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A leader's guide to innovation in the experience economy

B. Joseph Pine II (co-founder of Strategic Horizons LLP)
James H. Gilmore (co-founder of Strategic Horizons LLP)

Strategy & Leadership

ISSN: 1087-8572

Article publication date: 14 January 2014

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Abstract

Purpose

To succeed in the rapidly evolving experience economy executives must think differently about how they create economic value for their customers.

Design/methodology/approach

Five value-creating opportunities are likely to drive further progress in the dynamic experience economy: customizing goods; enhancing services; charging for experiences; fusing digital technology with reality; and transformative experiences, a promising frontier.

Findings

For leaders, five insights about the value-creating opportunities are key to achieving success via state-of-the-art experience staging, and they provide tested guidelines for managing in the experience economy, now and into the future.

Practical implications

A huge first step in staging more engaging experiences is embracing the principle that work is theatre. So businesses should ask: What acts of theatre would turn our workers' functional activities into memorable events?

Originality/value

Three key lessons: innovation to create high-quality experiences that customers will pay for is even more important than goods or service innovation. When you customize an experience, you automatically turn it into a transformation. Companies enabling transformations should charge not merely for time but for the change resulting from that time.

Keywords

Citation

Joseph Pine II, B. and H. Gilmore, J. (2014), "A leader's guide to innovation in the experience economy", Strategy & Leadership, Vol. 42 No. 1, pp. 24-29. https://doi.org/10.1108/SL-09-2013-0073

Publisher

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Emerald Group Publishing Limited

Copyright © 2014, Emerald Group Publishing Limited

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