The Experience Economy Explained

Two articles

interesting to look through my email feed each morning at what various consultants are talking about in relationship to the world of experiences. Two articles caught my eye this morning. Both relate directly to a tutorial exercise that seeks to understand the millennial generation persona and the how to create an experience that appeals.

The first article examines business opportunities give that  millennials have shifted their spending favouring experiences over goods Read Here

The second article looks at one such business opportunity being developed by an Indian start up HeadOut – an app that facilitates  the on demand purchasing of experiences Read Here

The Evolution of Customer Service

 

Visiting Iceland?

Find out about Icelandair’s buddy service Here

Good example of creating a valuable experience that helps differentiates the airline and provides that extra reason to visit Iceland.

Icelandair Stopover Buddies

The Shopping Centre Experience

Shopping centres have been changing for a while – increasingly leisure is an important part of the retail offering.

This is the new roof top area at Westfield Kotara

Nine restaurants border the stage area – live music three days a week.

Millennials & the experience economy

As a tutorial exercise in past semesters we have looked at building personas of the millennial generation and them exploring how we could using a service design thinking approach develop product/services/experiences that would appeal. Here is an example of how one corporation, Westpac, is using this same style process to appeal to the millennial generation.

Here is how ad news.com.au described the Westpac campaign.

“Westpac is aiming to tap into the millennial “experience economy” by showcasing the unguided, uncensored lives of young Aussies.
The campaign #UnstoppableSquad is from MediaCom’s Beyond Advertising unit and consists of three inspiration young Aussies who will share their own experiences through online video posts.

It taps into the insight that millennials like to spend their money on experiences and passions instead of possessions, and that their ability to upload and share their experiences enhances their value among other millennials.

The campaign aims to show Aussies who are living unstoppable lives to inspire other millennials to follow their dreams when it comes to their lives and finances.

True to its target demographic, the campaign will be launched on Tumblr and together social channels such as Facebook, Instagram, YouTube and Snapchat.

Gemma Hunter, Executive Creative Director and Head of MediaCom Beyond Advertising says: “This whole thing started when we considered; no good story ever started with I’m saving up for…”

“We knew the most qualified people to be talking to millennials were other millennials.

“We didn’t chase people with the biggest social following, this was about everyday Aussies and letting them share their unscripted stories. The beauty in this approach is that it’s so simple”

 

Europa City

Now is the age of experiences

Interesting marketing article arising out of a recent trade show in the US on why now is the time of experiences. Gives a useful insight into a couple of companies and how they are incorporating experiences into their offering.

Read article here

The rise of customer experience

Transformational Experiences

Article on how Nike are tapping into transformational experiences.

Read it here