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-actualisation.