What exactly is Buyer Experience Management?
In today's marketplace, there are opportunities abound to explore new ways of attracting and engaging with prospective buyers. Online, offline or on your premises. Below is an example of how the envelope continues to be pushed on buyer engagement strategies.
Buyer Experiences come in many forms and while organizations talk about the need to create a better "customer experience", it is the result of that experience that generates happiness and makes the experience memorable... it's not about the money.
Below is a video of an experiment called Happy Money, conducted by Harvard Business School. Michael Norton explains why spending money on new experiences yields more happiness than spending it on new products.
In their book Happy Money: The Science of Smarter Spending, authors Elizabeth Dunn and Michael Norton draw on years of quantitative and qualitative research to explain how we can turn cash into contentment.
The key lies in adhering to five key principles:
- Buy Experiences (research shows that material purchases are less satisfying than vacations or concerts);
- Make it a Treat (limiting access to our favorite things will make us keep appreciating them);
- Buy Time (focusing on time over money yields wiser purchases);
- Pay Now, Consume Later (delayed consumption leads to increased enjoyment); and
- Invest in Others (spending money on other people makes us happier than spending it on ourselves).
In the following video, the first in a series, Norton doles out some cash to two women in Harvard Square on a sunny summer day. The catch: Each of them must take the money and spend it on an experience.
What do you think?