Paying for Memories: The True Value of Experiences
“I don’t pay for things, but I will pay for experiences.” I first heard this phrase years ago, and at the time, I didn’t fully grasp its significance. It came up in the context of a hotel stay (the Sheraton Waikiki, iirc), and my immediate thought was, “Isn’t that just paying for a room?” In hindsight, though, that hotel was not simply a place —it was part of a memorable moment, an experience.
What Is an Experience?
An experience is, at its core, a memory. Memories are priceless. Think about cooking a meal with family or friends. You might purchase ingredients and ensure you have the right cookware, but those items aren’t the experience. The experience is the act of cooking together—one person working on the main dish, another on the sides—laughing and joking as you go. Later, everyone gathers around to enjoy the meal, sharing stories and feedback. Those memories linger long after the dishes are washed.
When you think back on moments in your life, the objects involved don’t stand out as much as the emotions, the sights, the sounds, and the people who shared them with you. The value of experiences can’t be measured in dollars because they shape who we are, how we bond with others, and the stories we tell long into the future.
The Rise of the Experience Economy
The term “experience economy” first appeared in a 1998 Harvard Business Review article, but it has taken years for us to fully embrace it. The COVID-19 pandemic further accelerated this shift. Being cooped up at home reminded many of us just how crucial real-life experiences are for learning, growth, and connection.
Ultimately, when we talk about experiences, we’re talking about memories. Memories form most vividly around unique events—especially those that involve learning or bonding with others. As I look at how I spend time with my family and how I bring new services or products to the market, I think in terms of experiences. Would you pay for an experience? I think the answer is yes, because money comes and goes, but the memories you create remain with you.
Ideas for Meaningful Experiences
When I think about how I have creating the strongest bonds with my family it has been around experiences. Below are just a few examples of shared activities that can leave a lasting imprint:
- Learning to Rock Climb Indoors
- Cooking a Collaborative Meal
- Baking Cookies
- Learning to Surf
- Hiking Together
- Camping
- DIY Home Projects
- Roasting Marshmallows
- Visiting Kennedy Space Center for a Rocket Launch
- Laser Tag or Escape Rooms
- Racing Go-Karts
- Archery
- Biking Adventures
- Running in a Race
- Snorkeling
- Kayaking
- Snow Sports – Snowboarding, Skiing
- Water Parks
- Museum Visits
- Playing Board Games
Sometimes the experiences do not appear to be as interacting and engaging as you may originally hope. For example my kids aren’t fans of museums so without this passion we may not have the same bonding. Using this lens I will admit that dad’s obsessions with playing a card game doesn’t seem like a great experience however I do think the conversations, competitiveness and dynamics provide the opportunity to create experiences.
Creating Shared Memories Through Entrepreneurship
Experiences aren’t just personal—they’re a valuable concept in business, too. A family business can capitalize on providing unique experiences. Think about:
- Snow Cones, Shaved Ice, Raspados, Rolled Ice Cream
- These treats aren’t just dessert; they can be a show when made live in front of customers.
- Funnel Cakes, Fried Oreos, Churros (basically the home made version of Todo Rico)
- Create carnival-style treats and allow people to personalize them with their own flavors
The key is to create something memorable. People flock to businesses that offer more than a product—they want an engaging, shareable moment.
And as a family business you are creating an experiences that allow the family to learn facets of the business operations and grow together through a continual shared experience.
The Ongoing Search for Experiences
I’m always on the lookout for new experiences to share with my family or friends. By focusing on the memory aspect—rather than the objects or mere transactions—you invest in something that enriches your life. We all have opportunities to craft new stories, forge deeper connections, and learn along the way.
What experiences do you want to create? Where do you see opportunities for unique memories? Think about the next time you’re about to pay for something. If it’s more than just an object—if it’s an adventure, a learning moment, or a catalyst for bonding—you’re likely investing in a priceless memory.
Additional Resources
Pine II, B. Joseph, & Gilmore, James H. (July 1998). Welcome to the Experience Economy. Harvard Business Review.
Experience Economy. (n.d.). Wikipedia.