What's next for the experience economy?
Well, Joe Pine thinks its "transformation". In today's WebEx presentation, Joe walked the audience through 4 imperatives of being successful in the experience economy:
1. Stage marketing experiences
2. Embrace dramatic structure
3. Mass customize your offerings
4. Go beyond experience
It's the latter that I wanted to dwell on in this post. I am often asked "what happens when an experience becomes commoditized"? Initially, I wondered if an experience could be commoditized, but the cold hard reality is that once you have experienced something it looses some of its luster. Unless it retains some element of mystery. Joe provided a great example of that today with the Library Hotel in Manhattan. They created an experience around one of the most boring topics - the Dewey decimal system. However, within their experience they created a sense of mystery around what's next? What will the next room be like? A compelling reason to continue the experience.
I also have seen the Starbucks experience become commoditized. Once Panera Bread started offering free wi-fi, the restaurant itself become another "third place" - except you can get great soup and sandwiches with your coffee. You see, other caught on to what Starbucks created, and the relief from the commodity trap they created.
Back to the call. Another fascinating fact. 70% of the attendees were from a service business and 52% said they had some experience initiatives underway. If you are in the other 48% you better wake up and smell the coffee - things are about to tip!
1. Stage marketing experiences
2. Embrace dramatic structure
3. Mass customize your offerings
4. Go beyond experience
It's the latter that I wanted to dwell on in this post. I am often asked "what happens when an experience becomes commoditized"? Initially, I wondered if an experience could be commoditized, but the cold hard reality is that once you have experienced something it looses some of its luster. Unless it retains some element of mystery. Joe provided a great example of that today with the Library Hotel in Manhattan. They created an experience around one of the most boring topics - the Dewey decimal system. However, within their experience they created a sense of mystery around what's next? What will the next room be like? A compelling reason to continue the experience.
I also have seen the Starbucks experience become commoditized. Once Panera Bread started offering free wi-fi, the restaurant itself become another "third place" - except you can get great soup and sandwiches with your coffee. You see, other caught on to what Starbucks created, and the relief from the commodity trap they created.
Back to the call. Another fascinating fact. 70% of the attendees were from a service business and 52% said they had some experience initiatives underway. If you are in the other 48% you better wake up and smell the coffee - things are about to tip!
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