Business of Luxury Part 9: Filling out the Available Experience Space

As people increasingly seek out unique services based experiences to fill out their Experience Space, which types of services will we see?

We will of course see the obvious services like travel, transportation, restaurant visits, lounges/bars and hotel stays increasingly move away from the “one size fits all” model and move towards being micro segmented. Increasingly, however, we will also see online and mobile services become micro segmented and take up more and more importance, and share-of-time, in consumers’ Experience Space.

Services like ASmallWorld have positioned their online social network service towards a narrow, exclusive audience, keeping itself micro segmented by having a country club style sign-up approach; only a certain number of invites from existing members can secure a new member access. ASmallWorld’s micro segment is essentially socio-economically self-segmented network focused on people who travel between the major cities of the world and enjoy fine dining, travel and clubbing, yachting and so on.

Mobile services holds perhaps the most interesting and promising prospect for a micro segmented service that can help consumers fill out their Experience Space, or rather, assist them in filling in the space. The mobile phone is with you all the time, it’s very form factor makes it personal and the fact that it comes with a subscription provides unprecedented opportunities for micro segmenting all aspects of the mobile experience, from the point where you purchase the phone and the subscription, through to how the service adapts to your needs over the lifetime of the subscription.

We will also see shopping become a lot more experiences driven. At the FT Business of Luxury Summit the CEO of Simon Property Group, David Simon, spoke about the increase in destination shopping. His firm, which is one of the largest owners of retail real estate in the world, appears to have understood the importance of segmenting shopping experiences. It has in its 200 million square feet portfolio targeted properties ranging from in one end The Forum Shops in

Las Vegas

to in the other end Outlet Malls across the world. David Simon also spoke about the economic effects of aiming shopping experiences at micro segments. At targeted malls sales per square feet consistently outperform the one-size-fits all experiences of most malls and shopping centers around the world.

Activities like gambling, gaming, cinema experiences, theatre and opera will increasingly be themed and segmented to difference audiences to further deepen the interest. San Francisco Opera’s Bravo Club, whose events I go to, presents themselves as “a group of young adults dedicated to building a new audience for San Francisco Opera.”

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