Making your business stand out in the experience economy

Mark Carter shares five ways to make your business stand out in today’s experience economy. It’s simply a matter of unleashing your creative talent.

The experience economy continues to evolve rapidly. Creatively staging a wow factor is still solid advice. Simultaneously, to do so amidst the digital age noise requires a little more thinking outside the square: or in this case, the HBR quadrants.

The classic four realms of experience highlighted by Harvard Business Review (Educational, Escapist, Esthetic, Entertainment) based on the two dichotomies of whether experiences may be active or passive, immersion or absorption) remain sound. Additionally, the rush to stand out tends to hone in on blue sky thinking for a eureka type package: What’s newsworthy? What’s shareable? What’s attention grabbing or even slightly quirky?

These are solid questions to ponder. There’s likely a stack of product managers, marketers and business leaders slightly green with envy, or muttering darn it, turning a more appropriate pale red, in awe at Qantas. Their 7-hour scenic flight to nowhere solid out in like ten minutes!

However, even with such classic knowledge, and seeking attention grabbing headlines, perhaps a more subtle approach will elicit experiences people will truly value. Let your creative talent loose with these five provocations:

1. The two sides of time

In a blinkist society, you know, where, like the book app, people are in a rush to absorb things faster, there’s two ways to creatively consider time. How can you save people time and be sure to let them feel it. In some ways it’s our most valuable commodity: every second spent is one we don’t get back. Conversely, not everything’s designed to be rushed. Date nights would be a poor experience if the movie were only 15 minutes long. Barely enough time to romantically share an oversized experiential tub of popcorn or gold seat snacks. So, again, subtly reminding people some happenings are to be savoured is a great way to stand out. When everyone else sells the rush, do the polar opposite, be an avatar of taking one’s time.

2. The upgrade

Curiously enough airlines again are a great example. That time you’re told, we’re sorry Mr Carter, we’re overbooked today. Do you mind if we upgrade you? Err, hello! Sure. And then, even if, like me, you’re not particularly into social, this becomes the rare selfie or somewhat vacuous post. The variable costs for an upgrade may even be negligible, if any at all. Upgrades tap into emotional value, igniting a feeling. One your customers will be willing to talk about, as accidental ambassadors or evangelists, and share. Just make sure not to do this one inauthentically! You know, like back of the room, cheesy selling by over eager speakers at some success summits and the likes.

2. Crisis conversion or aversion

The travel stories I could share to highlight this concept! Unfortunately, though exciting, they’re too long. So let’s simplify the concept linking back to that enigmatic, rapid selling Qantas flight. Sure, it’s a little quirky, yet beneath it the experience appeals to resolving a fairly significant pain or problem in peoples lives. Feeling couped up, disconnected, going out of their minds, in a year with isolation, lockdown and of course imposed restricted travel. I know some folks ‘accidentally’ forgetting groceries just to squeeze in a second round trip. So, hell yeah, a flight to nowhere is not only quirky, it’s appealing. Experiences to help take hold of someone else’s significant problems, is a road map, or aimless flight even, to reverence. What’s more you don’t have to solve the whole issue at hand. Better still though if you can. Crisis conversion and aversion is experiential, differential gold!

4. The unexpected

I learnt a long time ago, leading tours then training leaders for Contiki, often things people value most are experiences not laid out in contracts. Sure, the Eiffel Tower is and was truly spectacular. Amazing. Yet popping unexpectedly into Enzo Ferrari’s museum frequently trumped it as a tour highlight purely because Ferrari was a revelation. Deliver on your black and white obligations yet don’t throw all your value away so freely or visibly. Keep some up your sleeve as a surprise.

5. For you alone

You can then take the unexpected one step further. We can learn this beautifully from Sean Connery’s character in the movie ‘Finding Forrester’. The key to a woman’s heart is, apparently, an unexpected gift at an unexpected time. Amplify this as an abject lesson for experiences. Especially where you have existing relationships. This personalised approach married with an element of surprise ignites wow factor on many emotional levels. Then throw in obvious human touch and effort, not digital. Ooh-la-la. I think I love your brand!

In true Sherlock Holmes style deduction, the path to differentiation, standing out in the experience economy, needn’t be so extraordinary – it’s born in a blazing moment of eureka or defying all logic. Coming back to basics and looking at the world through elemental lenses yields creative ideas of pure gold. These five are taken from a playbook of 20 initiatives. True to topic, the others will save for another time.

Mark Carter (pictured) is an international keynote speaker, trainer and coach. He has over 20 years’ experience as a global learning and development professional. His TEDxCasey talk ‘Paws and Effect: how teddy bears increase value perception was the movie trailer for his latest book ‘Add Value’  You can contact Mark at www.markcarter.com.au