• Karissa Warmack

The Experience Economy - Are You Winning?

Today, both millennials and every other generation are opting out of accumulating stuff and exploring experiences instead. Material goods are longer the sole badge of success. Instead, we’re eschewing the trappings of ownership and unnecessary excess in favor of the unique and memorable.

With over 74 percent of Americans prioritizing experience over products, this new normal is called the Experience Economy and it’s creating a closer bond between the consumer and the brand by immersing them in fun and memorable experiences. And it’s these experiences that give rise to higher expectations. Meaning, companies must be able to anticipate an individual’s needs and respond immediately to meet those expectations. Ultimately, customers have choices, so The Experience becomes the differentiator.

“A superior customer experience (CX) is one of the few remaining means of sustainable competitive differentiation.” Gartner, Jenny Sussin

“The experience economy posits that both consumers and businesses want more than just delivery of products and services; they expect that an exceptional, positively charged, and memorable experience will come packaged with their purchase or use of a commodity.” Digitalist, SAP

“And it isn’t just traditional experience providers that are fueling these new expectations. Today, it can feel like every pet shop, dentist and local accountant are competing to win in the Experience Economy.” Trend Watching, 2019

Outdated approaches, technology, or cobbled together solutions, limits your ability to respond to the needs of your organization and to the demands of your clients. So, we have to ask. What are you doing to deliver an excellent experience to your client? Are you helping usher in their digital transformation initiatives by dazzling them with unique and engaging tools and processes? Or have you lulled your clients into a mind-numbing stupor with multi-rowed and multi-tabbed paths to madness?

Let’s talk about requirements gathering.

The project has a ton of stakeholders and users across a multitude of regions, time zones and practices. So, naturally you send them the same big, bad spreadsheet with lots of columns and tabs. And while it may seem clear to you (“see tab AA, column EDD, row 478”), it’s not. In fact, we’re quite certain your client finds it as clear and uncomplicated as an episode of “Westworld.” As a manual tool, the spreadsheet process is often overwhelming and confusing. Clients aren’t sure where to start or clear on what data goes where. Consultants are left with incomplete or inaccurate data. And your clients are left with a not-so-great experience.

Instead, it’s far better to offer gather your project requirements in a real-time, automated digital – and self-guided - format. ThinkTank Engage provides an intelligent, intuitive and user-friendly experience asking questions and providing guidance throughout the process. It delivers results to the tune of 40% faster requirements definition with fewer mistakes and less backtracking. And just as importantly, it provides a unique and memorable experience positioning your consultancy practice as a purveyor of the ‘experience economy.’

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