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Welcome To The Experience Economy
The fact most of us receive our news via a predictive feed on a mobile app says a lot about how we experience the world around us.
We explore only that which we are shown – not the unknown and we engage with that which we like or have a preference toward.
We live in the experience economy – an economy driven by experiences and sustained through digital integration and innovation in a world more connected than ever before.
In fact, we live in the early years of the greatest customer revolution in history.
Far bigger than the industrial revolution, the information revolution has birthed the experience economy.
It is all about experience – customer experience.
Customer Experience Creates More Value Than Brand Awareness
As mass media disintegrates and omnichannel media rises, business value is no longer derived from having a big brand in the traditional sense, but rather, having a big micro brand – highly engaged, with the right audience and the ability to demonstrate repeated sales from known customers.
This is good news for small to medium businesses and entrepreneurs as it creates a level playing field where disruption can happen rapidly.
A recent study published in Harvard Business Review demonstrated this principle in cold hard numbers. A group of researchers tracked 6,000 mergers and acquisitions over 10 years from 2003 to 2013.
Of particular interest was the value on the balance sheet being attributed to ‘brand’ and the value being attributed to ‘customer’ or repeat purchasing capability.
The graph should be earth shattering to any marketer.
In 10 years the value attributed to ‘brand’ went from approximately 20% of balance sheet to 10% and the inverse occurred for ‘customer’ value.
CX First Brands Dominate
The rise of data driven brands who are using technology to power the customer experience is now a fact.
Who hasn’t had their lives dominated by Google, Amazon, Facebook or Apple in recent years.
The fact is brands who can leverage their customer data into objective strategies for growth through better customer experiences win.
A recent survey by BrandZ shows the technology dominance in the movement of the top 5 brands as ranked in 2006, 2011 and 2017.
Where are you spending your marketing money and is it effective in The Experience Economy?