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P. 14-19 /

How do you measure the true value of an experience?

HOWARD R. MOSKOWITZ1*, JOHANNA FYRBJÖRK1, RIEKO SHOFU2, MARCO BEVOLO3, DAVID MOSKOWITZ4, ALEX GOFMAN4
*Corresponding author
1. ZenInsight, Golfvägen 10, 182 31 Danderyd, Sweden
2. Hakuhodo Inc., Corporate Design Department, Akasaka Biz Tower, 5-3-1 Akasaka, Minato-ku, Tokyo 107-6322, Japan
3. Independent author, Eindhoven, The Netherlands
4. Moskowitz Jacobs Inc., 1025 Westchester Avenue, Reckson Platinum Mile, White Plains, New York 10604, USA

Abstract

Our study assesses consumer interest and theexpected price people would be willing to pay for a varietyof hotel experiences dealing with four different aspects offour senses (seeing, touching, smelling, hearing). A total of315 respondents evaluated experimentally designedvignettes, comprising a different combination of positive,pleasant sensory experiences, that a hotel might offer itsguests as a point of differentiation. Each respondentevaluated a unique set of vignettes. Vignette ratings weredeconstructed into the contribution of each sensoryexperience as a driver both of interest in the hotel, as wellas the relative amount of money a consumer was willing topay versus a standard one night hotel cost. It is not theparticular sense, but rather the particular experience whichdrives consumer interest and amount willing to pay. Threemind-set segments emerged: sensory seekers, fragranceand touch, design and relaxation. Since these groups areinterspersed in the population, we devised a screening testof five questions which is 65 percent accurate in classifyinga prospect. The test shows hotels what to offer theprospective guest to produce a very desirable experiencethat might command a higher price.