What the Heck is Experience Strategy Anyway?

Sep 8, 2021

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From Starbucks to Netflix, companies today are competing to disrupt the market and deliver the best possible customer experience. But what does it take to differentiate your brand and drive results for your customers and your bottom line? Tune into today’s episode as we explain just what Experience Strategy means, and why it matters.

IN THIS EPISODE:

[02:00] Dave explains what Business Strategy means. According to Michael Porter (a Harvard Business Guru), Business Strategy can be defined as a competitive position.
[03:00] Dave defines Marketing Strategy by using Philip Kolter’s definition from Northwestern University.
[7:00] Why it’s important to recognize different types of strategies in order to understand Experience Strategy.
[10:00] CX Strategy or Customer Experience Strategy? Are those strategies the same thing as Experience Strategy? Dave explains the differences between them.
[14:00] What role does loyalty play in CX Strategies?
[17:00] How Starbucks changed the customer experience for their customers.
[21:30] Are Netflix and Amazon just Tech Companies or can they be described as Experience Companies?
[26:30] Aransas has observed in multiple organizations that experience is situated as an operational effect versus a strategic pillar. What is the risk of relegating it to an operational aspect?

KEY TAKEAWAYS:

Companies need to understand that their business strategy is about setting their businesses up in comparison to their competitors.
Customization is one of the key elements of Customer Experience. It’s a first step towards recognizing the audience as individuals. All technology today is customized in some way.
Disruptive innovation has completely changed the way the world looks today. One of the best examples is Amazon. At one time, no one was paying attention to them, and now they have completely disrupted the US economy.
Strategy is important, but if companies want more customers, they need to think more rigorously at what customers need and deliver on those needs across operations, marketing, innovation and business strategies.