Integrating experiences into your business model: five approaches

In little more than a decade, experience thinking has influenced the development of new business models in a wide variety of enterprises.

The authors describe best practices for five approaches Five approaches are noteworthy: Experiential marketing (EM or XM). Digital experiences using the Internet and other electronic platforms to create new technology interfaces focused on the user experience (UX). The application of experience-staging to enhance interactions with customers. Experiences as a distinct economic offering. Designing transformational business models that allows the company to charge for the demonstrated outcomes customers achieve.

Companies can innovate by recognizing trends in customer needs and aspirations that provide opportunities to develop business models that offer high value experiences or even customer transformations.

To truly pursue experiences as a distinct form of economic output, companies must design a business model that involves charging for the time customers spend engaging with the business, such as an admission or membership fee of some sort.