Using Customization to Renew Commodities
Joe Pine, coauthor of The Experience Economy and the brand new book Infinite Possibility, joins us on Edgewise to explain the balance between commoditization and customization in progression of economic value. Amazon and Wal-Mart are just two companies that have used transformation as a tool to successfully guide customers to change by using their experiences. Companies such as these are commoditizing goods so they can sell at higher volume and lower cost to the consumer. He outlines three phases of transformations that are required to sustain transformations through time, which include diagnosis, using a set of experiences, and following through. Not only are these transformations crucial to a business setting but can be useful in our personal lives as well.