How to win in the experience economy - FH International

How to win in the experience economy

Posted in May 16, 2019 by abarcelos

This article of Digitalistmag, talks a bit about how the relationship economy has evolved into the experience economy and how companies are having to change their traditional mindset to meet the new expectations of consumers that currently require much more than an exchange of goods and money, they want complete, contextual and meaningful experience at all points of contact with brands. Omichannel experience!

The article also tells that with the power of CRM systems, companies can now integrate all the touchpoints and stages of the customer’s journey to deliver an incredible customer experience!

How does data translate to experience?

We speak a lot about the use of Big Data, artificial intelligence (AI), the Internet of Things, cloud, and much more to drive intelligent business, but we often seem to lose track of the fundamental power of experience to drive our customer interactions and sales.

We are now living in an experience economy, and both consumers and businesses want more than just delivery of products and services; they expect that an exceptional, positively charged, and memorable experience will come packaged with their purchase or use of a commodity.

The experience economy is not a new concept, in a July 1998 Harvard Business Review article, “Welcome to the Experience Economy,” authors B. Joseph Pine II and James H. Gilmore summarized this concept: “From now on, leading-edge companies – whether they sell to consumers or businesses – will find that the next competitive battleground lies in staging experiences”
Wisdom in 1998… 21 years ago… speaks truth to us today in 2019.

What customers expect?

In today’s economy, not only are leading-edge companies expected to deliver a tremendous experience, virtually all companies are expected to deliver a positively charged experience to their customers. And our expectation of what denotes a positive experience has evolved as we have become groomed through an “always-on” digital universe, social media, mobile, text, etc. We have changed our behaviors and expectations as consumers.

With the power of end-to-end customer relationship management (CRM) systems, businesses can now integrate all the touchpoints and stages of the customer’s journey through harnessing an extensive customer database paired with AI to deliver an exceptional customer experience.

How to win in the experience economy?

In a world where many suppliers offer similar products, what differentiates brands is an individual’s perception of their own experience. Even in the B2B space, individuals, not companies, make purchasing decisions. Pricing is the smallest component in a purchasing decision. Instead, what drives conversion is the perception of overall experience and perceived value, demonstrated and cemented indelibly from user experience (UX) to customer service. Intelligent enterprises take “perception is reality” to a whole new level, as technology enables a more personalized customer experience delivering ROI through measurable business growth and the relationship ensuring relevancy for tomorrow.