Editor's Note: This article is the first part of a two part series by Mel Lester. You can read the second article on RainToday.com. It discusses how to actively manage the quality of the client experience.

Over the past couple of decades or so, the American economy reportedly underwent another historic transformation. Did you notice?

Welcome to the Experience Economy. With goods and services becoming increasingly commoditized, high profits are shifting to those businesses that can deliver "unique and compelling experiences." Think of Disney World, Starbucks, and the entertainment industry.

Is this relevant for professional service firms? I think so.

Consider surveys that reveal that clients give as much importance to "service value" (the experience delivered) as they do to "technical value" (the expertise delivered). Yet most professionals still cling to the misguided belief that clients value their expertise most.

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