Customer Experience Economy
For most of the last century, it was Product Economy that ruled the scene. To succeed it was enough to have a product and a method of its distribution. This model changed over the last 20 years of the previous century – mainly because suppliers began to multiply exponentially. What was the product and distribution for if a customer did not know about it? Marketing started to govern the world – a notion of Marketing Economy appeared. Some people still believe that it is valid. They do not see the changing paradigms of modern economy.
It is estimated that an average city dweller is exposed to 3,000–8,000 marketing messages a day. Marketing communications is devalued now. People trust more other users and consumers than even the most interesting marketing campaigns. Business shouts to Marketing, “Check! Show me the ROI!” Buyers – thanks to other consumers like them armed with smartphones, social networking websites and modern technology – know perfectly well what to think about a product and what benefits it offers. Buying behaviors started to be ruled by experiences which customers get throughout their relationship with a particular brand, company or product at all touchpoints. More and more often, the actual experiences of customers rule. Unnoticed by many, the era of Customer Experience Economy began.
