Jess Quiney, Director of Strategy at GPJ.
Everyone is doing it, so we thought we would too. Chat to ChatGPT, we mean.
So we asked ChatGPT some questions about the future of the experience economy and the answers may surprise you.
It’s not over. It’s not outdated. It’s not going anywhere, any time soon. In fact, it is ever-evolving and “represents a significant and growing portion of the global economy”, according to ChatGPT.
What is the experience economy?
The experience economy refers to the concept that people are seeking more than just goods and services - they are seeking unique and memorable experiences. ChatGPT says that “in the experience economy, businesses create value by providing customers with engaging and immersive experiences that go beyond simply providing a product or service. The experience economy has become increasingly important as consumers have become more discerning and are willing to pay a premium for experiences that are unique and memorable. Businesses that are able to create these types of experiences are often able to differentiate themselves from their competitors and build loyal customer bases.”
When asked whether the experience economy is over, ChatGPT was resolute in its response. “No, the experience economy is not over. While the COVID-19 pandemic has certainly impacted the way in which businesses can provide experiences, it has also highlighted the importance of creating unique and memorable experiences for consumers.”
ChatGPT also reiterated the importance of the experience economy as the world continues to recover from the pandemic and said “there is likely to be a renewed interest in experiences as people seek to make up for lost time and create new memories. Therefore, businesses that are able to provide engaging and immersive experiences are likely to continue to thrive in the years to come.”
What does the future hold?
The key trends that ChatGPT highlighted as the primary shapers of the future of the experience economy are:
1. Personalisation: ChatGPT reinforced the fact that consumers are increasingly seeking experiences that are tailored to their individual preferences and needs and said “this is likely to drive greater personalisation in the experience economy, with businesses using data and technology to create customised experiences for their customers”.
2. Technology: When it comes to the significant role technology plays in the experience economy, ChatGPT referenced the use of “everything from augmented reality and virtual reality to artificial intelligence and the Internet of Things to create immersive and engaging experiences” that provide the best of both worlds (combining physical and virtual elements).
3. Sustainability: “Consumers are becoming more conscious of their impact on the environment and are seeking experiences that align with their values”. ChatGPT says it is imperative for businesses to find ways to reduce their environmental footprint and create eco-friendly experiences.
4. Diversity & Inclusivity: “Consumers are demanding more diverse and inclusive experiences that reflect the diversity of the world around them. Businesses that can create experiences that are accessible to a wider range of people are likely to have a competitive advantage”, according to ChatGPT.
What comes next?
So far so good. GPJ and ChatGPT are very aligned.
But when it comes to looking at what comes next, our AI companion is the first to admit that “it is difficult to predict with certainty what will come after the experience economy, as the future is always uncertain and dependent on a range of factors such as technological advancements, changing consumer preferences, and global events.”
So, this is where your experience marketing experts come in.
While we don’t want to hang our hat on some of the newly coined terms such as the ‘Transformation Economy’ or the ‘Purpose Economy’, we strongly believe that the experience economy will continue to evolve, accelerated by what we have all lived through over the last few years.
Beyond experiences for the sake of experiences, we believe there will be a renewed focus on experiences being transformational, purposeful, and most importantly, impactful. And we are excited to continue working with our clients to create human-centred, experience-led campaigns to achieve their business goals.
If this sounds like something you need help with, give our Client Services Director, Michelle Vickers, a shout.