Top Takeaways:
-      The economy has evolved over time from an agrarian economy to an industrial economy, then to a service economy and finally to an experience economy, where the experience a customer has is the most valuable component.
-      Service and experience are two different but related things. Service is what you as the company do. Experience is the customer’s time and perception of the interaction and relationship that occurs through that service.
-      Experience goes beyond the product being sold to customers. A good example of this is Starbucks. They are able to sell coffee at a premium because of the ambience, environment, and relationship they create for and with their customers.
-      Customization and personalization are key components in staging an experience. Customers today want to spend less time with goods and services, but will spend more time with events and places that engage them with a personalized and memorable experience.
-      Today, every business must compete against the smartphone for customers’ attention. It allows customers to instantly disengage from a place, product or service.
-      People are consuming experiences today in smaller chunks, which can be referred to as the miniaturization of consumption. People may not take large vacations, but they do seek out and take “mini-vacations” that last just an hour—or two or three. It may be in the form of a fun afternoon at an escape room or even spending time in a coffee shop.
-      Experiences are inherently personal and differentiated. Challenge yourself to constantly see things anew through the lens of the customer. This ensures you’re delivering the best possible experience all around.
Quote:
“Time is the currency of experiences. If you get people to spend more time with you, they will spend more money with you.”
About:
Jim Gilmore is co-founder of Strategic Horizons LLP. He has authored and co-authored several books, has been published in many leading business publications, co-edits Markets of One and teaches/lectures at several colleges and universities.
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