Businesses can maintain their competitive edge in the Experience Economy by focusing on transformation and adding value to their products or services. They should understand their customers' needs and preferences and strive to enhance their experiences. For instance, a company like Rawlings, which is the exclusive baseball manufacturer to the Major Leagues, realized that most of its customers are people who enjoy baseball and a good game of catch. Therefore, they focused on improving the product to enhance the experience of these customers, rather than just the professional players.
By customizing each part of a customer experience, a product or service increases in value. Using ke...
View summary