The Experience Economy: Rethinking Business | Jonathon McKay | TEDxOhioStateUniversitySalon

In today's world of global economics, one of the biggest challenges organizations face is transitioning from a product/service-focused organization (e.g.,we have the best rates and the highest quality) to an experience focused organization (e.g., we help you be all you can be!). It’s a challenge because most organizations today are built around the idea that what matters most is what the organization offers. And in order to continue to offer the best options, organizations believe they must pursue continuous improvement in order to create efficiency, increase revenue and drive the bottom line for shareholders. While these are all essential aspects of a successful business, this is not how customers perceive and derive value from their interactions with businesses in today’s world. Oftentimes, it opens up opportunities for disruption by external competitors. It’s nice to have a well-run business, but if it’s not closely aligned to the needs of the customer, then competitors can seize on the opportunity to better meet those needs. This is especially true throughout the supply chain. Many supply chains have struggled to adapt as the speed of change within these models continues to increase. This scenario presents us with a challenge: How can businesses thrive in a constantly changing marketplace when most of the measurements of success they use are focused on the success of the business, and not the customer? Jonathon McKay’s “The Experience Economy: Rethinking Business” explores this challenge, and explains how we can improve upon it. Jonathon McKay is a partner at PATH, which helps clients use customer and employee insights to solve problems, identify opportunities and grow and innovate the business. Jonathon’s passion is the belief that the way people experience organizations is the most valuable component of success and those organizations who share that belief will achieve long-term sustainable growth. For 10 years, Jonathon has helped organizations create high-performance growth strategies through customer, employee and market insights. Using robust, data-driven methodology, Jonathon helps companies remove the doubt in their decision-making process to grow boldly and decisively by focusing on their most important outcomes – customer loyalty, employee engagement and financial profitability. In addition to research, Jonathon has administered over 100 training sessions across the country on employee engagement, customer loyalty, change management and how to use metrics to drive growth, among other topics. Jonathon has achieved Net Promoter Score Associate status, is a Certified Innovative Leadership Coach and has a BS in Economics from John Carroll University. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx

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