The Experience Economy: More than FOMO for Millennial & Gen Z

The youth are looking for experiences. “The Experience Economy” broadens consumerism to tap into the emotional context of living in a broader, social-based modern world. The simplicity of paying X for Y has evolved to add an emotional context or adventure to the transaction. What does that mean for restaurants? The function of food and beverage isn't enough to sustain the ailing industry. As the experience economy has evolved, so must we.

A few leaders may think that experience means sparkler garnishes or servers creating a theater of food. That’s too obvious. Experience is broader than simply appealing to the 5 senses to instead encompass exploration, social occasions, and fitting into the rhythm of a consumer’s day. How can the function of food & beverage translate into experience?

EXPERIENCE IS NOT SCHTICK: Consumers are savvy enough to know when they’re being manipulated. It’s not about crazy presentations that aren’t functional, whether it’s a 5-layer sandwich that isn’t edible or pop rock-rimmed margaritas which don't taste good. Yes, we all want that viral video of food porn which gets 3MM views, but lightning-in-a-bottle isn’t a strategy and many national full-service restaurants are already fighting the perception that they’re a parody of glory days. One guest in every 300,000 may Instagram that burger garnished with nachos and a chicken wing so there isn't much of an ROI on its development and training.

EXPERIENCE MUST BE AUTHENTIC: If an elevated presentation or service step has a reason to exist, you’re onto something. A Bloody Mary with skewers of a few apps, olives and fresh celery makes sense (if it can be delivered quickly) because the drama serves a purpose of Look, I’m eating and drinking! Tableside guacamole works if the process invites the Guest to customize their tastes… spicy or mild, mango or bacon, citrus or cilantro. Embrace customization. If it’s just about showing a consumer that you make it fresh, your brand has more work to do.

EXPERIENCE IS NOT ABOUT DELIVERING BASICS: Wifi and Happy Hour are base expectations of most any dining experience except maybe quick service. Same goes for Kids Menus, Satisfaction Guarantees, and Loyalty Programs. Seeking credit only serves to undermine your brand.

EXPERIENCE IS NOT ABOUT YOUR SERVICE-STYLE: Consumers deserve and expect their servers to be knowledgeable, kind and functional. It’s rare that the service should be main delivery of the experience unless you’re a concept that specializes in insults, appearances, or flair. I am not saying that service is secondary because service will make-or-break the Guest experience. It should however be invisibly beautiful.

EXPERIENCE IS EXPLORATION: Food and beverage can deliver on flavor exploration to reflect a consumer’s aspirations (travel) and community (cultural diversity). Flavors like curries, guajillo peppers, and tamarind are new to many consumers who can be excited to break out of their comfort zone but not without some sort of risk mitigation. Build-your-own plates, sauces and spices, and tapas provide entry points. With tapas, most mainstream consumers won’t expect tapas restaurant pricing at the local chain so plan for lower prices and decreased margins.

EXPERIENCE IS OUTSIDE YOUR 4 WALLS: A great brand can rise above the function of satisfying hunger and thirst to instead meet the emotional needs of their consumer and fit into the throes of their lives. Rather than becoming the focal point of the consumer experience, a restaurant can facilitate their living their lives outside your 4 walls. The obvious example is Takeout and Catering, but event planning and theme nights fit within this scope. Game of Thrones was as passionate an event for many consumers as our segment’s emphasis on football, wings and beer. Get creative and realize that people are living differently.

EXPERIENCE IS EARNED: Don’t expect to trend in your consumer’s social network because you’re trying something new. While something may be bold for your brand, it’s just another day in your consumer’s world. Every association a consumer makes -- every follow of a brand, every snap that they chat -- either strengthens or denigrates the avatar they’re cultivating in the digital world. It’s a slow journey to earn their trust, but it’s worth it.

EXPERIENCE IS HOW PEOPLE LIVE: Here's where the function of restaurant expands beyond the simple satisfaction of hunger to include nutritional benefits, lifestyle, and even impact. It's not just about dietary offerings like low carb or gluten-free, but rather addressing how people act and feel. Keto carries its perceived health benefits while CBD brings wellness. Beyond Meat messages about its lower impact on the environment. Partnerships like No Kid Hungry add a philanthropic halo to the guest experience. Restaurants expand the perception of what a meal means.

Can food be an experience? The answer is yes. Experience is all about playing where people live, tapping into how they think, and creating a memory whether new or old. Just make it great and measureable. #YOLO