Exploring the future of the “Experience Economy”

• Published in: Strategy & leadership 2023-01, Vol.51 (1), p.31-34
• Main Author: Pine II, B. Joseph
• Format: Article
• Language: English
• Subjects: Art exhibits; Brand loyalty; COVID-19; Customers; Design; Digital technology; Innovations; Pandemics
• ISSN: 1087-8572; 1758-9568; 1087-8572
• DOI: 10.1108/SL-10-2022-0101

Purpose Respecting customers’ time and innovating ways to add value to how they spend it is now a crucial measure of how well companies’ offering experiences fulfill their purpose. Time is limited and attention is scarce, so enterprising companies will increasingly embrace experiences for demand generation. Design/methodology/approach To cope with the risks of Covid infection, many consumers shifted their experience menu from physical to digital, from social and communal to familial and individual. 10;But there are some differences that speak to the future of the Experience Economy. 10; Findings Instead of focusing on accumulating ever more material objects, the isolation forced by the pandemic has helped consumers to recognize that what gives their lives meaning is their shared experiences with family, loved ones, colleagues and friends. Practical/implications All businesses should be thinking creatively about innovating customer transformation opportunities -- for example, a new way for B2B companies to better accomplish their jobs-to-be-done. Originality/Value Experiential strategies and innovations that offer customers unique value have emerged in nearly every industry and business. A noted Experience Economy strategist looks at the future of such innovations. 10; 10