kenneth cortsen - the experience economy - torsdagsforelæsning handelshøjskolen

Studieopholdsopgave

by Kenneth Cortsen

MBA & Ms. Sc. in Business Economics

The Intersection between Experience Economy &

Communication

– a branding perspective

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• Knowledge organization– Analyze and communicate trends

• Consulting, articles, network, innovation etc.

What is VTO?

• Practical input

• Experience Economy as a concept

• Critical approach

• Strategic parameter in terms of branding

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Purpose w/lecture

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Definition:

• How can we interpret the concept?– Resistance to change?– Richard Florida 3 Ts (technology, talent,

tolerance)– Experience + Economy

What is it?

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Experience:

• = Memory ”Uniqueness” – Not only memorable! also remarkable (able to remark)– Allow customers to remark ”wauw-experience” tell

their friends!– From small (checking into the hotel simple and cheap)

or personalized to mega-experiences (Las Vegas)» It should speak to the consumer!

What is it?

A new way of looking at what has been there

forever

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Experience:• = Consumers should experience

something….– Production of feelings (Rolf Jensen)– Go through something (engagement)– Live & experience (Jens Ørnbo)– Interaction– Messages containing meanings, emotions,

and values (identity)

What is it?

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Economy:

• = Value addition experiences are delivered at all price points and not only for expensive products!– Advanced service economy– ”Identity refreshment”

What is it?

Consumers see that the

products they choose are

mirrors for how they see

themselves

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The history?

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What is it?

Source: Pine & Gilmore (1999)

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The importance of time, space etc.– Evt. relate to 7 Ps (expanded parametermix)– Selling more than just products and brands

successfully

What is it?

Source: Pine & Gilmore (1999)

(or) Baresso

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The progression of economic value

Source: Pine & Gilmore (1999)

NOW: S

elling experie

nces!

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• Imagine experience economy without branding (or storytelling)– Nike towns…

Branding as the experience

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• What we want from customers: – TIME is limited– ATTENTION is scarce– MONEY is consumable

Branding as the experience

When branding becomes the experience??????

Coca C

ola & H

appiness

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The broad perspective

• Many different industries:• A creative approach• Tourism, film production, sport, education, art, architecture, entertainment overall etc.

• Transformation via storytelling!

Part of th

e Game

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Ex. Ec. as a strategic parameter

• Reaching your objectives• Financial implications, media and

appeal USPs + ESPs• Innovation, communication and appealing to your target group• Synergy and multiplier effects• Finding the ”blue oceans”

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Ex. Ec. as a strategic parameter

• ESPs:

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Ex. Ec. as a strategic parameter

• Target groups experiences do not or should not appeal to all…..

• Differentiation is key (but some org. succeed at going mainstream) ARL????

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Ex. Ec. as a strategic parameter

• Experiences do not appeal to all:

• Senses:

• Touch, Smell, Taste, See and Hear• Feel• Think• Act •Relate

Fine & expensive chocolates....

Design vs. Chocolate Company?

Key Experiential Providers (ExPros)

Visual/VerbalIdentity & SignageVisual/VerbalIdentity & Signage

Co-brandingCo-branding

CommunicationsCommunications

ProductPresenceProductPresence

SpatialEnvironmentsSpatialEnvironments

ExperienceProviders

Web Sites &Electronic MediaWeb Sites &Electronic Media

PeoplePeople

“We need a way to create the “strategic experiences”“We need a way to create the “strategic experiences”

* Tactical Implementation Components

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Ex. Ec. as a strategic parameter

• A strong brand manages consumer experiences in an intentional way a strong brand continues to reinforce itself via good brand management and thus creates new resources in the form of loyal investors, customers and employees ROIs (Coca Cola Company)

Things happen when people

buy pressure to buy!

Flying Fish

Walking inside a MAC computer can play w/ all products sell more

Effect of popular culture

The Kodak Moment

• Photography as a medium: – Isolated moments in time

Be a beer bottle

What is Experience Economy?

• The experience realms

Source: Pine & Gilmore (1999)

More than a club

A unique dining experience

Engaging World of Sports

Engaging World of Sports

Engaging World of Sports

Harmony between brand and actions

Experience Economy & Viral Marketing

Practical examples:

Quiksilver reklame fra København – Saatchi

Sprite Zero Snow Cannon - Saatchi

Doing business purely based on experiences!

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Conclusion

Knowledge about experience economy

facilitates a platform for

progression and drive

Formal

knowledge is

not enough!

Experiences

=

Platform for

making money