In today’s episode, we focus on a foundational strategic principle Experience Strategists call “time well spent.” Consumers have a choice about where to spend their time and money and those decisions are usually driven by how much value they get from an experience. Tune in to hear fresh ways for understanding the value of people’s time spent with your business, and how to design your service and products to create experiences that customers want to buy.
IN THIS EPISODE:
- [01:30] Why businesses should pay attention to the Experience Strategy principle of “time well spent”.
- [05:30] Companies can work on the value of “time well spent” with them by asking consumers for feedback about what is important or meaningful to them.
- [08:00] Dave explains ING Bank's efforts in the early 2000’s to improve their consumers' experience by using technology to create a more convenient and quicker experience.
- [14:00] The strategic decision companies like Starbucks, 7Eleven, Panera Bread, and Facebook took to differentiate themselves and create “time well spent” for their consumers.
- [18:00] Companies, like IKEA, offer the experience, but not “time well spent”. This leaves consumers feeling frustrated and limits their opportunity to grow.
- [26:00] Aransas discusses the three big questions that every business should ask themselves about the experience they’re providing their customers.
KEY TAKEAWAYS:
- “Time well spent” is a foundational principle of Experience Strategists, and by evaluating what your customer values, you can create an experience they want to pay for.
- Making your business or product convenient isn’t enough. You have to understand your business's role in providing the best possible experience to your consumers.
- To ensure your customers value your experience ask them: Does the experience feel like it is time well saved, spent, or invested? If not, understand why and design your experience with those needs in mind.
This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit
theexperiencestrategist.substack.com/subscribe