How to Profit From the Experience Economy

AudienceView Chief Marketing Officer, Mike Evenson, is moderating a panel on “How to Profit From the Experience Economy” at INTIX 2020 in New York City. INTIX attendees can join on Tuesday, January 21 at 10:45 AM. The Experience Economy In the summer of 1998, the Harvard Business Review published a new article titled “Welcome to the Experience Economy” that detailed an emerging economic offering set to advance beyond commodities, goods and services which were the offerings that have evolved to date. The article stated that if companies were truly going to succeed and evolve their value proposition, they “will find that the next competitive battleground lies in staging experiences.” The authors B. Joseph Pine II and James H. Gilmore were spot on and way ahead of the curve by prognosticating how the perception of value will be based on the perception of each individual and their personal experiences. As the article states, ”experiences are inherently personal, existing only in the mind of an individual who has been engaged on an emotional, physical, intellectual, or even spiritual level.” The article also goes on to say that experiences have always been at the heart of the entertainment business. Other industries began looking at the entertainment industry for inspiration and ideas to apply to their goods and services to differentiate themselves and shift their offerings. At the same time, the technology sector was expanding at a rapid pace, opening new doors of opportunity to curate experiences across the entire customer lifecycle. The combination of the experience economy and technology transformed how leading companies have evolved offerings beyond a basic transaction. Companies like Apple, McDonalds and Nike started transforming their consumer experiences by adding, well, experiences. Apple got rid of checkout counters and encouraged browsers to touch and feel their products right on the store floor. They began offering classes and turned their products into a lifestyle. McDonalds has been successful for a long time, but started building kids playgrounds across their locations and created games such as Monopoly, all experiences designed to sell more hamburgers. Nike launched Niketown stores with interactive opportunities to not just try shoes on, but to shoot hoops with a picture of

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