We have reached a time where it is no longer just about creating and selling better goods and services, it is about delivering value in the experience. Some would even call this the peak of the Experience Economy.
First used in a 1998 article by B. Joseph Pine II and James H. Gilmore, the term “Experience Economy” was used to describe where the economy was heading post service economy.
The essence of the Experience Economy, as outlined by the two economists implied that in order to get ahead, “businesses must orchestrate memorable events for their customers, and that memory itself becomes the product: the “experience”. (The Experience Economy, 2019)
Their explanation could not have been more accurate.
Giving rise to the experience economy today are Millennials and post-Millennial group Generation Z who are digitally-innate, have a strong desire for personalised experiences and are reaching out to brands through more touch points than any other generation before.
For real estate providers, these generational changes bring both challenges and equally attractive opportunities.
The success of a brand ultimately comes down to how a brand is perceived.
Therefore, it is more important than ever for companies to start investing in creating a strong brand.
In today’s world, brands are defined by the experiences they give. The way the customer feels is always at the center of the brand experience. Therefore, when it comes to building a brand, every touch point matters.
A great starting point is the creation of a brand positioning strategy, which paints a holistic picture of all the possible places a brand will ‘touch’ a customer at all the different points in their customer journey. (Brand Touchpoints, n.d.)
The best way to identify your brand touchpoints is to think about all the possible scenarios your customers could come into contact with your brand.
To put it simply, imagine that you are a fresh university student ready to embark on an exciting new chapter in your life. Eager to move out of your parents house and live with people in a similar stage in their lives, you decide to search for student housing options.
While contemplating about whether to choose one accommodation over another, you decide to book a tour at one of them.
Here are some of the brand touchpoints you would encounter:
Each one of these elements should be viewed as a brand touchpoint, evoking an experience at every point of your interaction with the brand.
After identifying all the possible brand touchpoints, the next step is to create a customer journey map. Rather than narrowing down the journey that your target audience currently experiences, it is always more advised to keep it broad – outlining all contact points available (even if they are less used than others). (RePerez, 2017)
What often helps is to organise the touchpoints based on the various stages in your customer’s journey: pre-booking stage (awareness, consideration), during (booking, moving in), and post-stay (moving out, post-stay).
Below you’ll find an example of what your customer journey map could look like:
The ideal goal for operators is to make their guests co-creators of their brand. That is because people are the soul of the spaces and the ones that bring a brand to life. The stronger the engagement of community at every touch point, the stronger the brand will be.
Today the real estate market is changing at a rapid pace to accommodate digital nomadism and the impact it has had on the needs of the new generation of students and young professionals.
In order to cope with these challenges, SPX was created with the mission to break down barriers to create brand awareness and lasting brand loyalty. We create super positive digital ideas, products and experiences that connect the hearts of brands to the hearts of your consumer, the nomadic community shaping today’s world.
We guide our clients in activating the touchpoints that engage current & potential customers and create positive experiences throughout their customer journey.