The document discusses the shift from a product-based economy to an experience-based economy. It notes that customers now expect experiences rather than just products alone. Businesses need to focus on the entire customer journey and improving the customer experience at every touchpoint. Providing positive experiences can increase customer lifetime value and lead to stronger brand relationships. However, many companies have not elevated customer experience to a strategic priority or found ways to immediately convert enhanced experiences into increased sales. The key challenge is learning how to transform improved customer experiences into instant sales at all stages of the customer journey.

1. The Experience Economy

2. What is happening?
The way we make buying decisions has changed – we expect more
Products
1970s
Products + Services
1990s
Relationships
2000s
Experience centric
Today
A shift from products to experiences

3. The way we make purchase decisions has
changed.

4. This changes everything
Unit Sales
Branding
Products
Unit margins
Hit products
Value pricing
Experience
Solving Needs
Customer Lifetime Value
Deep relationships

5. The pace of the world has changed
• On average we want everything faster, not today
• The rise of subscription and internet based
products
• Phenomenan coming from b2c to b2b
• No control over consumers or buyers
Globally we live on the hi-tide of instant gratification

6. We live in an Experience Economy.

7. Last 15 years – 52% of Fortune 500
companies have disappeared
1955
Life expectancy 75
years
2015
Life expectancy 15
years

8. How is this possible?
90% 71%
Will tell about bad
experiences
Buy from you because
they like you
After the certain point – price does not matter
anymore!

9. But what is Customer Experience?

10. The whole customer journey

11. How to improve Customer Experience?
Change expectations VS. Higher
performance

12. What people say?
80%
71%Agree that CX is the most
important factor influencin
buying decision
Buy from you because
they like you
78%
Tell that they would pay more
for a unique product or service
with unique experience
87%
Previous experience is the
most importan factor on future
purchase

13. But what we do?
26%
71%Past experience with a brand
has been unique
Buy from you because
they like you
38%
Of companies have elevated the
CX as company level strategy
and have goals

14. Why is it so hard?
à We don´t know how to turn CX into instant sales!

15. How to instantly turn CX into sales?
From the beginning of the CX journey – drive more sales at every touch point

16. Customer Experience in the 21st century?

17. Thank you!
Jaakko Männistö
Founder & CEO
Jaakko.mannisto@feedbackly.com
+358 44 3488016
@jaakkomannisto
Jaakkomannisto.com/palaute