{"id":2333,"date":"2022-02-02T01:43:07","date_gmt":"2022-02-02T06:43:07","guid":{"rendered":"https:\/\/advertisingweek.com\/aw360\/2022\/02\/02\/are-you-laser-focused-on-the-experience-economy-you-should-be\/"},"modified":"2022-02-02T01:43:07","modified_gmt":"2022-02-02T06:43:07","slug":"are-you-laser-focused-on-the-experience-economy-you-should-be","status":"publish","type":"post","link":"https:\/\/advertisingweek.com\/aw360\/news\/are-you-laser-focused-on-the-experience-economy-you-should-be\/2333\/","title":{"rendered":"Are You Laser-Focused on the Experience Economy? You Should Be"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>By Jon Greenlee, Vice President | General Manager, Sales &#038; Marketing, <a href=\"https:\/\/www.sparkfly.com\">Sparkfly<\/a><\/em><\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The supersonic shift to eCommerce the retail industry experienced at the beginning of the pandemic \u2014 and is still experiencing today \u2014 has created a shift in customer loyalty. In some cases, it\u2019s a matter of supply and demand.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">If a customer\u2019s favorite product is out of stock due to supply chain issues, it doesn\u2019t matter how much he loves it. He needs to buy something similar that\u2019s actually available. In many other cases, it\u2019s a matter of experiences.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Some retailers have started to stand out more than others because of the customer experience they provide not just online, but also in store and curbside.<\/p>\n\n\n\n\n<h2 class=\"wp-block-heading\"><strong>And That&rsquo;s Why You Should Be Laser-Focused On The Experience Economy.<\/strong><\/h2>\n<p class=\"wp-block-paragraph\">Back in 1998, B. Joseph Pine II and James H. Gilmore introduced the world to <a href=\"https:\/\/hbr.org\/1998\/07\/welcome-to-the-experience-economy\" aria-label=\"a new reality, read on HBR\">a new reality<\/a> \u2014 that experiences are their own distinct commodity, separate from goods and services. In the experience economy, it\u2019s not about \u201cstuff\u201d; it\u2019s about the way the customer feels when he\u2019s doing business with you.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Why do you think Starbucks writes your name on your cup? It\u2019s not merely about keeping track of who ordered what. It makes the customer\u2019s order more than just a transaction. It\u2019s an instant chance to elevate the experience, simply by giving the barista the power to call each customer by her name.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">As Dale Carnegie said, \u201cA person\u2019s name is to that person, the sweetest, most important sound in any language.\u201d Just like that, a cup of coffee is a personal experience. That\u2019s an awful lot to accomplish in just a couple of seconds with a Sharpie.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Consider the change First Watch made when it began offering alcoholic beverages. The company openly stated that this wasn\u2019t about offering a new product; it was about offering a new, elevated experience. With just a few drink additions, First Watch created a laid-back brunch experience that instantly reminds customers of Sunday Funday with friends.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">A robust product line is no longer your only differentiator. If that were the case, First Watch might have added completely different items to its menu. Instead, the customer experience has become a priority selling point. It\u2019s a key differentiator when consumers are trying to decide whether to do business with you or your competitors.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">We live in a world where customers can jump from website to website, app to app, or product to product in a matter of seconds.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">Luckily for retailers, technology exists today that Pine and Gilmore never could have imagined, and it can help create experiences that inspire customers, no matter where and how they\u2019re interacting with you.<\/p>\n\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Technology That Can Accelerate Meaningful Digital Innovation is The Biggest Driver of The Experience Economy.<\/strong><\/h2>\n<p class=\"wp-block-paragraph\">In a recent Salesforce-sponsored study by Harvard Business Review Analytic Services, 82% of retailers said improving the customer experience is their top priority. Considering the average consumer uses nine different touchpoints to interact with retail brands, how can you possibly know where improvements need to be made?<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">In order to know what each customer likes and dislikes, you need unified engagement data to create a 360 degree view and that\u2019s something only advanced retail technology can give you.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The right technology can also give you the power to build a strong omnichannel strategy so customers can have the same experience no matter how and where they interact with you \u2014 which is something they\u2019ve come to expect.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">This isn\u2019t just a \u201cretail thing,\u201d though.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The experience economy isn\u2019t just an ever-rising bar that you and your top competitors are setting for each other. It\u2019s actually a <a href=\"https:\/\/www.jabil.com\/blog\/retail-customer-experience.html\" aria-label=\"domino effect, read on jabil\">domino effect<\/a> that stretches across every industry.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">If a customer has a great mobile experience buying tickets to a rock concert, he\u2019s going to expect a similarly great experience when he uses his phone to buy groceries. Just like that, you have a new expectation to meet.<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">What are you doing today to capitalize on the experience economy? What will make your customers come back again and again? How does your technology create meaningful new solutions for that ever-rising bar?<\/p>\n\n\n\n\n\n\n\n<p class=\"wp-block-paragraph\">The answers to these questions will make or break your retail success in 2022 and beyond.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How does your technology create meaningful new solutions for that ever-rising bar? The answers to these questions will make or break your retail success in 2022 and beyond.<\/p>\n","protected":false},"author":7,"featured_media":2334,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","editor_notices":[],"footnotes":""},"categories":[1],"tags":[6],"topics":[2],"class_list":["post-2333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-tech","topics-editorial"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Are You Laser-Focused on the Experience Economy? You Should Be | AW360<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advertisingweek.com\/aw360\/news\/are-you-laser-focused-on-the-experience-economy-you-should-be\/2333\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are You Laser-Focused on the Experience Economy? You Should Be\" \/>\n<meta property=\"og:description\" content=\"How does your technology create meaningful new solutions for that ever-rising bar? 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