If you ask yourself which are the days you remember it is plausible to be the days you had fun and experienced something worth remembering. It is also rather plausible that you would tell people about it (research show you will tell at least 12 people!), that you would remember it  and perhaps like to do it again. That is the basics around the experience economy.

In the hospitality industry, wine tourism, sport tourism, business leisure and so forth it does really matter. Good product offerings are essential, great branding helps, excellent customer service a non-negotiable.  But what will really make you stand out in the customer mind (and probably for a long-long time!) is a brilliant experience.

The challenge is to ensure such an experience, in order to transform into value. (And FYI value for both the business and the customer) It does not necessarily mean you have to be something completely innovative and extraordinary, you could quite possibly turn a fairly ordinary day, event, happening into an extraordinary experience. You are not the valuator of the experience worth, the customers are and offered the right experience in the right way might be worth a premium to him you would not have foreseen.

Are you enjoying the benefits and value from the experience economy? If not look at ways to do so. It is a very lucrative (and fun!) way to build profits.