Build Your Experience Economy
By Jessaca Gutierrez, Content Creation Specialist
Experience Economy, a concept first published in an article by authors B. Joseph Pine II and James H. Gilmore 20 years ago, concludes that when businesses orchestrate memorable events for their customers, the memory of the event becomes the “product” of the company. Today the Experience Economy is more than a concept, it’s a way of doing business for many companies aiming to retain a loyal customer base.
What does Experience Economy entail? It means providing a personalized solution that is customized exactly to your customer‘s needs at precisely the right time.
What is the result of such an experience? Emotionally connected customers who are more deeply invested in their relationships with brands to which they are loyal. This is because they have experienced something so memorable and personalized to them that the relationship goes beyond the actual products that companies are selling.
For example, in the early 2000s, when Nike was being dogged by cheaper competition, rather than slashing prices to keep market share, they turned to the Experience Economy model. The company created Nike+, a digital platform that focused on improving the athletic performance of its customers. They then took that experience a step further (pun intended) and built a sensor into their shoes to track one’s fitness activity. By creating this engaging and specific experience that fit their customer base, Nike not only stayed true to its brand but also created a significant competitive advantage by focusing on customers’ needs and designing breakthrough experiences.
Thus, according to Forbes, decades of economic evolution have pushed companies to realize that they should build Experience Economy into their business strategy. This strategy encourages companies to create experiences that are personal and memorable. But most importantly, it can help to acquire and retain clients and customers as well as recruit top talent.
The Experience Economy is also part of your overall marketing strategy. Every piece of content, from press releases to deep thought leadership pieces, should reflect an overarching message of how you solve your customers’ needs and create the best brand experience. If you want to add another layer to your Experience Economy, InGear is here to help.