Product-based business? Service-based business? Try experience-based business.

Most of us know the difference between a product and a service-based business.  But what about an experience-based business?  What's that about?  Think of producing a product or providing a service but making it memorable.  Got it?

In a 1998 Harvard Business Review article, “Welcome to the Experience Economy,” authors B. Joseph Pine and James H. Gil­more identified experiences as an entirely distinct economic category. “An experience is not an amorphous construct; it is as real an offering as any service, good, or commodity,” they wrote.

According to a McKinsey study of U.S. Bureau of Economic Analysis data, experience-related spending in recent years grew more than four times faster than spending on goods.

Find out why and what this means for your business.