During the Adobe Marketing Summit in Las Vegas, I participated in a Adobe Think Tank discussion on the Future of Experience Business. You’ve probably heard how experiences are the new brand and that we no longer sell products but sell compelling and personalized experiences. Is this a fad? Or the future? I believe it’s the future, and it’s starting now.
Here are my top six takeaways from the Think Tank discussion with eight other industry leaders on how data, design, and delivery will impact the future of an experience business.
Data has to inform design content.
- Data is the driver for all content and experience, especially in terms of how content gets automated and delivered to the audience.
- Every company on the planet is now a data company, even if they didn’t plan to be.
- Our intent should be to use data to create better and more personalized experiences for the consumer.
- An example of the power of data: By 2030, data may drive an increase in life expectancy by at least five years because we will be able to use it to improve the delivery of healthcare.
The future of analytics is “Data Artists.”
- Today, marketers are paying data scientists big bucks to interpret massive amounts of data because it helps them make data-driven marketing decisions.
- In an experience economy, marketing and data scientists are evolving into “data artists.”
- These data artists won’t collect data to run measurements. They will collect data to inform the creation of new experiences — and do so across organizations and business units.
Big data won’t start WW3 — though some disagree.
- While we’re already seeing data used in negative ways such as cyber attacks and ransomware, it’s probably not the new “oil” that will result in wars (see 1:00:00 on the video for this interesting discussion).
- Brands, however, should think clearly about the impact of the data they are collecting.
- This is especially important as data becomes more centralized, and as a result, is at greater risk for compromise.
“Marketing” as a term is outdated.
- Marketing is an old term that forces us to think in terms of creating experiences around products, instead of making the product itself the experience.
- Marketing can’t be executed as a communication layer on top of the product anymore, instead marketing and product should collaborate on how the combined experience creates value for the consumer.
- Experience businesses need to think about how to develop products that will create and deliver the right experience, alongside what the right content is to express that.
In the future, “experience chains” will provide end-to-end experiences from a customer perspective.
- A travel experience includes luggage, airlines, hotels, rental cars, tourist attractions, clothing, dining and more. Businesses are going to have to connect with each other to deliver great experiences end-to-end.
- The question remains: How can brands give partners scoped access to their data without sharing all of it?
- Sharing scoped data in a secure way will help companies work together to deliver seamless experiences to their common customers.
- Those who figure it out first will win in the experience economy.
Every company needs to be an experience business and your C-suite needs to buy in.
- Most companies are not yet delivering on the promise of an experience business.
- If you want to be an experience company, trust is more critical than ever.
- Companies that value trust with their customers will succeed.
Don’t take my word for it, however. Watch the recorded livestream to find your own perspective on becoming an experience business, and stay tuned for more POVs from my fellow #AdobeTT participants.
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