Customer capital reinventing with experience economy approach

EXTENDED ABSTRACT
 
Introduction
In today's dynamic business environment, organizations increasingly recognize the importance of customer capital as a valuable asset. A major challenge for firms is how to differentiate themselves in a global market and build competitive advantage. The experience economy approach emphasizes on creating memorable, personalized, and attractive experiences for the customer so that the economic income of the companies and the added value of their services are made through the customer experience. Many tourism firms have been able to move up the value chain from a service base to an experience base as a means to attain high levels of customer satisfaction and profitability. Consequently, a better understanding of how customer capital or relational capital with an experience economy approach will assist business managers and designers in developing effective strategies by focusing on the relationship and how this experience can build sustainable technology innovation, business models, and strategies, and help design services for tourists to meet the market's needs. To continuously create and deliver the value of engagement experiences, companies must provide their employees with the means to design, create, and stage such experiential offerings. This requires strategic alignment of human resource management and marketing processes. Therefore, due to the lack of a comprehensive and integrated model, this research aims to present a framework that uses customer capital to guide the organization's success in the experience economy.
Methodology
The current research was conducted based on the purpose of developmental type and in terms of qualitative data collection with Grounded theory approach. Considering the nature of the research problem, the researchers have used the interpretive paradigm and inductive logic for the detailed research investigation. In the first part, texts related to customer capital, experience economy, and human resource management have been extracted from library sources. The second part was an interview with 13 people consisting of human resources managers of the tourism industry, including tourism companies, hotels, and university professors. Sampling was done purposefully and continued until the theoretical saturation of the researcher was reached. The interviews were conducted through in-depth semi-structured interviews and the 5w1h technique and sought to answer questions such as: how, why, what, where, who, and when. The extracted codes reached saturation after the 13th interview. After studying and refining, all concepts were adjusted to 29 components and 417 codes. In the following, the extracted phrases were summarized and simplified, and duplicate sentences were removed. To analyze the data and identify the components with a three-stage coding process (open, axial, and selective) of the content analysis method and MaxQDA 2020. Thus 13 components, 29 indicators and 74 final selection codes were obtained. Finally, a paradigm model of customer capital reinventing designed with the experience economy approach.
 Result and discussion
The first step of the model for the regeneration of customer capital with the experience economy approach in Iran's tourism industry is causal conditions including innovation and initiative, talent management, and foresight. This stage can be considered as the preparation or pre-implementation stage. At this stage, the organization does not specifically enter into capital reinventing, but it tries to provide grounds for it. This stage includes factors that lead to the regeneration of customer capital with the experience economy approach. The gap of innovation and initiative with the indices of innovation capital and intellectual property, the component of talent management with the index of susceptible personality traits, and the component of foresight with the index of agility in the service process have been considered as causal conditions by researchers. The next step is to reinvent customer capital as a central phenomenon. Context conditions that must exist to be able to carry out appropriate actions and strategies; include environmental components with indicators of the market situation, economic factors, and pervasive technology. Intervening conditions include the intellectual capital component with indicators of human capital and structural capital, and the component of leadership styles includes the index of managerial support. The strategies include the policies and processes component with customer-oriented recruitment and recruitment indicators, customer-oriented training, consulting, and reflective compensation, the feedback process component with constructive feedback indicators, the system of customer suggestions and complaints, and the risk process consisting of continuous monitoring indicators, and resilience. Finally, the results in the paradigm model show the emergence of customer capital reinvention with the experience economy approach, including three levels: satisfaction at the individual level, development and productivity in the organization, and stabilization of ideals and institutionalization of values ​​at the extra-organizational level.
.
Conclusion
The results of this research are important in several ways, other researchers get to know the conceptualization of customer capital in the experience economy and how groups and individuals in the tourism industry share their information. It should be used quantitatively in other research and ultimately lead to a common understanding of the reinvention of customer capital. This research attempts to explain the mechanism by which the development of customer capital and organizational performance contribute to the experience economy in the current turbulent business environment. Also, the results show that effective human capital management improves organizational capital and customer capital. Therefore, the results show that generational diversity leads to the creation of shared values. At the extra-organizational level, to deal with the current and expected talent shortages in the international hospitality industry, an important and innovative focus in the tourism industry is for companies to pay attention to the diversity and inclusion policy as part of sustainable human resources. management strategy. It leads to customer loyalty and branding for tourism centers.