The experience economy - How customer experience has shaped the world?

The Experience Economy

What is happening?

The way we make buying decisions has changed – we expect more

Products1970s

Products + Services 1990s

Relationships2000s

Experience centricToday

A shift from products to experiences

The way we make purchase decisions has changed.

This changes everything

Unit Sales

Branding

Products

Unit margins

Hit products

Value pricing

Experience

Solving Needs

Customer Lifetime Value

Deep relationships

The pace of the world has changed

• On average we want everything faster, not today• The rise of subscription and internet based

products

• Phenomenan coming from b2c to b2b

• No control over consumers or buyers

Globally we live on the hi-tide of instant gratification

We live in an Experience Economy.

Last 15 years – 52% of Fortune 500companies have disappeared

1955

Life expectancy 75 years

2015

Life expectancy 15 years

How is this possible?

90% 71%Will tell about bad

experiencesBuy from you because

they like you

After the certain point – price does not matteranymore!

But what is Customer Experience?

The whole customer journey

How to improve Customer Experience?

Change expectations VS. Higherperformance

What people say?

80%71%Agree that CX is the most

important factor influencinbuying decision

Buy from you because they like you

78%Tell that they would pay more

for a unique product or servicewith unique experience

87%Previous experience is the

most importan factor on futurepurchase

But what we do?

26%71%Past experience with a brand

has been unique

Buy from you because they like you

38%Of companies have elevated the

CX as company level strategyand have goals

Why is it so hard?

àWe don´t know how toturn CXintoinstant sales!

How to instantly turn CX into sales?From the beginning of the CX journey – drive more sales at every touch point

Customer Experience in the 21st century?

Thank you!

Jaakko MännistöFounder & CEO

[email protected]+358 44 3488016@jaakkomannisto

Jaakkomannisto.com/palaute