Boost your sales by creating meaningful experiences

London is a thriving city where innovation often meets convenience.

There are countless experiences only available in the capital – you're probably inspired to create memorable experiences every day.

From dog cafes to themed pub quizzes, there's plenty of opportunity to stand out from the crowd and build a loyal following, online or in person.

In London, money spent on experiences has now overtaken money spent on material items. There's a world of opportunity for you to tap into as a small business owner.

The experience economy

Building experiences is a key part of finding your audience and setting a reputation for yourself and your small business.

Unlike the experience industry – that's anything related to selling experiences, such as entertainment venues or travel agents – creating memorable moments can boost your sales and build a loyal following.

By pairing your products or services with an experience that Londoners can share and enjoy, you become more than just your small or medium-sized enterprise (SME).

• For instance, as a beauty business you can offer workshops or spa days for customers to try your products in the right setting, such as a calming meditation room.

• Or, if you run a local bookshop, create an interactive book club or open a small coffee corner where your clients can grab a hot drink to sip on while they find their next book.

Where your advantage lies

For SMEs, the marketplace has never been more competitive. Customers have endless choice, attention spans are shorter and online shopping continues to grow.

But there's one space where high street businesses hold a powerful advantage – in-person experiences.

Welcome to the experience economy, where customers value memorable, emotional and shareable moments just as much as the products or services they buy.

And most importantly, the experience economy isn't just for big brands. SMEs across retail, hospitality and personal services are perfectly placed to lead the way.

Creating these experiences can be particularly helpful to any high-street retailers, especially if your industry has seen a rise in online sales.

But with online shopping, there's a new demand for shareable moments that Londoners can only find at their local shops.

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The key pillars of the experience economy

According to Pine and Gilmore, there are four pillars you should focus on:

• Entertainment: bring people together with exciting events, such as hosting a local author or inviting a motivational speaker.

  Incorporating entertainment into your business introduces new customers to your space and creates memorable moments.

• Education: teach customers about a valuable topic. It doesn't necessarily have to be about your products, but could be an overarching theme related to your business.

  For example, if you sell homeware, consider hosting a workshop on colour schemes or upholstery.

• Escapist: take your clients on a faraway journey without leaving London. Escapist experiences are all about letting your customers become someone else for the day – think pottery sessions.

• Aesthetic: a visually appealing environment encourages customers to stay and share – think of all those coffee shops with an Instagrammable interior.

  You can start small with a flower arch or by adding small details to each table in your restaurant, or go big with something unique and exciting that gets customers to take pictures (and tag you on social media!).

The benefits of the experience economy

• Premium prices: Londoners are happy to pay more for a whole experience rather than just a service or product. If you offer more, you get to charge more.

• Loyalty: experiences build your clientele and promote word-of-mouth (free promotion for your business).

• Motivation: getting creative with your offering can boost your morale and get you excited about your craft.

• Off-peak experiences: if you experience a decrease in footfall at particular times of the day, month or year (for instance, the post-festive period or the summer months), creating experiences could fill your available slots.

• New clients: a fresh experience can attract different types of clients alongside your regulars and help you innovate and build more resilience.

Practical ways to create experiences

• Demos: let clients try before they buy and explain any relevant details that make your products or services special.

• Workshops: teach your local clients and build loyalty.

• Tasting menus: tailor your menu to create a memorable tasting experience.

• Themed experiences: from Sherlock Holmes to Mamma Mia, you can build almost any experience with a theme.

• Meet the founder: share your life story and lessons.

• Behind the scenes: take clients around your premises during off-peak hours.

• Consultations: help customers choose the right hair colour, pet food or moisturiser for their skin type by offering a consultation, a great add-on to your service.

• Seasonal touches: add a special card with a poem on Valentine's Day, offer travel-friendly samples in the summer months or gift wrapping all year round.

In summary

You don't need to host experiences every day, but it could be an exciting new way to think about what you offer to your customers.

Whether you're drawing your online customers into a pop-up or trying to merge in-person and digital experiences, crafting thoughtful experiences for your audience could be the next step that elevates your business from simply doing well to truly thriving in London.

The London Growth Plan highlights the importance of experiences in keeping London an exciting place to live, work and visit.

You don't need a huge budget or major investment. Creating memorable experiences can increase your sales, build loyalty and perhaps even boost your own confidence and give you the renewed motivation you're looking for.

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