Episode #237: EXPERIENCE ECONOMY SERIES PART 3 - MODELING

Our third installment of the Experience Economy series is all about finding commonality in a sea of uniqueness. 

The golden thread of the Experience Economy is to pre-answer common questions before our customers ask them. Getting ahead of our buyers allow us to demonstrate unparalleled respect for their time, money, and mission. The Pareto Principle becomes a close ally as we all try to tune into WIIFM!

Transcript

Speaker 1: 0:00

Hello everybody and welcome to episode 2 37. We are in the third of a six part series. It's gonna be less than five minutes. Stick with us, we'll see you in a minute.

Speaker 2: 0:14

Alright .

Speaker 1: 0:18

Hello everybody and welcome to the Simple Biz 360 podcast. My name's Jeff Mason and I'm gonna be your host for the third installment of a six part series about the experience economy. So you can catch us on YouTube, IGTV Rumble TV 28 audio platforms. And in episode 2 35, our first installment, we looked at acknowledging the experience economy. Then we transition to embracing the experience economy. And today we wanna look at modeling. How do we structure the ways we provide our goods and services in ways that can feed into , um, having more success than not in this highly subjective environment called the experience economy. So we're gonna put a , a picture of a bunch of transistor radios up there. And the first concept is really to look at these transistor radios and understand that these are, these represent different customers and each different customer tunes into their radio station called W-I-I-F-M . What's in it for me? They wanna know, are you catering to me? Are you providing goods and services in ways that make me feel good about your company and make me wanna refer your company or come back for more? And so this is the first concept as you look at these radio stations, we really now want to invite you to understand this, that we've come to, to realize that there is a common thread of songs, a common set of songs that each one of these radio stations listen to. And that's our job. We have to figure out what are those common songs that each one of those radio stations are playing. Each one of those customers are dialing up on their transistor radios, right? That you see. And, and how can we effectively create a set of service conditions that meet what we call the Pareto , uh, principle. And if you know the Pareto principle, it's the 80 20 rule, right? 80% of your business comes from 20% of your customers, or 80% of your issues come from 20% of your customers. There's this 80 20 relationship. Well , we wanna try to figure out how to appeal to 80% of the customers. 'cause again, we don't really know exactly what they want or need or, or what they really, you know, desire or deserve, but we've got to figure it out. And we can draw on our history of transactions. We can draw on what customers have told us in the past. We can draw on history to help us shape these , um, you know, these components to our service that cater to 80% of the people that are, you know, dialing into their W-I-I-F-M radios. So that's really, you know, what do we, how do we do it? We have to figure out the questions that customers want answers to and we need to preser those questions. That's really the trick to this, is you've gotta figure out the wants of customers. You've gotta figure out the needs. And we argue, then you take it a step further and you serve to deserve, you give those customers what they deserve without them even asking for it. So now they play that radio station, they're listening and they're like, yeah, these guys get me. These guys get it. And you know what, if we can do this effectively, we cover that 80% of the base, the other 20%, we're just gonna have to put our hands up and say, you know what? We're gonna lose those folks to other competitors or we're gonna lose those folks , uh, you know, or, or not be able to do a transaction with them . Or they're not gonna come back for repeat transactions because, you know, we , we just, we're looking for that 80 and that 20 is just gonna have to fall by the wayside. So as long as we can do it in a Pareto centric environment of questions that we pres answer , boy, we're gonna be able to serve to deserve in , in really glorious ways and really lead to some great repeat and referral business. So what's the, what's the song that kind of connects this? And you can kind of remember it and say, oh yeah, that was the song that connected that concept. Well, it's James Taylor. You've got a friend right from a mudslide slim in the 1971. Yeah, we wanna be that WIFM friend to these folks. So listen, we , we really appreciate you being here. We hope you can tune in for episodes four, five, and six of this six part series and we will see you for, for episode six , uh four of this series in 168 hours. Thank you .