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The Experience Economy

The Experience Economy. Lecture Notes By Richard L. Routh, Ph.D. The Four Types of Economic Offerings. Very low profit margins (coffee beans) Moderate profit margins (ground and packaged coffee) Good profit margins (Coffee at the corner diner) Great profit margins (coffee in venice).

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The Experience Economy

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  1. The Experience Economy Lecture Notes By Richard L. Routh, Ph.D.

  2. The Four Types of Economic Offerings • Very low profit margins (coffee beans) • Moderate profit margins (ground and packaged coffee) • Good profit margins (Coffee at the corner diner) • Great profit margins (coffee in venice) • Commodity • Goods • Service • Experience

  3. Bottom Line • Work to move your company’s goods and services into the highest profit margin opportunities as possible. • This means, figure out how to create customer experiences • Experiences are memorable • They are themed • They are staged • Usually have huge IT components behind the scenes • “You are what you charge for” (so don’t be charging for goods or services)

  4. Some Examples • Barber Shop/Beauty Parlor • Car Tires • IT services • What else?

  5. Various Modes of Theater • Improv: “winging it” in customizing each customer interaction with the company. • Street Theater: The typical sales experience where the stage is never the same, but the salesman must deliver an impressive and entertaining “display” for the customer.

  6. Various Modes of Theater • Platform Theater: Formal scripting of customer experience such as fixed-agenda trade shows. • Matching Theater: Integrating the outcomes of work across many disparate business performances. E.g.: flight attendant matches across the various steps in the process of flying: boarding, safety briefing, introduction of in-flight entertainment, food service, landing, & deplaning. • Another example: A sales tracking system matches across time by integrating and connecting different sales calls into one cohesive experience.

  7. Steps to Creating an Experience • “ing” the thing • Create a theme • Select a type of theater • Focus on creating a lasting, quality memory • Design and implement the IT necessary to make all the above work and hang together.

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