Lesson 2. Adding Value to Rural Businesses with Experience Economy Strategies - PowerPoint PPT Presentation

Loading...

PPT – Lesson 2. Adding Value to Rural Businesses with Experience Economy Strategies PowerPoint presentation | free to download - id: e54a8-ZDc1Z



Loading


The Adobe Flash plugin is needed to view this content

Get the plugin now

View by Category
About This Presentation
Title:

Lesson 2. Adding Value to Rural Businesses with Experience Economy Strategies

Description:

Winning an award. Rarity, surprise, or suspense such as ... Incredible natural beauty of nature like the colors of a setting sun ... – PowerPoint PPT presentation

Number of Views:44
Avg rating:3.0/5.0
Slides: 19
Provided by: keila9
Learn more at: http://srdc.msstate.edu
Category:

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: Lesson 2. Adding Value to Rural Businesses with Experience Economy Strategies


1
  • Lesson 2.1 The 4E Strategies to Differentiate
    Your Business From Competitors
  • Lesson 2.2 Making Offerings Memorable Through
    Experience Economy Strategies

2
(No Transcript)
3
Competitive advantage is
  • A distinct combination of offerings that
    customers want and only you can uniquely provide
  • What makes your business more attractive than
    your competition

4
How small businesses develop competitive
advantages
  • Traditional ways
  • Delivering goods to customers better, cheaper, or
    faster
  • Non-traditional ways
  • Enhancing customers experiences as a way of
    creating value for them

5
Experiences as a key competitive resource for
small businesses because they
  • Can be very unique
  • Are hard to copy
  • Are difficult for larger firms to effectively
    deliver on a personal customer level
  • Can be personalized and flexible

6
According to Pine Gilmore, a better business
means having
  • Differentiated offerings from competitors, such
    as experiences
  • High quality goods and services

Retail Escapist Harry Potter party Pegasus
Pendragon Books Berkeley, CA
http//www.pegasusbookstore.com/
7
Experiential offerings can
  • Address a higher level of customer value
  • Uniquely position and differentiate your small
    business
  • Create value for your business

8
A differentiation strategy must
  • Offer a competitive advantage
  • Attract customers by positioning offerings in a
    unique and distinctive way
  • Be truly different in the eyes and mind of the
    customer
  • Be of value to the customer

9
Diagram for creating a unique combination of
offerings to achieve differentiation
Adapted from Kotler, P. (1997). Marketing
Management Analysis, Planning, Implementation,
and Control. Upper Saddle River, NJ Prentice
Hall. Pine, B.J., Gilmore, J.H. (1999). The
Experience Economy Work is Theatre and Every
Business a Stage. Boston, MA Harvard Business
School Press.
10
Using the diagram from Pine Gilmores theater
example
  • Consider the following
  • Goods are like props
  • Services can be seen as the stage
  • Personnel are the actors
  • Experiences are added to each element
  • All of the elements must work in coordination
    with each other for the play to be a hit

11
When considering your differentiation strategy,
you must keep in mind
  • All elements make sense and hinge on a common
    theme
  • How your customer experiences the theme
  • All of the details that support your theme taken
    into account

12
(No Transcript)
13
Making something memorable means to make a
positive experience easy to recall or remember at
will
As a business owner, you should aim to make your
business memorable
14
Experiences that may come to mind when you say,
I remember when.
  • Situation of personal significance such as
  • Getting engaged
  • Winning an award
  • Rarity, surprise, or suspense such as
  • Spotting a mountain lion when on a neighborhood
    walk
  • An acrobatic circus show

15
Experiences that may come to mind when you say,
I remember when.
  • Special design or sensory features such as
  • Decorations of a party or holiday
  • Incredible natural beauty of nature like the
    colors of a setting sun
  • Intensity of emotion such as
  • A really scary roller coaster ride
  • An exciting moment in sports

16
Memorable experiences lead to Word-of Mouth (WOM)
advertising, which is
  • Positive communication by the customer to friends
    and relatives
  • A cost effective promotional strategy
  • Often referred to as free advertising
  • Considered a more persuasive message when coming
    from a trusted source
  • Likely to reduce perceived risk associated with
    patronizing a new business

17
Creating memorable experiences requires the
following specific techniques
  • Repetition of information
  • Personally relevant experiences
  • Making sense of unexpected information
  • Physical performance of an action rather than
    simply observing
  • Multi-sensory (e.g., sight, smell, sound)
    experiences
  • Emotionally arousing experiences

18
Memory making techniques are embedded in Pine
Gilmores experience economy strategies by
  • Creating a theme and harmonizing the cues around
    the theme reinforcing the business message
  • Offering educational and escapist experiences
    that actively engage the customer
  • Providing rich, multi-sensory settings
  • Arousing customers emotions
About PowerShow.com