Smart businesses realise that they are selling more than a product; they are the enablers for something bigger, the catalyst for something profound. They know that they are operating in the Transformation Economy and no longer in the Experience Economy.
The Evolution of Luxury
In the Experience Economy, businesses and brands curate memorable encounters, thus the ‘experience’ becomes the product.
In the Transformation Economy, consumers are seeking more than mere experience. They crave something authentic and meaningful - some call it the 'soul' of the business - to which they can connect on the most personal level and, in doing so, undergo an actual sense of transformation.
Consumers are desperate to connect with themselves. Brands that can offer them a meaningful route to that soulful luxury will be the ones that stay ahead of the game.
The Transformation Economy cannot be franchised nor can it adopt a ‘one-size-fits-all’ approach. This is the differentiator. It is intensely personal and relies on two things: 1) an active and interested consumer, and 2) the awareness-driven willingness of the brand to adapt to the client and be part of the shift.
This adaptation can only come from a place of deep and genuine understanding and intent on the part of the brand, its leaders and employers – and it is only when this change is truly ‘felt’ by the consumer than they can connect to the brand and product on a transformational level.
In this way, the Transformation Economy guides the consumer beyond mere ‘experience’ to a place where they benefit from a soulful relationship with the brand – a connection that results in a dialogue and co-creation. The interactions are highly personalised and the subsequent value that is generated powerfully bonds brand and consumer in a highly competitive market. Soul Luxury will help you shift from mental knowledge to emotional understanding to ensure you remain at the forefront of business success in today’s rapidly changing world.
Real life Examples from the business world
- Lifestyle -
Engineering personal experiences
Engineering personal experiences – with the potential to transform individuals – has become integral to Nike’s business strategy, evident at their March 2016 NYC launch of HyperAdapt 1.0, VaporMax Air cushion and Nike+ app. Nike calls it a “new area of sports – the era of personalised performance”.
- Sharing Economy -
Airbnb are taking the lead, digitally creating an environment of community engagement: connecting hosts and travellers for a deeper more meaningful and authentic local experience.
- Luxury Hotel -
recognising the need to transform
Thailand’s award-winning Kamalaya Wellness Sanctuary exemplifies a growing number of properties that – even in the world of wellbeing – are recognising the need to transform introducing an “Embracing Change” programme that guides their guests to fulfill their purpose and potential.
How can I transform my organisation?
Certainly not yet another marketing campaign.
Be the Leader you need to be. Engage your team.
Inspire your Audience
Connect with yourself, connect with your customers.