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Thump 2010 Experience Economy

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What would you do differently in your business, if people first had to pay for admission?

Would you be still be in business if there was a $5 entrance fee into your club or studio?

In 1999, Joseph Pine and James Gilmore's book 'The Experience Economy' catapulted onto the Best Seller list. Ten years down the track, the philosophies they shared have never been more relevant.

An experience occurs when a business intentionally uses services as the stage, and goods as props, to engage individual customers in a way that creates a memorable event. Commodities are fungible, goods tangible, services intangible, and experiences memorable. And what are you doing to create these experiences. In this strategic session you will walk with ideas that will differentiate yourself from your competitor.

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Thump 2010 Experience Economy

  1. 1. The Experience Economy is Alive & Kicking Are you?
  2. 2. <ul><li>“ Commoditised. No company wants that word applied to its goods or services. Merely mentioning commoditisation sends shivers down the spines of executives and entrepreneurs alike. Differentiation disappears, margins fall through the floor, and customers buy solely on the basis of price, price, price.” </li></ul>
  3. 3. The Service Economy The Experience Economy The Goods-Based Economy The Agrarian Economy
  4. 4. <ul><li>Goods = Tangible </li></ul><ul><li>Services = Intangible </li></ul><ul><li>Experiences = Memorable </li></ul>
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  9. 9. <ul><li>“ What would we do differently in our clubs if we were to charge admission?” </li></ul><ul><li>“ What would our group exercise instructors do differently if at the end of their class, a collection bowl was passed around for members to donate to their wage?” </li></ul><ul><li>“ What would our personal trainers do differently if they were paid a minimum wage but could keep 100% of tips from their clients?” </li></ul>
  10. 10. <ul><li>Customer Participation </li></ul>Passive Active
  11. 11. <ul><li>Customer Connection </li></ul>Absorption Immersion
  12. 12. Absorption Immersion Passive Active Entertainment Educational Aesthetic Escapist
  13. 13. Absorption Immersion Passive Active Entertainment Educational Aesthetic Escapist The Sweet Spot
  14. 14. <ul><li>4 Step Plan </li></ul><ul><li>Theme your experiences </li></ul><ul><li>Harmonise the impressions with positive cues </li></ul><ul><li>Mix in memorabilia </li></ul><ul><li>Engage all 5 senses </li></ul>
  15. 15. <ul><li>Where Now? </li></ul>
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  17. 17. Justin Tamsett B.Ed (Phys & Health Education) Feel free to contact JT: [email_address] or 0438 015 677 Follow JT on Twitter: @JTActiveMgmt To read JT’s blog: www.justintamsett.com Become an Active Management Fan on Facebook: www.facebook.com/activemanagement And for more information on Active Management helping your business go to: www.activemgmt.com.au &quot;What you leave behind is not what is engraved in stone monuments, but what is woven into the lives of others.&quot; Pericles

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