Branding in the experience economy
Wednesday, Nov 10, 2021
“Board of directors, marketeers and executives hope to prolong their business lifespan through customer loyalty and reduce significantly customer acquisition costs.
The term Brand has been around for a long time, originally a way of ensuring recognition from aggressive competitors, lately adding to it more and more complex notions, such the way of thinking and acting that engages a business with the world, making it more relevant, attractive, and ultimately profitable.
The term experience, became more relevant in the last couple of decades, it can simplified as the emotions each individual has towards a brands’ the ability its promise.
It developed from a mere idea of customer satisfaction to a more complex and still developing notion of economic value proposition for businesses.
However many companies simply wrap experiences around their traditional offerings to sell them better, yet customer trust is formed from a rational and emotional perspective.
The progression of economic value unquestionably show consumers’ desire for experiences, and more and more businesses are responding by explicitly designing and promoting them. And selling them, reversing their budget from traditional acquisition campaigns
While branding it’s in essence the define on why an organization claims to exists, the experience the organization offers show its ability to deliver this promise, hence it builds the Trust for dispositional and affinity brand.