Joseph Pine II and James H. Gilmore first used the term experience economy in an article from 1998. Then, in 1999, they wrote the book on it. According to them, the experience economy is what follows after the agrarian economy, the industrial one, and the service one.
Their book, “The Experience Economy: Work Is Theater & Every Business a Stage” became a bestseller quite fast. In 2011, they released “The Experience Economy, Updated Edition”. We’re going to briefly talk about both of them today, and tell you why you should read them.
“The Experience Economy: Work Is Theater & Every Business a Stage”
This book starts from the premise that in today’s economy, services and goods no longer suffice. We also need transformations and experiences for the purpose of economic growth. Pine and Gilmore identify a threshold, which is the experience economy. This threshold marks the start of a new economic era. This era is characterized by businesses having to come up with memorable events in order to attract customers.
The book is original, creative, and practical. As a result, it’s a splendid read for a lot of business people. It teaches them strategies to create experiences that will make whatever they produce much more valuable. The great thing about “The Experience Economy” is that it also provides real-life examples of businesses that work hard to offer their clients more personal experiences, such as America Online or Walt Disney.
The authors also answer the question of how to do that. They encourage business owners to not only focus on traditional pricing factors, such as cost or time, but also charge for the experience and how transformative it is. Basically, they should focus on experiences and transformations, and how to use those to grow their business. Overall, “The Experience Economy” book serves as a script that businesspeople can use to being transforming their businesses.
“The Experience Economy, Updated Edition”
Since the 1999 book was so successful, with people and companies from all over the world reading it and using it to grow their businesses, Pine and Gilmore thought an updated version would be necessary. What has changed from the previous one? Mainly the experience economy examples.
It’s quite clear that economy has evolved a lot since 1999. Even so, the idea that the experience is what makes customers interested still stands. In fact, it’s become even more vital nowadays. People crave an interesting experience and a memorable impression. Offering this has become harder, the book mentions, since now there are so many brands fighting for the title of the best in the business. As a result, you need to go to great lengths to stand out.
This is precisely what companies such as Heineken Experience, Vinopolis, Autostadt, American Girl Place, and many others have done. This updated edition of “The Experience Economy” offers a lot of great examples, which provide readers with fresh approaches. It teaches business owners how to script compelling experiences, while also being aware of the economic climate of the day.
“The Experience Economy” books, both the original one and its updated version, are great tools for businesspeople who are looking for new and exciting ways to appeal to their customers. You definitely won’t regret reading them!
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