Future of StoryTelling (FoST) Exploring the Experience Economy — Joe Pine, Revisited
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Nov 28, 2024 In this engaging discussion, Joe Pine, co-author of the influential book "The Experience Economy," delves into the evolution of economic value from commodities to unique experiences. He highlights how businesses must adapt to rising customer expectations by shifting from products to immersive experiences, with examples from brands like Coca-Cola and Whirlpool. Joe passionately discusses the importance of crafting memorable, emotionally resonant experiences using emerging technologies, paving the way for deeper connections and transformative customer engagement.
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Experiences as Economic Offerings
- Experiences are a distinct economic offering, as distinct from services as services are from goods.
- They utilize goods as props and services as a stage to engage individuals and create memories.
The Coffee Example
- Using coffee, Joe Pine explains the progression of economic value.
- Raw coffee beans cost cents, packaged coffee costs more, brewed coffee even more, and a Starbucks latte the most.
Time Well Spent vs. Time Well Saved
- Experiences are about time well spent, offering valuable and memorable moments.
- Conversely, services focus on time well saved, providing efficiency and convenience.
