Entering the Experience Economy

I am a big advocate of new and emerging economies. My favorites are the Experience and On-Demand Economies. I will speak about the explosion of the On-Demand Economy in a later blogpost, but this one is focused on the Experience Economy.

I love, love, love the Experience Economy and I have been pushing it to my clients for years. So what is the Experience Economy? It is the practice of figuring out how to find a way to give your clients/members/customers an experience as a part of the sales process. What is even better is that you can charge for the experience that you are providing!!! So it makes marketing a revenue stream for you instead of simply an expense. Awesome, right?!?

After some reading, I have found some great examples of the Experience Economy and you may have already come across some of these. For example, Kellogg’s is opening a cereal bar in New York and Chobani opened a yogurt shop in Soho. Large brands are using pop-ups to create short-term (and in the case of Chobani) long-term experiences for their customers and so can you.

So the question you may have is “How do I join the Experience Economy”? First, you have to identify a relevant, related experience that matches your brand and product. Second, you have to find a medium to share that experience. It is important to note that the experience can be virtual or actual, so don’t always start with thinking you have to host an event somewhere. And Third, assuming you have people who want to take part in the experience, you want to put in place some mechanism to receive feedback. Ask participants, what they liked about the experience, what they would change, what was missing that they expected, etc.

Need assistance in identifying ways for your company to enter The Experience Economy? Contact me at info@smallbizflo.com to schedule a consultation.

Related posts

Leave a Comment