What Next For The Experience Economy
Coined in the late 1990s by the renowned academics Joseph Pine and James Gilmore, the Experience Economy is a concept which has transformed the way in which organisations around the world do business, create products and engage audiences.
The theory posits that products and services are no longer enough for consumers and that “the staging of experiences must be pursued as a distinct form of economic output”.
For businesses, the challenge is to ensure consumers ‘experience’ their brand, wherever they may be and whatever platform they are on, in a positive way. More than this, there is a need to create engagement that leaves a meaningful, lasting impression and even a shift in perception in order to truly thrive.
More than 16 years on, we can see significant momentum building in this move away from a product-only approach. The Experience Economy has matured and the battle to play effectively in this space is happening across industries and sectors.
Consumer expectations around what “good” experiences should look and feel like are constantly evolving in our increasingly connected and digitally integrated world. We need only look at the emergence of things like Google Cardboard and work from Oculus to see that technology is also playing a fundamental role in the evolution of the Experience Economy, and helping create new opportunities for engagement.
Given the travel and tourism sector’s intrinsic links to the idea of ‘experience’ and ‘the journey’, it is unsurprising that this sector has delivered some of the most compelling displays of innovation and creativity when it comes to leveraging the Experience Economy in which all brands and sectors operate.
In this collection of work, we have used the travel sector as a springboard and brought together digital natives, creatives, strategic specialists, designers, communicators and some of Australia’s leading marketers to explore how brands can thrive in this new order and leverage experiences to deliver meaningful, tangible business outcomes — now and in the future.
In-depth Guest Editor
Managing Partner History Will Be Kind & Communications Director Deepend