Customer Experience Related Guides
Customer Experience
Key Concepts
Customer Experience
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The experience economy is the idea that products and services can outcompete by creating an experience that customers value. In an economy where many products and services have become a commodity, experience is a valuable competitive advantage. The following are illustrative examples of the experience economy.
A mobile device that is pleasing and productive to use commands a higher price and enjoys higher sales volumes than the competition that have similar technical specifications but are less usable.A restaurant with friendly and diligent staff develops a loyal customer base and thrives on slow nights when competitors struggle.
LuxuryA hotel that has character and superior services may achieve high ratings and occupancy rates despite high prices.StatusA brand that customers view as a status symbol such as a symbol of wealth or membership in a group. For example, the experience of wearing the same snowboarding brands as your favorite professional snowboarder.Experiencing culture such as the taste of food or sound of music.Well-beingProducts and services that provide a sense of well-being such as a relaxing spa.Experiences that customers may view as accomplishments or events that are important to their life. For example, a wedding or travel experience.Transformative ExperiencesExperiences that transform an individual to make them better such as education or an inspiring book.|
Type | | Definition (1) | The idea that products and services can outcompete by creating an experience that customers value. | Definition (2) | An economic model that suggests products and services are easily commoditized leaving customer experience as the primary form of competition in an advanced economy. | Related Concepts | |
ReferencesPine, B. Joseph II and Gilmore, James; Welcome to the Experience Economy, Harvard Business Review, July 1998.Pine, B. Joseph II and Gilmore, James; The Experience Economy, Harvard Business School Press, 1999.
Customer Experience
This is the complete list of articles we have written about customer experience.
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An overview of customer experience with examples.
The common types of product experience.
A definition of customer focus with examples.
A definition of tacit needs with examples.
A definition of critical to quality with examples.
The definition of perceived value with examples.
The definition of experience good with examples.
The common ways to improve customer service.
Detailed examples of customer service improvement plans.
A few sources of competitive advantage for businesses.
The primary types of market position.
The common types of competitor.
A definition of competitive position with examples.
A definition of switching costs with examples.
A definition of trade secret with examples.
A definition of relative advantage with examples.
An overview of comparative advantage with examples and comparisons.
The common types of competitive threat.
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