Tapping into the Transformation Economy

Posted by:
Jodie Fardoe

18 Feb 2021
Customer

Craving more from brands

Authors B. Joseph Pine II and James H. Gilmore first wrote about the ‘Experience Economy’ in 1998 – the concept of consumers seeking enjoyable brand experiences over products.

The consumer becomes the brand, their own brand, and the products they consume are vehicles for supporting that personal brand.

They later developed the notion of the ‘Transformation Economy’ – an economy where experiences are elevated from mere enjoyment to actual personal transformation.

To tap into this notion of transformation, brands need to deliver an emotional and memorable experience – one that enhances the lives of their customers (especially as we navigate our way through an ever unsettling pandemic), and supports them on their journey to becoming a more efficient and effective individual.

What’s more, health brands, in particular, should focus on transparency and authenticity, to reassure.

The Transformation Economy isn’t pitted against the Experience Economy, it's the natural evolution of it, born out of the increasing desire of the consumer to satisfy the highest tier of Maslow’s Hierarchy of Needs: self-actualization.

- Claudia Roth Managing Director, Soul Luxury

Free eBook download

In this digital book, discover key consumer insights, nuggets of inspiration, and how you can tap into the prevalent Transformation Economy.

James and James Fulfillment

It all began in 2010, when James Hyde and James Strachan couldn’t find a modern shipping service for the eCommerce business they ran. Faced with messy warehouses based on out-dated systems, they decided to build their own.

We’ve not stood still since, helping hundreds of online brands scale up – and scaling with them.