We are here at the Centre for Global Brand Leadership, Columbia Business school. I am the director of the centre and the centre of course does research on branding. But it also does research on customer experience management and experiential marketing.

I would like to share with you the research we have done here at the centre. For example, here I am holding in my hands a cup of Starbucks coffee. Starbucks coffee commands a price premium - we have done some research on whether experiential brands can generally provide a price premium. And the answer is ‘yes’. You can clearly see this at Starbucks. Here in the New York market I pay about $4 or $5 for a cup of coffee.