Thriving in the Transformation Economy with Joseph Pine

Subscribe and Listen

This episode of Amazing Business Radio with Shep Hyken answers the following questions and more:

1. What is the transformation economy? 
2. What is the difference between selling a product and creating a transformative customer experience? 
3. How can businesses guide customers to achieve their personal or professional aspirations? 
4. What are the benefits of customizing experiences to meet individual customer needs? 
5. What elements contribute to a robust customer experience? 

Top Takeaways:

• The transformation economy is about how companies can help customers change. It is about how your business can help them achieve their aspirations.  

• Businesses create more value when they focus on selling the end rather than the means. Go beyond selling products and services to understanding why customers buy and use that knowledge to help them reach their goals and achieve their aspirations. 

• Transformation is not a one-size-fits-all. It must begin with truly understanding where the customer is starting (from) and where your customers aspire to end up (to). Carefully identify the customer’s current situation, needs, and aspirations to tailor experiences that produce meaningful outcomes for them. 

• Sell transformation, not just products. For example, people don’t buy a treadmill because they want the equipment. They want to be healthier, have more stamina, or feel better about themselves. Whether you’re selling a physical product, a service, or something else, shift your mindset to the customer’s desired result.  

• In both B2B and B2C, businesses should become trusted partners, not just vendors. That means understanding clients’ deeper goals and helping them achieve success, even if it occasionally means recommending solutions outside what you sell. The focus is on the customer’s outcome, not just the transaction. 

• In the transformation economy, companies should charge for what customers value most: outcomes. Companies are moving away from pricing based on time, materials, or products. It is focused on results. 

• Transformative change for customers doesn’t come from a single transaction. It spans the entire journey, including the preparation before the event, reflection afterwards, and ongoing integration into daily life. 

• Plus, Shep and Joe share insights from The Transformation Economy and discuss companies that are putting customer transformations first. Tune in! 

Quotes:

“Transformations are built on top of experiences. We change through the experiences that we have. “ 

“Get down to the core of what your customers are trying to do (achieve) and how your current offering is a means to that end. If you sell the end rather than the means, you will shift from a supplier to a true partner in their ongoing success.” 

“Any experience stager can turn their experiences into transformative ones by preparation beforehand, reflection afterward, and integration on an ongoing basis. Preparation primes the experience, reflection increases its value, and integration helps make lasting change happen.” 

About:

Joseph Pine is a bestselling author, speaker, and cofounder of Strategic Horizons LLP, celebrated for guiding Fortune 500 companies and innovative startups alike. He is the author of The Experience Economy, Mass Customization, and Infinite Possibility. 

Shep Hyken is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and host of Amazing Business Radio.