The long-term effects of the Experience Economy on a business can be transformative. It can lead to a shift in the business model, focusing more on creating memorable experiences for customers rather than just selling products or services. This can result in increased customer loyalty, differentiation from competitors, and potential for higher revenue. For instance, a company like Rawlings, instead of just selling baseballs, could focus on enhancing the overall baseball experience for its customers, which could lead to a stronger brand and customer base.
By customizing each part of a customer experience, a product or service increases in value. Using ke...
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