Does experience matter?
An interesting trend is growing in the world. What is this growing trend called, you may ask? It is called “The Experience Economy.”
Twenty years ago, B Joseph Pine and James Gilmore wrote a book entitled, “The Experience Economy.” The two authors wrote an updated preview to the new addition, with the first sentence saying: “Time is the currency of experiences.”
They go on to say that “if you get members to spend more time with your business, then they will spend more money on your offerings.”
Two great examples are Starbucks and Chic-Fil-a. Both companies are in the commodity business of roasted coffee beans and chicken sandwiches. Neither company sells a commodity, they sell experiences and charge a premium price. If members are already doing most of their shopping outside their financial lives around the Experience, why should their financial lives be any different?
We can no longer order from a Sears Roebuck catalog, enjoy a blue light special from K-Mart, or as much as it hurts me to say this, I can no longer be a Toys-R-Us Kid.
I will leave you with a simple question, are you creating a different, relevant connection that creates a unique experience for your employees and members?
