Summary of What Consumers Want

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Recommendation

Today’s consumers seek authentic experiences. And though you can’t sell or effectively advertise authenticity, you can “render” it, explains business consultant Joseph Pine. The trick is creating spaces and offerings that prompt customers to perceive this quality. For an introductory lesson on the experience economy, getAbstract recommends this instructive primer.

In this summary, you will learn

  • How the world evolved from an agrarian economy to an experience economy,
  • How authenticity has become a purchasing criterion and
  • How your business can “render authenticity.”
 

About the Speaker

Joseph Pine is a business consultant, co-founder of Strategic Horizons and author of The Experience Economy.

 

Summary

The economy is evolving. The original economy was agrarian, and people sold commodities they harvested or raised. Thousands of years later, the industrial age arrived. Using commodities as raw materials, people manufactured goods for sale. Then in recent decades, manufactured goods became commoditized, making price supreme. To compete, businesses began to customize their offerings, and this created the service economy. But as the marketplace has flooded with services distinguished mainly by price, services, too, are becoming commoditized. So now firms are individualizing services, producing a new form of “economic value”: experiences...


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