A gifting trend has arisen in the early 21st century: experiences in lieu of physical presents. In “the experience economy,” the new generation of consumers with disposable income focuses on experiences over materials, memories over tangibility. This consumer may still be wooed by products, but it’s ultimately the experience that matters.
Consumers expect the full package
The way we consume physical products is consummate with brand experience. Now, when consumers purchase products, they want the overall experience from soup to nuts to be positive and tailored to their needs and desires. The consumers in this scenario need to understand the why of the product. Why are they buying what they are buying? Why is this the best product on the market for their needs? And why will this product will be able to solve their pain points? Every customer touchpoint can contribute to a positive experience.
Experiences can be woven into any buying experience. For example, I know of a bagel shop that provides a better-than-average experience for the customers. They actually get to see how the bagels are made right in front of them. They get to watch the bagels being rolled, the bakers handling and shaping the dough, and the bagels being placed into a wood-burning oven to bake.
While the customers are receiving the same product as they would at any other bagel shop, the experience is what’s different – it’s become a “bagel baking theatre,” thereby enriching the overall experience. While this experience may cost more to setup and operate, the theory is that it should result in more business. This is not necessarily because of the bagels themselves, but because of how the customers feel when they enter the store.
Customer Experience focused strategies
The experience economy started as a theory. Now, it’s rapidly ascending in the ranks as a primary brand goal. Known as “the fourth great stage in consumer development” – after commodities, goods, and services – the customer experience (CX) is now a main focus for business leaders. Why? Consumers drive the market, and what consumers want is not only a well-managed, thought-out good or service. They also want the experience of buying from the brand.
Consider the rivalry between companies like Apple and Google, and the often–good-natured arguments we see emerge on social media. Both sets of customers have strong opinions on the technology brands. Google phone users claim that their operating systems are better, while Apple users focus in on the brand itself and the “elite” status these customers seem to enjoy. Perhaps one brand does develop better products than the other. Would it really matter to the loyalists?
Satisfying the “Everything Customer”
The experience economy inevitably leads to “the Everything Customer.” What does the Everything Customer want? This is a demanding and discerning customer, who values their own experience more than anything else. This type of consumerism is the wave of the future, and business leaders should get to know this customer. They want the experience along with the product or service. They are not outliers, and they want brands that better serve their overall experience.
Satisfying the Everything Customer may not be an easy task. But it’s one that a business and its leaders must undertake in order to remain relevant in today’s ever-changing market. They can be described as sometimes wanting to serve themselves; other times they want to interact with a human. Occasionally, they want businesses to use information they have on them to personalise their service and be proactive. But they also want their privacy to be respected. At times they want to interact via WhatsApp or Facebook Messenger; others, they want phone calls.
Understanding the Everything Customer occurs through the use of analytical and AI tools. Focusing in on Key Performance Indicators, metrics, use analytics tools, and reporting can help smart businesses understand how the Everything Customer came to be and what they truly want.
The concept and implications of the Everything Customer may seem like perhaps they’re not the customer for you, when in reality, they push brands and both large and small businesses alike to stretch their ingenuity. Smart businesses are wise to spend time learning how to understand them. Serving the growing demand of the Everything Customer is an opportunity for differentiation and for winning customer loyalty. Seeing business through the lens of experience will help companies and brands be proactive with the experiences they build.