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| Photo by Paul Gilmore on Unsplash |
Most of today’s consumers are digitally aware and enabled by default; one could almost say that the digital toggle was switched on from birth. Customers now have full access to a plethora of digital channels such as mobile, desktops/laptops, tablets + virtual reality, augmented reality, artificial intelligence, among other things.
This means businesses have to do more for their customers. They have to now solve for providing the best experiences that connects the customer base and product. Irrespective of the digital channel, customers want access to a product and/or service fast, easy, from anywhere, at anytime, BUT… they also want it to be a delightful, satisfying and memorable experience. This brings us to the Experience Economy.
As defined by Cambridge, the Experience Economy is “an economy in which many goods or services are sold by emphasizing the effect they can have on people’s lives”. Customers no longer only focus on the product, they also expect an experience.
According to an Eventbrite study, “more than 3 in 4 millennials (78%) would choose to spend money on a desirable experience or event, over buying something desirable.”
That being said, as businesses prepare for the future, we have to capitalize on combining some existing mindsets and frameworks (Lean + Agile + Design Thinking), which if understood and used properly, can help deliver unprecedented experiences and journeys to our customers and… wink! somebody else’s customers.
How has the Experience Economy influenced how you interact with your customers?
John-Matthew has over 15 years of experience leading digital transformation (through IT, Project Management & Business Agility Frameworks), with over 5 years of Agile experience in various roles including Application Developer/Engineer, Project Manager, Transformation Lead/Programme Manager, Scrum Master, Agile Team Coach, Trainer & Public Speaker.
To connect with John-Matthew, follow him on LinkedIn.
You are spot on John. I have always articulated to my team the importance of delivering value to every customer that they interact with. This is done through the experiences received from their interaction with team members. Once the experience is phenomenal you will have customers being your raven fans and will tell others about the experience. This will see customers always coming back to benefit from the exceptional experience.
ReplyDeleteThanks for the feedback and comment. Your response is an example of why amazon conquered the retail market and why customers keep going back. The products can be purchased anywhere but the experience on the amazon platform keeps them sticky, relevant and top of mind.
ReplyDelete