What's next in the age of AI. "The Experience Economy."
How we can compete with AI...it's all about the experience.
This book changed how I thought about business. First published in 1999, it was far ahead of it's time, and the 2019 edition is still prescient as it was ahead of the AI invasion. The Savannah Bananas BaseBall team is a case study in turning a failing business into a thriving experience franchise.
The book and authors James H. Gilmore and B. Joseph Pine II
The basic tenet is that we must embrace the experience economy to create memorable interactions that drive customer loyalty and business growth.
The Shift to Experience Economy
• We are transitioning from a goods and services economy to an experience economy where experiences hold distinct value.
• Experiences are memorable and personal, engaging customers on a deeper level than mere transactions.
• Companies must innovate in experiences to differentiate themselves and avoid commoditization.
A case study of Experience Innovation
The Savannah Bananas have achieved remarkable success by transforming baseball into a high-energy, fan-focused entertainment experience. Starting with significant debt, the team, under the leadership of Jesse and Emily Cole, embraced a "Fans First, Entertain Always" philosophy, turning around their fortunes by prioritizing fan engagement and creative game presentation.
This approach has led to sold-out games, national attention, and a devoted following, making them a unique success story in the sports world. Here's a more detailed look at their journey:
- From Debt to Domination:The Coles initially faced financial struggles, even having to sell their home to keep the team afloat.
- Fan-Focused Philosophy:They shifted the focus from traditional baseball to creating a fun, family-friendly atmosphere with dances, skits, and affordable food and drinks.
- Unique Gameplay:They introduced "Banana Ball," which includes a two-hour time limit, trick plays, and fan participation, addressing common complaints about the pace of baseball.
- Viral Sensation:The Bananas' unique style and engaging content have made them a social media sensation, with millions of followers and widespread media coverage.
- National Recognition:They've transitioned from a small-town team to playing in MLB and even some NFL stadiums, earning a place in the National Baseball Hall of Fame.
- Business Success:The Bananas have achieved significant revenue growth through ticket sales, merchandise, and other ventures, all while remaining under the ownership of Jesse and Emily Cole.
Joe Pine talking explains the concept, but the audio book is an excellent way to really get to the heart of the mindset change required.
Key Takeaways
This is not expensive or difficult
The customer experience ultimately is about making people feel special, it is about creating authentic human moments when the customer feels valued.
It can be as simple as just saying "Hello."
It's been proven already that:
• Creating remarkable experiences leads to customer loyalty and economic rewards.
• Companies that ignore this shift risk being commoditized and losing market relevance.
The Experience Economy, With a New Preface by the Authors: Competing for Customer Time, Attention, and Money.
