Why com­pa­nies must em­brace the ex­pe­ri­ence econ­omy

Manila Times - - Business Times - PHOTO FROM HIS LINKEDIN PAGE BY CORA LLA­MAS

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

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