A-Cast Episode 15: The Experience Economy Revisited

The Experience Economy Revisited

The Experience Economy has been acknowledged as one of the 100 best business books of all time. Author Joe Pine joins our host Marc Binkley to share his 20-year perspective on the new insights and enduring ideas published in this book.

Show Notes

In 1999, Joe Pine co-authored the book The Experience Economy: Work Is Theatre and Every Business a Stage which went on to become an international bestseller, published in 15 languages, and named one of the 100 best business books of all time.Simply stated, The Experience Economy recognizes that experiences are a distinct economic offering. Experiences are different from commodities, goods, and services. Businesses remain competitive and profitable by moving up an economic ladder from commodity to good to service to experience and now, transformations. If they don't continue to innovate, businesses will fall back down the ladder and become commodities, and there, the lowest price wins.

Timestamps

1:17 - Introduction to Joe Pine2:52 - The concept of The Experience Economy5:07 - How did you see the experience economy coming?6:22 - What makes this concept so durable?8:40 - Are there any industries that can't benefit from The Experience Economy?11:05 - Transformations - The newest stage of The Experience Economy13:05 - The internet - The great commoditizer14:12 - Why digital transformation is commoditizing organizations17:30 - Why e-commerce retailers should hire staff for online customer service20:04 - Examples of e-commerce brands who've designed great online experiences23:15 - Is the Chinese e-commerce landscape a good place to look for inspiration?25:04 - How do companies invest rebuilding or refreshing in capabilities for The Experience Economy?27:09 - Why organizations find it hard to see the transformative opportunities in front of them28:56 - The importance of purpose and vision in creating the right mindset for innovation33:13 - How you can start thinking about applying The Experience Economy36:37 - What would you do differently if you charged admission?39:30 - What can companies do to create an experience platform?44:28 - Examples of transformations48:34 - Why companies should think about their data-flywheel51:20 - Find out more about Joe

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