The Experience Economy

Learning about the experience economy is one of my favorite subjects.  This page will help you learn to think about how experiences are shaping our world and changing so rapidly.

The Experience Economy

The term Experience Economy was first described in 1999 in a book by Pine and Gilmore called, “The Experience Economy: Work is Theatre & Every Business is a Stage.” (Affiliate Link). I first heard the term from my friend, Matt Jensen, around 2004. And he was so excited when he told me about it, that I bought it on my way home from his office.

Years later, I recorded a Make Marketing Easy Podcast episode with him, and we talked a lot about those early days. The tenets of the book influenced the medical practice that Matt still runs to this day, Vance Thompson Vision in Sioux Falls, South Dakota.

Is The Experiences Economy New?

No. It's not. But as a result of The Experience Economy book, we finally knew what to call them. 

For years, Walt Disney understood the value of experiences. And so did Ritz-Carlton with beautiful hotels, attentive staff, and attention to detail. In both of these businesses, does anyone ask how much it costs?

Why Do Experiences Matter?

Creating experiences give you the chance to be unique. Because being part of the experience economy gives you the chance to control how a person feels about your product or service. 

After all, you might have the same product as your competitor. But how you create the buying experience, user experience, and service experience can yield tremendous success in the experience economy.

How Do You Create Experiences?

I think the first step in creating experiences in the experience economy goes back to our work around Buyer Personas. When you create these personas, look for personal qualities that might help you create an experience.

For example, American Girl dolls didn’t sell just dolls. They sold an experience of bringing the doll into the store to get her hair done, buy new clothes, and have tea. They created an experience where a doll, a child, and a parent may spend an entire day that they won’t soon forget and are willing to pay for.

To Conclude About The Experience Economy

The Experience Economy is one of my favorite topics to write about, discuss, and experiment with. As a result, the content here is just the beginning.

There are blog posts below where you can learn more. 

If you’d like a free pdf that I put together about how to make your customers and prospects feel special, fill out the form below. Or, if you’d like to schedule a time to discuss something you’re working on, email me at Joel@makemarketingeasy.com.

Good luck and good marketing and selling!