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Experience Economy

Experience Economy. Adding Value Through Experiences. Linda Carbary 4/18/02. No Hassles Here. Experiences Add Value. B. Joseph Pine II James H. Gilmore The Experience Economy : Work is Theatre & Every Business a Stage. Boston: Harvard Business School Press: 1999.

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Experience Economy

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  1. Experience Economy Adding Value Through Experiences Linda Carbary 4/18/02

  2. No Hassles Here

  3. Experiences Add Value • B. Joseph Pine II • James H. Gilmore • The Experience Economy: Work is Theatre & Every Business a Stage Boston: Harvard Business School Press: 1999

  4. Experiences Add Value • It’s no longer enough for companies to • simply provide goods and services to • consumers. • Companies must “experientialize” • their goods. • Surround products with experiences that • make using them more memorable.

  5. Experiences Add Value • Not to mention more expensive! • That 50-cent cup of coffee at the • local diner becomes a four-dollar cafe • latte when served at a Starbucks.

  6. The Idea • Create a consumer experience that brings the company image or particular brand (or both) to life… • …on their terms.

  7. Objectives • Primary: • Reach the consumer by delivering the Brand’s Promise (ex: Independence) through memorable Experiential Brand Interaction. • Secondary: • Encourage dialogue

  8. Strategy • In every instance bring branded content to the right context. • Content = idea + display + entertainment • Context = right audience + right activity

  9. Consumer Take-Away • Brand Memory

  10. Metrics • How does a company measure brand recall or memory? • Context: Measure the quality of audience • and event. • Content: Measure Fit - Opinion - • Purchase Consideration

  11. Event Metrics • Quality of the Audience • Evaluate target audience prior to event • Compare across various events • Project cost effectiveness of event • Evaluate actual audience following event • Evaluate promotion of event. Ability to draw the right customers

  12. Event Metrics • Quality of the Event • Provide norms for comparing events • Provide information for improving events • Address event specific issues (ex: rain) The specific event sample depends upon the nature and scope of the event.

  13. Summary • Remember your objective: • Reach the consumer by delivering the • Brand’s Promise (ex: Independence) through • memorable Experiential Brand Interaction. • Measure results: • Was the event the appropriate setting? • Was the audience the target you wanted to reach? Did the audience retain the brand image/promise? • If possible, monitor if consumer went on to • purchase.

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