There is a reason we choose to pay $5 for a cup of coffee. The customers aren't paying for the coffee, they are paying for the experience of being at Starbucks. Danny Meyer the famed restauranteur was doing this before the term "experience economy" was even coined back in the 1990's. He opened his first restaurant in New York City called Union Square Cafe back in 1985 and one thing he has always done better than anyone else in the business is offer an incredible experience.

Learn more about your ad choices. Visit megaphone.fm/adchoices