Saturday, February 09, 2008

Guest blogger Jeff Kallay on the February theme

What happens when the experience economy meets the recession economy?

Stephanie:

What a great question.

When Joe and Jim wrote the book it was during the go-go '90s.

But I think there's more to The Experience Economy than just garnering a higher price. It's really about the evolution of our economy (theory of economic progression). Our economy has evolved from agarian, to industrial, to service/information, and now we're seeing more experiences. And throughout this progression there have been recessions and depressions, yet our economy transforms into the next step up the evolutionary ladder.

If you study the American economy we've had a very cyclical 27-year-or-so boom, followed by a 10-12 year bust.

When the experience economy meets the recession economy people will become more demanding with their money. Those experiences that are in need of a "refresh" or "update" might come on hard times. Perhaps it will purge out the bad or less authentic experiences.

Jeff Kallay
Experience Evangelist blog

Jeff, I agree that people are becoming more demanding, and more careful about how and where they spend. So it's even more important for businesses to have relationships with their customers, so that customers feel some loyalty.
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