The experience economy is more about how you sell something than what you actually sell. Forget about product distinction. In today’s retail scenario, consumers are short on the ‘distinct experience’ – the brand should make an effort to take the extra step to create a bond with them always!
The key to success, then, is to differentiate your business from the crowd. If you can offer your customers something unique and valuable beyond the usual discount, chances are they’ll be more likely to stick with your brand.
Knowing your customer, rewarding their purchases with more benefits and loyalty programs can provide you with the ability to set yourself apart from competition and offer them products and a service level that they are always on the lookout for.
Better communication with your customer is also a key. It’s that age-old business mantra we’ve been hearing since we can remember – ‘customer is king’.
Trust, understanding, commitment and support is important, like in any other relationship. Get to know your customer, make your promise and then ensure that all elements are synchronized to nurture the bond.
Giordano Middle East