Top Trends in Experience for 2024
- The AHA Group
- Jan 28
- 1 min read
Anyone with an interest in finance will be familiar with the classic formula of a P/E ratio to measure a company’s relative value. In our experience audit practice, one of the key metrics we look at is also a P/E ratio. The New P/E Ratio is one of my top trends for 2024.
Ours stands for Product/Experience. It looks at both the tangible product (the good or service) and the wholistic experiences that are provided with that product. Smaller numbers are better, as they represent a greater array of customer experiences that help differentiate the product from their competitors and drive loyalty and repeated purchases.
So, Day Three of my top trends in experience for 2024 is focused on the mix of product and experience that signals a thriving experience-centric business.
The New P/E Ratio Will Drive Customer Loyalty: The math is simple, but the concept is powerful: Every product or service has an associated experience, and the type, quality, and volume of Wow experience wrapped around that product or service can be measured. This measurement of the amount of quality experience delivered per product interaction gives us the Product/Experience Ratio!
In 2024, companies with a poor P/E ratio will continue to struggle as consumers seek out companies that have prioritized quality differentiated experiences. Do you know your P/E Ratio? If not, you should - because your customers absolutely do!