In The Experience Economy, Pine and Gilmore explain how we are in a new economic era in which mere goods and services are no longer enough and all businesses must orchestrate memorable events for their customers.
Joe Pine, shares in this video how in this new economy we are in that products are now props and services are the stage.
Disney is the premiere Experience Maker. You pay a fee to enter the park and spend a day of wonder. Disney has plenty of products and services to sell you – theme parks, food, clothes, toys, movies, video games, TV shows, radio shows, music, cruises, and more. You pay the fee and spend your TIME and they deliver MEMORIES.
Time is the real cost and memories are the real return.
This is true for everything. The smarter manufacturing, service or software companies now have their own annual tradeshows where you go and spend hours or days of your time exploring their new products, services and ideas. You pay a fee, spend your time and they deliver memories.
This is our new economy.
Customization is how to transform simple products and services into memorable experiences. You are in the line at Starbucks and you hear other customers’ orders, “no this, add that.” It is open source customizations. The next thing you know, you are ordering something like a ‘Grande Chai Tea Latte, 3 Pump, Skim Milk, Lite Water, No Foam, Extra Hot.’
Starbucks has customized their product and service and we pay more for this highly personalized experience.
Think about your products and services. What memories are you making for your customers?