The experience economy

The experience economy is the latest model for innovative companies to stand out among the service and retailer masses to attract more customer dollars. While the “experience” is certainly a growing market, it has not emerged as the next foundation of an economic growth but rather a strong subset of the service economy.

The experience is the next elevation in valued added service for the customer. It takes the ordinary to the extraordinary for the customer with personalization and individualized attention. According to Joseph Pine and James Gilmore in their book “The Experience Economy” a business must create memorable events for their customers rather than merely provided them a service or product. They write that advances in technology have accelerated the natural progression of economic value beyond goods and services economy. This coupled with expanding affluence has created a market for consumers to pay more memories. Pine and Gilmore further argue this progression is essential for a business’s continued prosperity in the market. Without expanding into the experience economy, a business may find its products or services commoditized.

They point Walt Disney as the start for this new model for business. Indeed, Walt Disney is based almost solely on experience and memories. During a recent trip to Disney World in Florida for business, I experienced firsthand the elevated craft of memory-making Disney has perfected over the years. Since I was not the typical guest traveling with my family, I was able to view the awesome machine from a slightly different perspective. Disney has mastered the art of anticipating guest’ needs and wants and then fulfilling them before the guest even registers the desire.

Other busine...

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...ereotypical bad reputation for shoddy workmanship, poor customer relations and general distrust. When that is the metric by which your customers judge their expectations, simply following the golden rule will get you ahead of the pack; going above and beyond by setting high professional standards leads to a thriving business. Every client gets individualized estimates, taking into account the particular circumstances and needs. Doing more than the bare minimum, such as taking care to make sure personal items are protected during work or making sure the site is clean at the end of each work day will set a contractor apart for the pack.

The added attention creates positive memories that customers are then willing to share with family, friends and associates. Word of mouth marketing will not reach thousands, but is far more valuable than any advertising dollar.