Episode 238: Joe Pine talks about the experience economy, mass customization and transformation

Joe Pine is an acclaimed author, speaker, management advisor, and co-founder of Strategic Horizons LLP. Joe’s career began with performance analysis with IBM, where he was introduced to the idea of Mass Customization after joining the strategy team. After this journey, he co-founded Strategic Horizons LLP, a thinking studio centered around helping clients think differently and conceive new ways to develop their economic value through the lens of the experience economy and mass customization. Throughout Joe’s notable career, he has filled many shoes and learned many skills that he shares in order to help grow the next generation of professionals. In this interview, Joe talks about the experience economy, mass customization, and transformation.

 

The Experience Economy

“You see experiences everywhere, and you see how much people value the experiences that they have.”

Everybody wants to live their life to the fullest, and the main way to bring that fulfillment to people is through experiences. When lots of people want something, there will inevitably be an economy centered around it. As the world has evolved, we have seen shifts in these economies. From industrial to knowledge, and knowledge to services. The new shift is turning those services into experiences. 

On a dramatic increase over the past 25 to 30 years, this economy endlessly grows the expansive world of experiences. Even now, people are looking for things as simple as shopping to turn into something more. As recent world events have shown, many things can be done from the comfort of home. People now need a reason to come into the store other than buying things, as it is nearly pointless unless an experience is created for them. As the world evolves technologically, people are realizing that they need to experience something before they buy it. This all leads to the end goal of an economy creating memorable and meaningful experiences. 

 

Mass Customization

“Mass Customization automatically turns a service into an experience.”

From an economical standpoint, tailoring ‘something’ into ‘something more specific’ can truly make a difference. This made-to-order mindset is what people heavily desire within the experience economy. Mass customization is the bridge between products and services, and most importantly, services to experiences. 

Before recent innovations, the attractions community treated people like mass products, no matter what, everybody got the same thing. There was little to no tailored experience, and it left a very big spark of theming out of themed entertainment. Once bigger companies implemented new technology, people began to experience things tailored to what they want. This made-to-order mindset being implemented further expanded the industry into an entire new world of innovation, allowing companies to get more personal and customize the individual. 

 

Transformation

“It’s about going beyond the experience to help your customers achieve their aspirations.”

Transformation is an important part of life, happiness, and the economy. People only change through the experiences they have. There are many different cases where people would naturally experience transformation, or will go about seeking it personally. When experiences are created, it is important to acknowledge and try to direct how people will be transformed. 

People actively seek change. Even in experiences outside of the themed entertainment industry, people can overcome something like their fear and walk out of that experience feeling like an improved person. When people seek experiences, they also seek transformation. Providing and nourishing this delicate part of experiences is key to the experience economy. In addition, to further enhance the transformation that people are looking for, using mass customization is key. Overall, transformation is the end result of experiences, and that should be more recognized and improved to even further grow the experience economy.

 

To connect with Joe, connect with him on LinkedIn and follow him on Twitter.  To learn more about Strategic Horizons and the Experience Economy certification, visit www.strategichorizons.com.  For the frontline video training course, visit www.onstagetraining.com.

 

This podcast wouldn't be possible without the incredible work of our amazing team:

• Scheduling and correspondence by Kristen Karaliunas
• Branding and design by Fabiana Fonseca
• Summary by Mason Nichols

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