Beyond the ephemeral: Scaling experiences through productization

Abstract

Abstract

Experiences have gained significant relevance in recent years. People now favor memorable experiences over tangible goods or intangible services, so experiences generally offer companies the prospect of both enhanced profit margins and improved reputations. Millennials and Generation Z consumers now fuel the growth of the experience economy. Yet the individualized, resource-intensive, and ephemeral nature of well-designed experiences makes them inherently harder to compress or to replicate at scale, thereby limiting productivity gains. This article highlights how some companies have successfully overcome this issue by standardizing experiences and making them more product-like. These simplified experiences still deliver emotional value for consumers but require far fewer company resources. Drawing from the productization literature, we break down the process and provide advice for developing experiences that can be both commoditized and customized.