The ‘Experience’ Economy – a need for authenticity

An old (by definition!) school friend of mine used to say that you go through life buying experience; not stuff. He said this 40 years ago and has applied it as a life rule ever since. He used to walk a different way to school every day. A tough challenge as he lived about 10 minutes away as the crow flew. He is still like this today. As genuine and compelling a person as I ever met.

In the modern world, the desire for experiences, which are “authentic” rather than a collection of commoditised goods and services, is on a relentless march.

The discerning consumer has lots of choice and is motivated and encouraged to seek out and interact with authentic, valuable experiences. They are less worried about price. They can seek out cheaper. Barriers to entry are low and can and will be driven lower. They all cannot be fooled forever with (fake?) new names for old things.

Create an authentic, valuable experience with your “products” and you will never need to sell “to price”.

It is a big ask. Convince yourself of the value of your “product” and you will be sure to be more convincing to your customers. If you cannot, then you are selling on price or half-truths and operating on borrowed time.

Click here to watch an entertaining Ted Talks video, which makes the point.

For more information, contact Jim Muir (consulting@aab.uk) of the AAB Consulting Associate Network, or your usual AAB contact.