The Experience Economy!
Updated: Dec 4, 2020
Companies that don’t understand how to create the right experiences for employees & customers will not have the necessary tools to sustain and grow their business in the new experience economy.
Businesses must orchestrate memorable experiences where the memory itself becomes the product. Experiences give brands a competitive advantage by attracting and maintaining top performers and customers.
How an experience makes someone feel is the key factor in earning loyalty and repeat business.
Failure to incorporate technology to analyze data and personalize experiences will be detrimental.
Millennials and Gen Z are here to disrupt corporate America, high profile roles and question the status quo.
They will ask for your “why” they will ask you why you are in business and what motivates you. If they don’t believe in your morals and what you stand for, they won’t buy your products or services and they won’t work for you.
They are drawn to leaders and companies with core values that lead with a purpose.
Experiences educate, improve communication, foster connection to others and the world at large, and help promote unity.
Millennials invest in travel because they believe that experiences help shape their identities.
Recent studies reveal that 78% of millennials would rather spend money on experiences than things. Experiences like concerts, travel, festivals and dining out. Millennials see themselves as citizens of the world.