Episode #240: EXPERIENCE ECONOMY SERIES PART 6 - MEASURING

Today we wrap up our six-part series on The Experience Economy.

Subjectivity rules the landscape of this economy, so measuring the results of your efforts is challenging. The proof of success will be evident with healthier repeat transaction, and referral rates. The five-phase pathway is a mindset shift, and by shifting, a positive outcome will become organic and natural. Here is quick recap of episodes 235-239 that highlight this process:

Accept The Experience Economy.
Roll out the welcome mat.
Properly stack operational centricities.
Tune into WIIFM.
Deliver top-tier S.E.E.

Do these things, and the customers will respond with favorability. The rest will take care of itself. We wish you much success!

Transcript

Speaker 1: 0:00

Thank you for tuning into the sixth installment of our six part series about the experience economy. Man, it's been fun to, to , um, you know, share this information. We hope you stick with us for the finale. Thank you so much. See you in a minute.

Speaker 2: 0:18

All biz to show .

Speaker 1: 0:22

Hello everybody and thank you for tuning into the Simple Biz 360 podcast. This is installment number six of our six part series on the Experience Economy Source. So tickled you're here, and if you haven't caught any of the previous , uh, episodes on this , uh, we , we suggest you do because there's sequential. And so if you go back and and visit episode 2 35, which is our first installment, and bring yourself up to date . This is episode two 40. I think you would really be doing yourself a favor. 'cause we, we highlight a lot of things and , uh, you know, today's kind of the summation of everything. So you can find us on YouTube by GTV Rumble TV or 28 audio platforms. We'd love a , a follow or a like, if you'd be so kind, it would really , uh, help us out. And today we're just gonna kind of sum this thing up and really in an episode that we call measuring. So how can we measure our effectiveness within the operational tenants of the experience economy? Well, first of all, it's really from the customer point of view that we need to measure things, right? And it's difficult. It is super, super difficult because it is this subjective arena of providing goods or services and it's, and it's based so much on how we go about providing the goods and services, not so much the goods and services themselves. So it is some tricky waters. Well , we talked about in one episode about the concept of trying to preser questions that customers have and bake them into your operations so that you are, you know, you're making 80% of the customers happy without them ever articulating their wants, needs, or desires to you that you're , you're, you're doing it because you understand what your customers looking for, what they need, what they deserve, and you're pres answering some of these questions. Then we looked at micro journeys, you know, each one of our overall transactions, regardless of what we sell or what we, you know, what environment we work in. We have all these customer touch points , we have these little stops, these little micro trips, these little small journeys that add up to the one big journey. And we took a restaurant, a sit down restaurant, and we identified 39 micro journeys that occur in a sit down restaurant that in and , and remember from our first episode, remember that one quote, you know , uh, it takes 12 positive experiences to erase a negative experience . I mean, that's really powerful stuff . And so you've got, you know, you could fall on your sword in two of these 39 , um, you know, little micro journeys at a restaurant. And tho that, that foursome could walk away and really not feel good enough to come back, right? Maybe water was one of them . Maybe they tried to get your attention so many times to get them water. They were parked , they'd been out hiking all day, they'd been out and about all day, they needed water and nobody at the restaurant at the waitstaff was perking up to it. Maybe they delivered water once and that was it. These people needed more. I mean, you know, this could be the hinge point, this could be the touch point that, that tilts the scales to that overall negative experience. So we talked about that and then we talked about the game changer last week, which is really the three y challenge saying yes to the three challenge points that, that are, honestly, it'll change the trajectory of your business overnight if you successfully said yes to those three , um, components in the three y challenge. And, and we're here today. And, you know, all we would say is, you know, it's highly subjective. Referral tracking referrals, tracking repeat customers is certainly the most effective way to see if you're really , um, you know, doing things well and catering , uh, to the customer the right way. But again, that's not always foolproof either. So we just encourage you to kind of bottle these six episodes up, find a place to go think about this, find a find a way to start , um, you know , getting this into your business, segueing it into your business so that you start flipping the company, you know , on its head and you become much more customer-centric. And you start cementing these customer-centric things in, in ways that, that cater to the, you know, Pareto principle , uh, of, of trying to cater to 80% of your customers and knocking out 80% of your competitors. I mean, there's so much packed into that principle. And , uh, so we , we just encourage you to, to visit with all six episodes. Pass 'em on. Uh, we we're gonna put this on a playlist so you can just , uh, pass, you know, coworkers on or friends on to the playlist. We hope you enjoyed it. We, we hope you come back for more. And we thank you so much for tuning into the Experience Economy six part series. We want to end today. It , you know, we always end with a song that's emblematic of the , the episode that we had , uh, in this six part series. And today is , hey, if you can bottle all this up and you know what it's gonna be like you two's 2000 release. It's a beautiful day and it's called Beautiful Day. Enjoy it and we will see you in 168 hours .