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You may or may not have heard of the term “experience economy.”
Experience economy is a marketing term that refers to the movement of the economy away from the simple exchange of services to a service that delivers an experience.
The fundamentals of the economy will never change, but people have more choices now. So, to set your service or commodity apart, you need to focus on creating a consumer experience that goes beyond your product or service.
How can you create an experience for your customers as a small business owner?
To deliver an experience, small businesses must focus on the psychology of their customers, not just their needs. What are their desires? What will be memorable for them? What would make them feel special?
Those are the questions you need to ask yourself.
When I have an initial meeting with a small business owner, nine times out of ten they say customer service is what differentiates them.
How can that be a true differentiator if everyone says it?
To truly differentiate yourself, especially if you are selling something that is available from multiple competitors, you have to create an experience.
Here’s a story that I often tell to illustrate the importance of this. It’s the Rose Story …
In Florida there are palmetto bugs, another name for this is a cockroach. In our story, a woman struggles with these big, nasty cockroaches invading her home. When she finds them in her kitchen she’s had enough and decides to call an exterminator. The exterminator agrees to come in 60 minutes for a charge of $80. The exterminator comes and goes and the palmetto bugs leave one house and move to the neighbor’s house. Again the housewife (yes a housewife) calls an exterminator who agrees to come in 60 minutes for a charge of $80. In other words, same service, same timeline, same price. But there’s a difference. Here it is: the second exterminator leaves her home as well, but not before leaving the housewife a single rose and a handwritten note, expressing his appreciation for her business. Who do you think will get her repeat business? Even if the cockroaches come back again, she will inevitably go with exterminator #2. Why? Because he took a common service found a way to make it memorable for his customer. He made her feel special. She will remember that and she will refer her friends as a result.
Which brings me to another point about creating an experience: it endears repeat customers and creates referrals. I’m sure you are well aware that these are the best, most quality interactions you can have with your customers – and they come without a marketing budget!
To be sure, creating an experience for your customers is next level thinking. It’s also a lot of fun if you let it be.
Enjoy thinking of ways to surprise and delight your customers. Brainstorm with your staff to get ideas. Remember experiences that you remember as a customer, figure out what they have in common and use them to make your business better.
It doesn’t have to be another thing to put on your to do list, it can actually be fun, I promise!
Enjoy the process and let me know how I can help.
By Blair Koch
