Why companies must embrace the experience economy
IF Big Data is the new digital currency that can determine if a company will rise or fall, “experience” is the system that will support and fuel an emerging, all-too-radical kind of familiar elements like payment structures and cold hard cash will still remain.
However, what ultimately determines the amount of monies that
or not a company will make a hefty return on its investments, is the continuing and willing participation of its customers in its brand ecosystem. The happier
is, the more they will stay with a brand, and the more they will continue to buy its products and services. Long-term loyalty would have transformed them from occasional shoppers to lifelong lifestyle members.
Online shopping, electronic remittances and customer-service chatbots have become mainstream for many Philippine companies and their consumers. If the Philippine brand has the sufficient resources and infrastructure, then a consumer could easily order an item from its website, pay online, and then maybe shoot off a complaint or a compliment to the chat bot. However, these are baby steps in the new “experience economy”where brands happily walk their customers throughout the entire buyer journey in its unending cycles.
The relationship of the customer with the brand does not end with the last click. The purchase is just the beginning of an ongoing interaction, not the end. The brand can and will move itself into becoming a seamless part of the customer’s lifestyle, with his permission and without incurring his annoyance.
thing he clicks on after breakfast, and the last thing he clicks on before he goes to bed. That’s because the brand has become a valuable part of his life.
That was the new paradigm unveiled by Anthony Baker, executive
recently concluded DigiCon 2018
- ber at the PICC. To compete in the experience economy, Baker advises company owners and their market-
offers a valuable lifestyle journey to their customers — instead of utilizing different tools like email marketing or mobile marketing as separate fragments.
“The consumer journey is an evolving landscape, and brands must look at it as a whole,” he emphasizes. “It is no longer linear, but goes across various sectors and then back and forth, changing the way we do marketing. We have to meet the customers where we are through the different touchpoints.” These latter features in the digital ecosystem include mobile devices, web content, ecommerce, social media, AI, virtual reality, augmented reality, and blockchain, among others.
Baker elaborates: “Every touchpoint has the potential to be a brand experience for engagement. We used to think of ecommerce as a destination for marketing or content, but the reality is that we have to think of all these different touchpoints. We need to bring transaction to where the consumers really are.”
- vides value to the customer beyond the mere offer of a product or service is the key that can create that dynamic, captivating connection across many touchpoints.
Baker showed as an example Nike’s successful campaign that promised to make its customers better athletes than they were before. Instead of just hyping up the next footwear down the pipeline, it launched an app that guided its customers into creating their
the app allowed a 24/7 interface between Nike’s members and a roster of coaches, gym instructors, and dietitians who would continually guide them into reaching those goals. There were also reminders that encouraged the user once he is about to succeed, or inspire him to move forward if he is faltering. Throughout this campaign, Nike, through its app, literally never left its user’s side. The conversation with the brand was ongoing, from breakfast, the entire workday, gym workouts, to the last meal at home.
To make their own unique mark in the experience economy, Baker tells companies to “think how you can create a holistic experience for the customer through the touchpoints. Treat every single interaction of your customer with your brand as an opportunity to build a bigger relationship.”
Finally, he gives perhaps the one compelling argument why companies should excel in this new era: “Companies who focus on the end-to-end journey reap 50 percent more of their investment.”
Anthony Baker, executive technology officer of R/GA during DigiCon 2018