The Experience Economy

This article covers the concept of the Experience Economy.

*While prior economic offerings – commodities, goods, and services– are external to the buyer, EXPERIENCES are inherently personal, existing only in the mind of an individual who has been engaged on an EMOTIONAL level.

*Today we can identify and describe this FOURTH ECONOMIC OFFERING because consumers unquestionably desire experiences, and more and more businesses are responding by explicitly designing and promoting them.

*An experience is not an amorphous construct; it is as real an offering as any service, good, or commodity. In today’s service economy, many companies simply wrap experiences around their traditional offerings to sell them better.

*An experience occurs when a company intentionally uses services as the stage, and goods as props, to engage individual customers in a way that creates a memorable event.

*Unless companies want to be in a commoditized business, they will be compelled to upgrade their offerings to the next stage of economic value. The question isn’t whether, but when –and how – to enter the emerging experience economy.

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