The experience economy

In today’s society, people are less driven by material things, and instead are investing their time and money into experiences that are meaningful to them. This is otherwise known as the ‘experience economy’, a term that The Harvard Business Review introduced to us in 1998, and nowadays, this term is more relevant than ever.

Although there are many contributing factors to the growth of the experience economy, social media has without a doubt played a major role in its development. Platforms such as Instagram allow people to share their experiences with the world, as well as inspiring others to get involved with new and exciting adventures.

With over 1 billion people using Instagram, and of that more than 500 million actively using the stories everyday, businesses are able to promote their experiences to a vast audience, giving them the exposure they need to succeed.

Furthermore, the advancements in technology have also played a factor in the development of the experience economy. New technologies, such as VR, have allowed consumers to be fully immersed in an experience. For example, Samsung have worked together with NASA to launch a VR 4D immersive experience, which will be located in New York from July.

Participants gear up in flight suit, harness and Gear VR headset, and get the opportunity to experience the 1969 moon mission. What a way to celebrate the 50th anniversary of the first moon landing!

Now that people are investing into experiences more, businesses are also following this pattern in order to keep up with the trends and create the best customer experience possible.

Secret Cinema are all about giving consumers a once-in-a-lifetime experience. From receiving the invitation to the actual event itself, consumers are fully immersed in the story, and are encouraged to get involved through providing the customer with bespoke identities and recommending a dress code for the occasion.

Disney is a great example of creating unforgettable experiences. It’s not just the theme parks and shops that attract people to the Disney Parks, it’s the atmosphere that they have created. Through the characters roaming around the parks to taking part in 3D interactive cinema experiences, the consumer is living and breathing Disney!

In conclusion, in order for businesses to stay current in this experience-driven economy, they must give their consumer not only a memorable experience, but something that they feel connected with, and are therefore inspired to share with their friends, family and community. 

Brands should also focus on making the experiences ‘instagrammable’ so people are more likely to take photos and document their experience, this will expose the experience to more people encouraging a knock on effect.

 

Written by one of our Account Executives, Kate.