The Experience Economy: Rethinking Business
Jonathon McKay |
TEDxOhioStateUniversitySalon
• March 2019
In today's world of global economics, one of the biggest challenges organizations face is transitioning from a product/service-focused organization (e.g.,we have the best rates and the highest quality) to an experience focused organization (e.g., we help you be all you can be!). It’s a challenge because most organizations today are built around the idea that what matters most is what the organization offers. And in order to continue to offer the best options, organizations believe they must pursue continuous improvement in order to create efficiency, increase revenue and drive the bottom line for shareholders. While these are all essential aspects of a successful business, this is not how customers perceive and derive value from their interactions with businesses in today’s world. Oftentimes, it opens up opportunities for disruption by external competitors. It’s nice to have a well-run business, but if it’s not closely aligned to the needs of the customer, then competitors can seize on the opportunity to better meet those needs. This is especially true throughout the supply chain. Many supply chains have struggled to adapt as the speed of change within these models continues to increase. This scenario presents us with a challenge: How can businesses thrive in a constantly changing marketplace when most of the measurements of success they use are focused on the success of the business, and not the customer? Jonathon McKay’s “The Experience Economy: Rethinking Business” explores this challenge, and explains how we can improve upon it.