Improve customer retention and enhance your bottom line by not spending money on your current marketing efforts. Stop throwing money at a low return in hopes of improving response over previous efforts. There is a better way to get a more significant ROI on marketing budgets.
Over the past few years, I had the pleasure of developing many visual concepts for B. Joseph Pine II, co-author of the Experience Economy and Infinite Possibilities. Many of the visuals that were created were from the very ideas from the books that Joe had written. The best part was—that with each drawing—I felt I was gaining a deeper understanding of every concept that Joseph Pine and James Gilmore had created. I was given a unique look into the world of modern economics, and I can tell you, there were many concepts to tackle and many sketches to create—over 500 to-date.
To carry out these 500+ illustrations, there was a lot of time spent discussing the meaning and history behind these ideas. Discussions and debates over how best to bring them visually to life. Granted, not every drawing that was created fit his presentation needs, but that’s a big part of developing a visual library around a well-known publication—conveying the concept visually.
It was during one of these discussions that Joseph presented a new concept around marketing. A concept so anti-tradition, I knew instantly that it would be controversial, and the push back from marketers and the business world would be great. The visuals needed to clearly support the idea. That idea, in his words, was ‘companies need to stop marketing, start customering.’
Stop marketing and start customering?
What is customering?
This idea is a dramatic shift in the traditional order of things. As Pine clarified, marketing was a process of pushing information out to the masses in hopes to attract customers. There’s nothing new about this process of marketing. Every company does it. It is typically the key way companies believe they need to communicate their brand message. His concept meant reversing the process of connecting with a better method called “customering.”
Much like the concept of human-centered design, customering was about seeing each customer individually and not stereotyping them into “market” groups or segments. His idea was that people want what they want—when they want it—and that each customer is unique. It is this uniqueness that marketing techniques fail to address successfully, and eventually accept low percentage returns on the effort.
The Experience is the Marketing
Pine’s idea was to forego massive marketing campaigns and to direct your attention towards each customer you now have. Deepen the relationship through customized and personalized engagements. Stage experiences for them that are memorable and sharable. In Joseph Pine’s words “the Experience IS the Marketing.”
Every day the news reports another retailer shuttering, a bank merger, malls closing, and companies forced to close their doors because customers are no longer shopping as frequently in their stores. With the digital world expanding, more and more customers are buying online to save time and companies are faced with a surmounting dilemma of how to increase physical traffic. The solution is no longer in marketing, rather the solution is in customering—the staging of experiences in order to have customers spend time and create sharable memories.
The companies that stage experiences have a greater opportunity to capture the hearts and wallets of each customer they engage with. This engagement—or experience—also becomes the core of the stories the customer shares with their friends, family, and co-workers. Experiences create stronger brand connections that all the marketing dollars can ever produce. Experiences create customer loyalty. Again, as Pine says, ‘the Experience IS the marketing,’ and the customer becomes your brand ambassador.
If you want to learn more about the Experience Economy, staging experiences for your customers, and leveraging your marketing dollars more effectively, then give me a call.