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Welcome to The Experience Economy
As goods and services become commoditized, the
customer experiences that companies create will
matter most.
The Experience Economy
Beyond Entertainment
Customers can be drawn into the Experience Economy three others ways: education, escapism
and esthetic appeal.
A company that combines various active and passive elements can offer customers varied levels of
experiences.
The Experience Economy
What are you charging for?
It’s an indication of the maturity of the service economy that companies a like IBM and other
manufacturers now make greater profits from the services than from the goods they provide.
The business equivalent of a shopping mall is a trade show—a place for finding, learning about, and, if a
need is met, purchasing exhibitors’ offerings.
The Experience Economy
The Characteristics of Experiences
One way to think about experiences is across two dimensions. The first corresponds to customer
participation.
The second dimension of experience describes the connection, or environmental relationship, that
unites customers with the event or performance.
The Experience Economy
Designing Memorable Experiences
It is expected experience design will become as much a business art as product design and
process design are today.
Design principles are already apparent from the practices of and results obtained by companies
that have (or nearly have) advanced into the experience economy.
Five key experience-design principles have been identifies.
The Experience Economy
Finding A Theme – Themes should
• alter the way guests view their everyday reality
• create a new environment
• create multiple locations within a theme
If the theme fits, use it
The Experience Economy
Harmonize impressions with positive cues.
To create the desired impressions, companies must introduce cues that affirm the nature of the
experience to the guest .
It’s the cues that make the impressions that create the experience in the customer’s mind.
The Experience Economy
Mix In Memorabilia
Companies make their themes memorable by providing many positive cues that reinforce the
theme's premise.
Visitors to themed sites also like to purchase souvenirs — postcards, T-shirts, baseball caps,
programs — as remembrances of their experiences.
The Experience Economy
Eliminate negative cues.
Experience stagers also must eliminate anything that diminishes, contradicts, or distracts from the
theme.
.
Eliminating negative cues creates a more pleasurable customer experience.
The Experience Economy
Engage All Five Senses
The sensory stimulants that accompany an experience should support and enhance its theme.
Some cues heighten an experience through a single sense affected through striking simplicity.
Not all sensations are good ones, and some combinations don’t work
The Experience Economy
Getting Personal
• Memorable customized service is tailored specifically to each customer .
• Your decision about the use of customization ranks with your choices about other operational
strategies. • Basic customization is not the same thing as
offering an extensive list of choices do not confuse customers by offering too many similar items
The Experience Economy
The Theatre Model
One way to offer a memorable experience is to put on interesting plays or to offer other performances
to engage your audience.
When companies produce experiences, customers are generally open to participating.
The Experience Economy
Transformation Economy
• To get around this problem, companies can offer "transformational" experiences.
• Companies in the transformation sector of the Experience Economy give customers personalized attention and sustain their involvement over time.
• The customer aspires to gain something new or to achieve a personal goal
The Experience Economy
Transformation Economy
• In this transformational economic phase, companies need wisdom to guide people toward
their real aspirations. • The shift toward a transformational Experience
Economy benefits customers, over time, "the customer is the product."
The Experience Economy
Entering the Experience Economy
Design principles:• Theme the experience
• Harmonise impression with positive cues• Eliminate the negative cues
• Mix in memorabilia
Engage all five senses
The Experience Economy
Take Aways• Many businesses offer their products as
experiences • When a service is personal, enjoyable and
memorable, it becomes an experience. • Your business can create an experience any time
you interact with a customer• Starbucks turned a commodity (coffee beans) into
a quality product and an engaging experience.• • Engage your customers with entertainment,
education, escapism or esthetic appeal.
The Experience Economy
Take Aways• Enter the "Experience Economy" by providing
customized service with showmanship.• To engage your audience, introduce the "theater
performance model" into your business.• People in the midst of having an experience tend to
buy souvenirs and share the fun with others.• Once your customers have seen your theme in
action, refresh it so they keep coming back.• Transformational experiences affect the provider, as
well as the customer.
The Experience Economy