The Experience Economy, With a New Preface by the Authors

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Time is the currency of experiences. If you get customers to spend more time with your business then they will spend more money on your offerings. To do so, however, requires gaining customer attention amidst an increasingly wide array of options available for spending that time.

Several factors account for this competition for time. First, people can now access an untold number of digital experiences. The smartphone represents the biggest source of competition for any business in capturing customer time, attention, and money—providing an ever ready means to be “elsewhere” whenever customers feel unengaged. Fail to offer a compelling experience, and customers will instantaneously leave you to spend time in the digital realm via some app. ...