Things you must do to survive in this experience economy

Things you must do to survive in this experience economy

‘It is not the strongest of species that survives nor the most intelligent, but the one responsive to change.’ – Charles Darwin

Growth – the ultimate motive of a business. When we talk about growth, survival is the first thing that comes to mind. After all, if you are able to survive in the breakneck competition, only then you can think about growing as a business.

And, thanks to the evolving technology, power of social media and constantly evolving user behavior, survival for a business has become tougher than ever. Experts have given the name ‘Experience Economy’ to this changing landscape of user behavior and their buying patterns.

Fun fact: The term was first used by B. Joseph Pine II and James H. Gilmore in the year 1998 in a research paper, according to which ‘businesses must orchestrate memorable events for their customers, and that memory itself becomes the product — the “experience”.

So, how does a business need to evolve in order to not just survive, but thrive in this experience economy? The answer is pretty basic, but like a wise man once said:

Most of us forget the basics and wonder why specifics didn’t work.

Let us have a look at those basics and get to know what you can do to make your business thrive in this experience oriented economy –

Educate (the customers)

Like the marketing prodigy Seth Godin says:

Marketing is no longer about the stuff that you make, but about the stories you tell.

People love stories; especially the ones that have a purpose, the stories that educate them about your business. What you are trying to do? How you are trying to do it? How it will solve their problem? How are you trying to make the user experience better than others? And more!

If you are able to crack the code for successfully telling the story that answers these questions for your target audience, then you are definitely going to take your business to the zenith of success in this ‘Experience Economy’.

Stimulate (the emotions)

People remember the things that made them laugh, or even cry. Or, in simple words people remember those brands/businesses that were able to make an emotional connection.

The marketing campaign from Airbnb is a great example of this – Don’t just go there, live there. And we all know how successful Airbnb has been over the years.

Why? Because they were able to understand the basic human psychology:

It’s not how many miles you traveled that matters, or how many countries that you visited. What matters is the experience that you had during that travel.

And their campaign ignites that fire of emotional stimulation with which almost every person could connect.

Eliminate (the negative cues)

Provide poor service, and you can be sure to turn a service into an experience.

As important it is for a business to create a great experience for the user, it is equally important to ensure that they don’t have a negative one. For instance, we all have had that experience at hotel receptions where the personnel interrupts the conversation to pick up the telephone call. Now what kind of a user experience does that leave on the user – without a doubt negative.

That’s the kind of thing you need to stay away from. In the world of marketing (or digital marketing to be more appropriate) flooding the user with excess information is an equivalent to this. Try to stay away from it!

Don’t forget to keep your promises

A prime example of how keeping your promises can help your business thrive can be seen in the form of Apple.

Steve Jobs promised to deliver what he called “The Whole Widget”. And that’s exactly what he came up with the launch of iPhone.

It wowed the customers. The same thing happened when Apple came up with their iPads. Not just the product, but the promise to deliver an exemplary experience has kept Apple going strong, dethroning the likes of Nokia in the mobile market.

In words of Jeneanne Rae, CEO of Motiv Strategies:

Customer service is not something you can accomplish in one project, in one quarter. It is an ongoing commitment that needs to be staffed, recognized and worked on.

This post is part of our contributor series. It is written and published independently of TNW.

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