There is a great longing in society for unique experiences. People more willingly invest in memorable experiences than possessions. Experiences have thus become an important source of added value for companies. We share three tips how to succeed in the Experience Economy.
In the middle of the exclusive event, alone on the beach of your dreams, pride in your first marathon: experiences are the core of shared social media content. Products have become a minor matter. Experiences are the new currency, promising status in the form of commitments. Brands should make use of this mechanism to differentiate themselves from their competitors with unique experiences and thus offer new status symbols.
To achieve this, brands must anchor the experience dimension in their DNA as an integral part of their corporate identity. Red Bull is a well-known example of consistent implementation of this principle. The ability to link the brand to a world of experience at all touch points on the customer journey is becoming the decisive criterion for sustainable success.
The experience dimension of the brand can open up new revenue streams. Airbnb was quick to identify this opportunity and launched their ‘Airbnb Trips’ service in 2016: a beginners’ surfing course during a stay in Portugal? Two hours of pretzel baking on a weekend trip to Munich? In addition to authentic accommodation, customers can book unique activities with local hosts which turn their trip into an unforgettable experience.