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Episode #47:

Engaging the experience economy

Guest: Joe Pine

There's a big difference between services and experiences, and according to this week's guest, companies who are not staging experiences are missing important revenue opportunities. In this episode, Joe Pine, internationally acclaimed speaker and bestselling author of The Experience Economy: Competing for Customer Time, Attention, and Money, joins host Shawn Nason to challenge leaders from all industries to rethink their approach to customer experience.

About Shawn Nason

shawn@mofi.co | ShawnNason.com | @manonfiresocial

Shawn Nason, founder and CEO of MOFI, best-selling author, and former Walt Disney Imagineer, lives his life with a commitment to create radical relationships with everyone he meets. Armed with the gift of discernment, he has the uncanny ability to walk alongside people and organizations as they struggle to connect with their deepest passions and engage their most debilitating demons. He challenges the world around him to be fully present, get real, and lead with empathy.

Prior to launching MOFI, Shawn was the chief experience & transformation officer for Healthways and served as the chief innovation officer for Xavier University. He also spent six years at The Walt Disney Company in various capacities within Walt Disney Imagineering and Disney Cruise Line. He’s an in-demand speaker and coach, the author of two books, Kiss Your Dragons: Radical Relationships, Bold Heartsets, & Changing the World (2021) and The Power of YES! in Innovation (2017), and the host of The Combustion Chronicles podcast.

About Joe Pine

Internationally Acclaimed Author, Speaker, and Management Advisor

Co-founder of Strategic Horizons LLP

Visiting Scholar, Visiting Professor, and Guest Lecturer

About mofi

A human-obsessed boutique design firm passionate about reimagining Experience Ecosystems™.

mofi.co | info@mofi.co | @mofisocial

Businesses are more than org charts, strategy documents, and mission statements. They’re living, breathing ecosystems filled with people and people-driven processes that make an impact on the world.

At MOFI, we refuse to look at one piece of the puzzle (customer service, employee experience, vendor relationships, leadership, culture, marketplace awareness, etc.) without engaging your entire Experience Ecosystem as we tackle the biggest and hairiest experience, innovation, and culture challenges that you can send our way. Why? Because we we’re more interested in long-term results than innovation theater.

WHAT WE DO:

Customer & Employee Experience—Increase your revenue and market share by aligning, equipping, and empowering the people in your Experience Ecosystem to create game-changing experiences.

Consumer-Centered Innovation—Move at the speed of your customers by harnessing the mindsets and processes of human-centered design to dream up, test, and launch fresh ideas into your business model.

Organizational Transformation—Position your organization for long-term sustainability by shifting the mindsets and heartsets of the people who represent your brand in the world.

Episode takeaways

  • Three things companies are getting wrong: 1) Sticking with old ways of doing things, 2) Thinking that just doing CX will lead to great experiences, and 3) Not recognizing that every individual human being is unique.
  • The concept of the Experience Economy was born out of paying attention to companies who were successful in creating experiences that built a brand.
  • If brands want to create great experiences, you need to make them robust, cohesive, personal, dramatic, and even transformative.
  • To produce a great experience, you first have to understand that work is theater, which means shifting how you do business.
  • Themes make an experience cohesive. If you don't have that good organizing principle of the experience, it means that it's eventually going to become everything but the kitchen sink in there.
  • Experiences are the design of time. You must intentionally design the time that customers spend with you.
  • With digital technology, anything you digitize, you can customize.
  • Companies today need to have a meaningful purpose.
  • Money is the measure of how well you fulfill your purpose and the value you create inside of each one of your customers.
  • Everybody has their own individual purpose, whether they recognize it and whether they can articulate it.
  • People are increasingly wanting experiences that change them and therefore we need to be paying attention to what's next, which is the Transformation Economy.

[Overheard on the Podcast]

"CX just gets you a great service. It doesn't get you a true distinctive experience that creates that memory inside of people."
"If brands want to create great experiences, you need to make them robust, cohesive, personal, dramatic, and even transformative. And those are the key things that companies must do to create that experience within people then get them to want to come back to you time and time again."

[Overheard on the Podcast]

"If you recognize that every interaction you have with the customer is an opportunity to learn from them, and the more you learn about them and from them, then better you can customize and the better you customize the more they benefit, the more they benefit, the more they're gonna be willing to interact with you. And you got this very tight, virtuous circle, that's what really customer-centricity is really all about in my mind. And what true loyalty is about is that the loyalty comes not from bribing people by saying, 'Okay, you buy 10, we'll give you your 11th one free,' but from how you treat them as the individual that they are."
"Money is the measure of how well you fulfill your purpose, of the value you create inside of each one of your individual customers."

[Overheard on the Podcast]

"So money, again, is the measure of how well you fulfill your purpose. And if your purpose is one in which you cannot make money, well, you know, you're not gonna be in the business for very long because money measures the value that you create for your customers, right? What they're willing to pay for that value. That they value your economic offering more than the money in their pocket. And so you've got to use it as that measure but not make it the end-all be-all. That's the key mistake that many companies do, and then take them off down, you know, bad paths that eventually get to the point where they're not providing value that people want because times change, technologies change, people's desires change, competition changes, and you got to stay ahead of them with that purpose that you have."

The Experience Economy: Competing for Customer Time, Attention, and Money

Welcome to the Experience Economy, where businesses must form unique connections in order to secure their customers' affections--and ensure their own economic vitality.

This seminal book on experience innovation by Joe Pine and Jim Gilmore explores how savvy companies excel by offering compelling experiences for their customers, resulting not only in increased customer allegiance but also in a more profitable bottom line. Translated into thirteen languages, The Experience Economy has become a must-read for leaders of enterprises large and small, for-profit and nonprofit, global and local.

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