For the last five years, our economic value for our brands has been shifting. We’ve entered - The Journey Economy.
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“Companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience.”
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Brand strategy has transformed more in the last 10 years than ever before.
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The way that these growth companies are finding and creating growth in their business model is looking at their value proposition in 4 new ways.
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While studying these brands, there was one glaring, overarching similarity - their obsession on the end-to-end consumer experience.
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2020 isn’t about finding new trends. It’s about action. Action in becoming an Experience Brand.
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It’s a brand’s intentional development of the journey consumer takes and the lifestyle they join when they choose to do business with you.
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Experience Systems Thinking is the intentional design and orchestration of a consumer experience around a brand promise or ideal.
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If a consumer journey is understood and used correctly, it can become a treasure map for brand growth.
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“Organizations that lead in CX outperformed laggards on the S&P 500 index by nearly 80%.”
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These moments of pain are created by companies that have decided to make it easier on them to sell something than making it easier on the consumer to buy.
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However, there are some companies finding ways to grow. They have built a new playbook with four critical building blocks for growth.
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As consumer experience continues to grow as a key driver for a consumer’s purchase decision, many brands are waking up to the fact they are tremendously far behind this trend.
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The business leaders that are finding growth in today’s economy know that now is the time to act to drive short-term and prepare for long-term growth.
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This Brand Promise <> Fulfillment Feedback Loop is the strategic foundation and framework for experience driven growth brands that are finding new ways to expand.
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If you’re not focused on gathering, and correctly using, First Party data, your brand is slowing dying.
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As I reflect on the insight from The Experience Economy, I have to bring the context of the book into a 2020 mindset.
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I wanted to see what makes them more successful than other companies to determine what a Trillion Dollar Strategy could look like.
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