Published on March 16, 2014
Welcome to the Experience Economy Prepared by: Nitin Boratwar Nitin Kumar Shukla Noopur Mandhyan Omkar Singh Gujar P. Priyatham Kireeti
Summary – The Article in Short Pine & Gilmore introduce the concept of the experience economy. An experience can be compared to a theatre play with services as the stage and goods as props. The degree of participation and degree of connection. To design memorable experiences , a 5-step plan: Theme the experience, harmonize impressions with positive cues, eliminate negative cues, sell memorabilia and engage all five senses.
History of Economic Progress The history of economic progress can be recapitulated in the 4 stage evolution of the birthday cake 1. Mom is baking it from scratch (mix eggs, flour etc.) 2. Mom buys pre-mixed ingredients 3. Mom lets the bakery bake the cake 4. Mom buys the complete birthday party (experience) where the cake is included
Extract commodities Make goods Deliver services Stage experiences Differentiation Pricing Progression of Economic Value
Experience Economy Definition:An experience occurs when a company intentionally uses services as the stage and goods as props to engage individual customers in a way that creates a memorable event. Experiences are memorable whereas commodities are fungible, goods are tangible, services are intangible. Experiences are inherently personal, existing only in the mind of an individual.Thus no two people can have the same experience, because each experience derives from the interaction between the staged event and the individual’s state of mind.
• Selling Experiences BeyondTheaters andTheme Parks. • Companies should think about what they would do differently if they charged admission. • Some companies will eventually be like trade shows, charging customers to sell to them. Staging the Experience
•Theme restaurants such as Hard Rock cafe ,Planet Hollywood andThe House of Blues. • Stores such as Niketown , Cabella’s and Recreational Equipment incorporated. • British Airways Staging the Experience-Examples
Pricing – don‘t give away experiences for free! The experience economy is still immature. Example: Hard Rock Café doesn’t charge for the events they stage. No company sells experiences as its economic offering unless it actually charges consumer and admission fee. Example: Discotheques that charge an admission fee before they let the customer in. Companies don’t have to stop selling goods and services. Example:Walt Disney is pioneer in the experience economy and sells merchandising articles. Companies need to create an experience that consumers judge to be worth the price Consider the 4 realms of an experience.
The 4 Realms of an Experience Experiences can be characterized according to 2 dimension – connection and participation. The richest experiences, such as going to Disney World, encompass aspects of all four realms, forming a “sweet spot”. Entertainment (e.g. Web TV) Esthetic (e.g. Art galleries in second life) Escapist (e.g. Playing mafia wars) Educational (e.g. Language lab) Passive Participation Active Participation Absorption Immersion Sweet spot
Key Principles to Design Memorable Experiences • Theme the experience • Harmonize impressions with positive cues • Eliminate negative cues • Mix in memorabilia • Engage all five senses
Entering Experience Economy • Supply and demand are still the major market forces • Experience just adds value • Experience economy will grow through the “sales of creative destruction”.
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