Experiences lead to Business Value and the Experience Economy

Foviance invited Chris Voss, Professor of Operations Management at the London Business School to speak at the company's Christmas lunch on the subject of the experience economy.

In line with what we are seeing in the user-centred design industry, Voss stressed the growing importance of customer experience for today's businesses.

His talk was drawn from his report "Trends in the Experience and Service Economy: The Experience Profit Cycle'". Key hypotheses include that building-in experiences into services will lead to competitive advantage; that experience is an emerging mechanism for communication with customers; that customer satisfaction is an inadequate measure in experiential environments. These and many other hypotheses are emergent and raise issues of definition and measurement.

'In today's environment of ever more sophisticated consumers – those who deliver memorable customer experiences consistently create superior value and competitive advantage. Experiences are now part of the offerings not just of leisure and entertainment, but of business in general.'

He went on to say that the use of customer experiences to create value has been called the experience economy. Innovative companies are building portfolios of experiences to support their products and services and to build brands.

Associated Link: Chris Voss' Experience Management pages

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