Experiential profiling of products and services

Abstract

The purpose of this text is to explore the way that firms create value for customers from an experiential point of view. The experience originated from the use of products and services is conceptualized within a customer's journey to satisfy a need. The concept of experiential friction is introduced to identify possible areas of experiential improvement for customers. A framework to perform the experiential profiling of a need-satisfaction journey is provided, allowing to identify, classify, and quantify experiential inefficiencies. An experiential theory of value is proposed in which incremental value is proportional to the total experiential improvement that a customer derives from using a product or service. Lastly, the managerial implications of the ideas presented in this text are discussed.