The Experience Economy is the latest model that allows innovative companies to stand out among the masses of services and retailers to attract more customer dollars. While “experience” is certainly a growth market, it has not emerged as the next bedrock of economic growth but rather as a strong subset of the service economy. Experience is the next level of value-added service for the customer. Bring the ordinary to the extraordinary for the customer with personalization and individualized attention. According to Joseph Pine and James Gilmore in their book “The Experience Economy” a company must create memorable events for its customers rather than simply providing them with a service or product. They write that technological advances have accelerated the natural progression of economic value beyond the goods and services economy. This, combined with expanding wealth, has created a market in which consumers pay for more memories. Pine and Gilmore also argue that this progression is essential for a company's continued prosperity in the marketplace. Without expanding into the experience economy, a company may find its products or services commoditized. They point to Walt Disney as the beginning of this new business model. Indeed, Walt Disney relies almost exclusively on experience and memories. On a recent trip to Disney World in Florida for work, I experienced firsthand the high art of memory making that Disney has perfected over the years. Since I wasn't the typical guest traveling with my family, I got to see the amazing machine from a slightly different perspective. Disney has mastered the art of anticipating guests' needs and desires and fulfilling them before the guest even registers the desire. Other business......middle of paper......heretypical bad reputation for poor workmanship, poor customer relations and general distrust. When this is the metric by which your customers judge their expectations, simply following the golden rule will put you ahead; Going above and beyond by setting high professional standards leads to a thriving business. Each customer receives personalized quotes, taking into account their particular circumstances and needs. Doing more than the bare minimum, such as taking care to make sure personal items are protected while working or making sure the site is clean at the end of each workday, will set one contractor apart from the pack. The additional attention creates positive memories that customers are then willing to share with family, friends and colleagues. Word of mouth marketing won't reach thousands of people, but it's far more valuable than any advertising dollar.
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