For the last five years, our economic value for our brands has been shifting. We’ve entered - The Journey Economy.
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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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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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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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With all these touchpoints and varying degrees of KPIs, the question I have is “Who owns the consumer experience at a corporate level?”
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The fact of the matter is, we need to start taking action, even if it’s a little bit, in order to find new value for our consumers - or someone else will.
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We believe optimizing and building a strong brand experience is where a brand will find both short term and long term growth - not through advertising alone.
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Simply put, omnichannel goes beyond companies simply being active on multiple channels. It evolves into the integration of channels into a seamless experience for the consumer - across screen, store and aisle.
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Companies that instill a Brand Experience Design mindset in building their brand <> consumer relationships are becoming the leaders in their segment
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Apple’s announcement yesterday was not about what they said, but more about what that means for other brands. They built a new brand growth playbook.
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