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BuckheadFunds > Startups > Dominate The Experiences Race

Dominate The Experiences Race

News Room By News Room August 1, 2023 5 Min Read
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Eric Miquelon is President of Avanade North America.

It’s the final lap of the 2023 Formula 1 Spanish Grand Prix. All eyes are on Max Verstappen, who’s about to cross the finish line for his 40th career win.

All eyes, that is, except yours. As the rest of the world watches Verstappen, you tap a button and hop into the cockpit with fan favorite and F1 wildcard Yuki Tsunoda. You wanted a different view of the action, and you got it.

For me, what makes this moment so interesting is that what’s happening on the track isn’t necessarily the most engaging aspect of the viewer experience. It’s the experience itself.

With features like viewer-controlled cameras, F1 has taken the traditionally passive experience of watching sports on a screen—an experience that hasn’t changed much over the decades—and made it a creative act. As a viewer, I can watch the standard, curated race feed. Or, at the press of a button, I can choose to instantly switch to the onboard camera of any driver and even listen in on their expletive-filled conversations with race managers.

Suddenly, I’m not just watching the action; I’m in it. I’m an active participant in what’s happening on-screen. By curating the content, I’m engaging in a viewer experience that’s as personal as it gets.

Why is that such a big deal?

Right now, pro sports are in a dead heat for viewers’ attention. They’re competing with each other; and more importantly, they’re competing with every other content creator, from Netflix and Disney+ to legions of YouTubers. It’s not a coincidence that, for example, NFL viewership has declined as other sources of high-quality content have proliferated.

The breadth and quality of what’s available means that excellent content is no longer enough. I don’t know about you, but I have a list of about 50 shows I would stream if I had the time. I might end up watching five of them. There’s just too much good stuff.

If a brand wants to engage today’s consumer, they have to deliver an experience compelling enough to capture their imagination and hold onto their limited attention. I didn’t start watching F1 because I woke up one morning with a spontaneous interest in European motorsports. I, along with millions of other Americans circa 2020, got into F1 because they hooked me with the fantastic docu-series Drive to Survive—and then held my attention with engaging experiences, like onboard cameras and real-time information.

F1 didn’t change F1. They just made watching it feel really, really cool.

Take a page out of F1’s book.

This is about much more than entertainment. Today, all brands are in a lights-out race for their audience’s attention. Delivering high-quality products and services still matters, of course, but how your customers engage with your brand is just as important—maybe more so.

My advice? Put your customer in the figurative driver’s seat. Always think people-first before executing on an experience-driven idea. Take time to consider what your customer needs or wants. Whether the experience is designed to make their lives easier, their business more profitable or their entertainment more immersive, people must be at the heart of your strategy. It can be enticing to want to leap at the latest technological advance to create something cool for your customers, but remember that it has to serve your purpose.

And to put this into action, start by sourcing actionable data and insights directly from your customers. Review your customer feedback and engagement surveys, including any qualitative or verbatim feedback. Your customers are telling you what they want, or what they value—make sure you listen. It may also be mutually beneficial to conduct a design thinking or brainstorming session together with your client. These types of discussions can often unearth insights and spark creative ideas. And the best part? You collaborate, directly, with your customer.

May the best experiences win.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

Read the full article here

News Room August 1, 2023 August 1, 2023
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