our data-driven world.
September 19, 2018
Written by Tom Sullivan
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