Digital transformation. Voice of the Customer. Big Data. Customer Experience. Data-driven, customer-driven Business. Today's businesses and brands face more disruptors today then they have since the industrial revolution with every customer interaction and touchpoint becoming more and more important each day. The Experience Economy is forcing brands to rethink, innovate, create and automate their customers' end-to-end experience to gain and keep customers.
The "Experience Economy" is not a new concept. It was introduced back in 1998 in an article by B. Joseph Pine II and James H. Gilmore in which they predicted the experience economy would be the next economy following the agrarian economy, the industrial economy, and the service economy. Pine and Gilmore argued that businesses must orchestrate memorable events for their customers, and that memory itself becomes the product: the "experience" which would give brand a competitive advantage by winning more customers and being able to keep them. Even 30 years ago, the Experience Economy was considered to be the main underpinning for customer experience management.
On the whole, there is one main effect that the Fourth Industrial Revolution has on business--customers are increasingly at the epicenter of theeconomy, which makes improving how customers are served business'smain consideration. Physical products and services can now be enhancedwith digital capabilities that increase their value. New technologies makeassets more durable and resilient, while data and analytics are transforminghow they are maintained. However, the customer experience, encompassingevery touchpoint and interaction with the customer requires new forms ofdata and collaboration, particularly given the speed at which innovation anddisruption are taking place. How, and who is responsible for, transformingthe business to a customer experience driven one will have to be rethought.