The curtain is about to rise, say Pine and Gilmore, on the Experience Economy, a new economic era in which every business is a stage, and companies must design memorable events for which they charge admission. With The Experience Economy, Pine and Gilmore explore how successful companies, using goods as props and services as the stage, create experiences that engage customers in an inherently personal way. Why does a cup of coffee cost more at a trendy cafe than it does at the corner diner or when brewed at home? It's the value that the experience holds for the individual that determines the worth of the offering and the work of the business. From online communities to airport parking, the authors draw from a rich and varied mix of examples that showcase businesses in the midst of creating engaging experiences for both consumers and corporate customers.
The Experience Economy marks the debut of an insightful, highly original, and yet eminently practical approach for companies to script and stage compelling experiences. In doing so, all workers become actors, intentionally creating specific effects for their customers. And it's the experiences they stage that create memorable, and lasting, impressions that ultimately create transformations within individuals. Make no mistake, say Pine and Gilmore: goods and services are no longer enough. Experiences are the foundation for future economic growth, and The Experience Economy is the playbook from which managers can begin to direct new performances.
©1998 B. Joseph Pine II and James H. Gilmore; (P)1999 HighBridge Company
"This is a good look at how every business is morphing into show business....Just creating a product and waiting for the world to come to your door is not going to cut it." (ZDNet)
"The Experience Economy, with its own well-developed theme and enriching examples, may transform more than a few managers." (Technology Review)
Guaranteed to improve your understanding of how to compete in today's competitive environment, Pine and Gilmore offer a brilliant thesis on shifts in the economic landscape which have made old industrial ways of thinking obsolete. Whether you are responsible for marketing, branding, or advertising, this book provides profound insights into the whys and hows you need to know to compete through experiential offerings. Miss this book and you miss out on everything that is at the cutting edge of brand marketing today.
Pine & Gilmore have written a book that stands the test of the decades, for sure. They outline how businesses (or organizations in general) can distinguish themselves from their competition. From the lowly commodities up, it goes via products, than services finally to experiences and ultimately transformations. Experiences stimulate all the senses, educate or inspire and are unique for each. Thus you can charge a higher premium on their costs than for normal 'products'.
This book describes the road and practices you need to adopt in order to move from a product or service provider up the value added ladder. Not all practical advice is valid for all and particularly the theatrical elements seem to me to be irrelevant for many businesses. I also pity the subtitle, which dumbs the concept down to a trick to pimp the business. It is not so and enough depth is provided to make the translation to your own activities.
A glimpse is given to transformations, the pinnacle of what businesses can provide. I am anxiously awaiting a more in-depth analysis of this phenomenon.
Well recommended reading for everybody interested in strategy, business development and marketing/positioning.
If you're looking for a lesson on the difference between commodities, goods, services and experiences, then this book will provide it. The important lesson, though, is how to move from a service-based business model to one based on experiences, as first exemplarized by Disney's theme parks.
Other than that, we find that The Experience Economy functions mostly as content marketing for the authors' consultancy business. Which is perfectly fine, but we think that the main lessons of the book are outdated.
We found one important and interesting aspect of PIne and Gilmore's book that we want to point out. It's reflected in the book's subtitle: "Work Is Theatre & Every Business Is A Stage".
In order to transform your service into an experience you must consider yourself a director of a play, your employees as actors and supporting staff, and your customers as the audience.
You must also appreciate the different styles of acting -- and more importantly, reconsider the traditional script-based customer service. Draw lessons from improv theatre and street actors, to give your customers truly unique experiences.
The experience economy delivers a solid physical explanation of the history of the five economies. The fifth economy is transformation which I've never had the opportunity to have someone articulate, clarify and deliver The transformational concept as clear and encompassing.
A must read for visionaries and insightful intuitive EI leaders of Enterprises.
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