2018-03-20 14:54:51Staying CompetitiveEnglishLearn about the experience economy, and find ways you can integrate experiences into your business to keep your customers coming back for...https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/03/Man-Plays-With-An-Interactive-App.jpghttps://quickbooks.intuit.com/ca/resources/staying-competitive/experience-economy/Small Business How-To: Harness the Experience Economy to Drive Business

Small Business How-To: Harness the Experience Economy to Drive Business

1 min read

As a small business owner, you may notice your customers are changing. More and more, they’re no longer happy to make a purchase and be done with the consumer process—they need more. They might want to try out the product in store, use an app to connect with a brand, or enjoy a free cookie when they check into a hotel. When you provide a richer shopping experience for your customers, you take a step into the experience economy.

Do you work with younger customers? If so, the experience economy could already be affecting your business. A survey by Eventbrite found that 78% of millennials prefer to spend their money on experiences rather than things

Domino’s Pizza is a great example of a company that’s jumped on the experience economy bandwagon with its online ordering. When you choose a pizza, the image of a plain crust appears. As you choose toppings, they appear on the pizza to create a visual preview. The fun doesn’t stop there—after you complete the order, the Pizza Tracker tells you who’s making your food, when it’s in the oven, and when the driver is on the way to your house. This rich experience provides instant gratification and remarkable engagement, which can keep your customers coming back.

You don’t have to be a massive brand to create experiences for your customers. If you have a brick and mortar shop, you could follow the lead of the Apple Store and set out products for shoppers to play with. A coffee shop could bring in musicians, and an auto repair company could offer a beautiful waiting room for customers to hang out in while their cars are being fixed. If you run an ecommerce website, you might design a fun mobile app, or add a chat bot to your website so customers can get fast answers to their questions. When each interaction with your company is a fun, comfortable, or memorable experience, customers are more likely to come back for more.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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