Companies used to focus on making new, better, or cheaper products and services--and then selling them in the marketplace. Now, the game is to create wonderful and emotional experiences for consumers around whatever is being sold. It’s the experience that counts, not the product. While that business model has long been the preserve of cult-like brands such as Starbucks and Apple, it’s fast becoming the norm in all industries. The goal: to build communities of passionate and loyal consumers.
What management thinkers B. Joseph Pine II and James H. Gilmore first identified as The Experience Economy several years ago has finally come to pass.
Businessweek Dec 7 2005