In part one of this series we looked at how companies in three key industries — media and entertainment, banking and healthcare — are upping their game by improving their customer experience. As important as it is to their survival and success, however, the experience economy is a bit of a tight rope walk with a high degree of reputational risk if things go wrong. In part two we’ll look at the challenges companies face in excelling in the experience economy.
As a concept, the experience economy is simple enough to understand for most business leaders. However, answering fundamental questions such as what it means for their industry/organization is not as clear cut. As the experience economy dawns on them, industry players realize that measuring user experience is one of the many challenges they face. Banks, for example, use metrics such as net promoter scores and overall customer satisfaction, none of which reflect the impact of experience on revenue.