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It’s all about experience!

Because of the fast growing rate of technology, catching the customer’s eyes by technological innovation is becoming more and more difficult. Creating an innovation was one of the methods to differentiate from the competitors. However, due to the advance in the manufacturing, though you innovate your business, it will only take 6 months for your competitor to knock you down. So how can we differentiate from competitors who are able to knock you down so fast? The article is telling us that the answer is providing experience.
The article is using the term experience innovation. This means providing a unique experience which never has been provided to the customers before and satisfying the unmet need. Also the it says that companies intending to be relevant today must learn the art of creating experiences that genuinely engage their customers. To do this, you need to know the four components of experience innovation.

Know where you are in the innovation cycle
There are three areas of innovation: technology, product, and experience.
Among those three, we need to focus on experience. Starbucks is a good example of experience innovation. At the time when America didn’t had a place to enjoy coffee and chill, Starbucks provided a experience which they never had before. You should understand where your mindset lies in this innovation cycle, and know what it takes to participate and perform in the other spaces.

Know your DNA
This means you got to know yourself. What you are good at and what you are not. Do what is natural to you and don’t try to fake it.

Make emotional connections
If you want to make emotional connection with your customer, you need to understand them. Understanding what they need and what they desire, and knowing the difference between these two are crucial.

Design for the complete experience
Though you have a complete idea and know-how to provide an innovative experience, it is all in vain if don’t make it up to the customers. Every aspect of your business must reflect your company’s DNA and what you have learned about the desires of your customer.

These days, customers are tired of selecting and distinguishing products. Instead of looking for companies which most satisfied their needs, they are looking for companies which they can rely on and give their loyalty. Because of this, providing a unique experience is getting more and more critical.

Recently in class, we had been trying to make a traditional Korean dress targeting the foreign tourists visiting Korea. Compared to Japan, which provides various cultural experiences, Korea doesn't have any healthy and enjoyable traditional experience which appeals to the foreigners. So the goal of this project was makeing a traditional dress which can appeal to the foreiners . This project is more than just making appealing dress. It is about selling experience to the foreigners who wants to understand our culture. To do this, we could have applied the four elements for experience innovation. I think during this project, our team has missed a crucial step mentioned at the article, which is making emotional connection. As we went through the project, we focused on the aesthetic parts and how could this dress reflect Korea, not what the foreigner, who is the actual costumer, wants and needs. We haven’t gone through any survey or research related to foreigners. The article is warning that if we disregard our costumer our business will fail to be relevant in a glutting market.

reference : http://www.businessweek.com/innovate/content/apr2008/id20080411_491286.htm