The experience economy: providing memorable experiences to customers

Baltezarević, Radoslav and Baltezarević, Ivana (2024) The experience economy: providing memorable experiences to customers. In: 13th Internatuional "Communication in the World" Congress. IKSAD Publications, Çanakkale, pp. 397-401. ISBN 978-625-367-866-1

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Abstract

Maintaining a competitive edge for a business requires providing relevant and customized consumer experiences. An experience is a psychological process that people can go through, and its economic value can be measured. Customer experience (CX), is the sum of all that a company or organization does to prioritize its customer needs and manage their journeys. It is now essential for businesses to emotionally engage with their customers at every stage of their journey in the digital age. In addition to being the moral thing to do for consumers, providing excellent customer experiences boosts profits for stockholders, as well, this is known as the experience economy. The fundamental tenet of the experience economy is that customers are looking for experiences that will stick with them and have an emotional impact, rather than merely purchasing products or services. Consumers' hearts and minds are shaped by experiences, which also foster loyalty. Experience purchases provide longer-lasting enjoyment than material purchases, according to research. Because of this psychological link, the experience economy represents a paradigm shift in consumer behaviour rather than merely a marketing strategy. It is anticipated that the experience economy will keep expanding over the coming years, emphasizing local experiences, technology, and sustainability more than before. Still, there are always unforeseen events and causes that could affect the economy's direction, just like with any forecast.

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