In this episode of the Experience Strategy Podcast, hosts Aransas Savas, Joe Pine, and Dave Norton discuss a Wall Street Journal article written by Jennifer Williams about retail, focusing on how major brands are intentionally slowing down the shopping experience to enhance customer engagement. They explore the importance of creating meaningful experiences, the lessons learned from Toys R Us, and the need for authenticity in retail strategies. The conversation emphasizes measuring success beyond traditional sales metrics and highlights the future of experience-led brands.

Takeaways

The longer someone spends in a store, the more likely they are to convert into a purchaser.

Retailers are adding experiences to encourage customers to linger longer.

Time well spent is a key concept in enhancing customer experience.

Experiences must be meaningful and relevant to the brand.

Toys R Us failed to create relevant experiences for their target audience. Lego gets it. Camp.com gets it.

Retail success should be measured by time value, not just sales per square foot.

Authenticity in brand experiences is crucial for customer loyalty.

Walmart is evolving to compete with experiential brands.

Experience-led brands can charge for their unique offerings.

Read More:

https://www.wsj.com/articles/shop-slow-spend-more-the-retailers-hoping-that-customers-linger-0c87ea24?st=etbsMd&reflink=desktopwebshare_permalink

https://camp.com

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https://www.thecollaboratives.com/contest

Sign up for the Experience Strategist Substack here:

https://theexperiencestrategist.substack.com

In this episode of the Experience Strategy Podcast, hosts Aransas Savas, Joe Pine, and Dave Norton discuss Tony Bates article in Fortune Magazine on the intersection of empathy, AI, and customer experience. They explore how empathy is often seen as a critical component in business interactions, especially in the context of AI's role in enhancing customer service. The conversation delves into the nuances of sympathy versus empathy, the importance of emotional jobs in customer interactions, and the need for businesses to differentiate themselves through human elements in an increasingly automated world.

Chapters

00:00 Introduction to Experience Strategy Podcast
01:50 The Role of Empathy in AI and Business
06:43 Sympathy vs. Empathy in Customer Experience
12:12 Emotional Jobs and AI's Role
14:55 Human Element as a Differentiator
20:56 The Future of AI and Experience Strategy

Read more here:

https://fortune.com/article/ai-empathy-business-customer-loyalty-tech/?utm_source=search&utm_medium=suggested_search&utm_campaign=search_link_clicks

Register for the free membership in the Collaboratives here:

https://www.thecollaboratives.com/contest

Sign up for the Experience Strategist Substack here:

https://theexperiencestrategist.substack.com

Summary

In this episode, the hosts discuss the upcoming book 'The Transformation Economy' by Joe Pine, exploring the readiness of the world for transformation, the role of technology, and the importance of creating experiences that lead to lasting change. They delve into the nuances of transformation, including the distinction between temporary and permanent changes, the interconnection between experiences and transformations, and the need for businesses to adapt their models to support customer outcomes. The conversation highlights the exciting potential for transformation in various industries and the importance of collaboration in achieving meaningful change.

Takeaways

The world is now ready for The Transformation Economy.
Transformation is a big word, often scary.
We only ever change through our experiences.
Create the experience of transformation, not the promise.
Temporary transformation is a type of transformation.
You can't transform without experiences.
Charge for the outcomes your customers achieve.
Transformation requires follow-through and support.
The future of transformation is super exciting.
We need a chief transformation officer focused on customers.

Chapters

00:00 Introduction to the Transformation Economy
02:58 The Readiness for Transformation
06:00 The Role of Technology in Transformation
09:04 Personal Experiences and Transformation
12:08 Understanding Transformation: Temporary vs Permanent
14:55 The Interconnection of Experiences and Transformations
17:54 Levels of Experiences and Their Impact
20:50 Sustaining Transformation
24:00 Business Models for Transformation
27:13 The Future of Transformation Strategy