Time to Wake Up – The Experience Boat Is Leaving You Behind

In the race for grabbing consumer attention, one thing is crystal clear: feelings carry more weight than features and functionality. Study after study, including those from Gallup, shout loud and clear that a whopping 70 percent of consumer decisions are driven by emotions. However, many companies, in their boardrooms, continue to focus on rational stuff, ignoring the vast world of emotions.

While a unique business model and tech innovation might make your brand stand out initially, it falls short in today's cutthroat, hyper-competitive landscape. Let's take a look at digital native companies. Once upon a time, they dazzled us with a grander purpose, smooth customer experiences, and groundbreaking innovation, dominating the charts. But times have changed. Traditional giants caught up with digital innovation, and now these once-dominant digital players struggle to keep their edge. In their mad dash for unicorn and decacorn status, they honed in narrowly on digital experiences.

To truly conquer the Experience Economy, we need a wider perspective. It's not just about features and functionalities; it's about embracing the brand's purpose, crafting exceptional customer experiences, leveraging digital innovation, and ensuring a positive employee experience. This requires a joint effort, a pursuit championed by the entire leadership team.

So, what's the game plan to guide your organizations into the Experience Economy?

Change the Narrative: Shift the talk from mere numbers and market share to a grander purpose. Let the CEO lead discussions on innovation and impact at every shareholder meeting, while the CFO handles financials.

Mission Clarity: Every company boasts a powerful mission statement, but what are the tangible measures of progress? Break down the mission statement to resonate with every division, employee, and team, connecting it more meaningfully to the business.

Demand the Basics: Yes, hygiene factors like technology, security, and efficiency are non-negotiable; they form the foundation. However, they should only occupy 50 percent of leadership time. Make space for leaders to delve beyond the basics, echoing the commitment to the Experience Economy in every internal meeting. Host hackathons, unlock ideas, and propel the organization forward.

Employee Experience Matters: The journey into the Experience Economy starts with your employees. Transform their experience, and they'll be the driving force behind your brand's metamorphosis.

It's no coincidence that the giants of the Experience Economy—Apple, DBS Bank, Singapore Airlines, Taj Group of Hotels—get this formula right. CEOs, it's time to wake up! The Experience Boat is sailing, and your brand can't afford to miss it.

Are you ready to lead your company into the Experience Economy? Do share your thoughts on how you / your company is transitioning to lead in the experience economy.  Connect with us to collaborate on creating exceptional experiences.