What is the Experience Economy?

Firstly, in the ‘Experience Economy’, the idea is that the value of the experience in dealing with a business goes way beyond their products and indeed pricing and into the total experience.

As society reopens, experiences will not only continue to play a vital part in business, it will be the main reason why consumers, visitors, clients, etc decide to buy and return.

The Customer Experience covers the entire customer journey and then some more. Businesses will continue to compete for a share of the competitive market, the only way, we believe one can do this, is by creating better customer experiences. This is relevant in all sectors and is as important in engineering as it is in retail.

However, there is a great challenge. Our focus on skills, training, education and development is not matching the importance of creating better experiences.

So, how do these experiences affect you and your business?

Unbeknownst to most, we are all a part of the experience economy. The way we as businesses interact with customers dictates the way the customers interact with us, and vice versa. Their expectations deserve to be met, and in most cases, exceeded.

For example, Quite often, we talk about the experience of going for a coffee nowadays. Customers don’t just purchase a drink, they experience much more. This includes all aspects of their interaction with your business; from the smile you get as you walk through the door, to the information you see about the coffee beans. As a result, the customer receives much more than a drink. They receive a physical product and a moment that may make their day, week or month. As mentioned above, this concept is as relevant in restaurants and retail as it is in engineering. This applies to everyone, but sadly not everyone is aware.

Most importantly, there are often many ways to exceed customer expectations. This is important as no two businesses are alike. Chip & Dan Heath, Authors of “The Power of Moments”, discuss the importance of breaking the script and creating peaks for their customers. This way you raise spirits and go beyond what is expected to create moments that people remember. We understand these simple yet impactful concepts – we want to help you gain control of the consumer battleground and learn how to prosper in this experience economy.

To find out more or speak to a member of our CX team, contact us here today.

Written by Charlie Boyle, CEO of CXEI.