The Transformation Economy: Guiding Customers to Achieve Their Aspirations
B. Joseph Pine III
Harvard Business Review Press (February 2026)

HOW continuous transformation can help you and all other stakeholders in your organization to thrive

In their brilliant article for Harvard Business Review (“Get Off the Transformation Treadmill,” February 2026), Darrell Rigby and Zach First conclude as follows: “Chronic transformations are a sign of deep, systemic misalignment. They proliferate when a business’s strategy isn’t adjusted to account for shifts in the competitive environment or when the complex business system falls out of alignment with the strategy.

“Leaders who master systems management make change a steady, compounding force rather than a parade of corporate upheavals. By building early-warning sensors to spot weak signals in increasing noise, quickly solving emerging problems to keep crises small, and grounding every choice in generating net value for all stakeholders, leaders replace painful change cycles with positive performance, extraordinary value creation, and genuine excitement for the future.”

As you already know, whatever their size and nature may be, all organizations need high-impact leadership at all levels and in all areas throughout the given enterprise. That is especially true of organizations that are preparing for or are now struggling with a transformation.

Pine previously co-authored a business classic, The Experience Economy, with James H. Gilmore (1999), and his latest contributions to knowledge leadership about organizational redeign is certain to become one. Just about everything you need to know is provided by Pine in The Transformation Economy. More specifically, what you need to know about

o Getting into the transformation business
o Fostering human flourishing
o Understanding aspirants and aspirations
o Shifting from experiences to transformations
o Staging transformative experiences
o Creating transformative offerings
o Guiding transformations

Pine devotes a separate chapter to each.

These are among the passages in greatest intensity and value to me, also listed to suggest the scope of Pine’s lively as well as eloquent narrative:

o The Progression of Economic Value (Pages 2-9)
o The Transformation Economy (9-13)
o “Quasi-Transformations” (17-19)
o The Spheres of Transformation (37-41)
o Embracing the Spheres (50-52)

o Catalysts for Change (63-69)
o Leading the Way to Lasting Change (92-97)
o The four realms within transformative experiences (110-113)
o The hero’s journey (122-129)
o The transformational journey (129-135)

o The Delta Model (140-142)
o Transformations as a Distinct Offering (142-149)
o Thesauruses of Four Types of Transformation (149, 153, 153, 157, and 164)
o Harnessing the Delta Model (165-168)
o Ascertaing aspirations (175-178)

o Avoiding failure (183-186)
o Sustaining transformations  (187-189)
o Encapsulating transformations (189-194)
o How to implement outcome-based pricing (199-202)

I also wish to call to your attention that some of the most valuable material is provided by Pine within a series of mini-commentaries that are strategically located throughout The Transformation Economy. For example, “Fourishing and Business” (Pages 31-33) and “Invitational Transformations” (Pages 66-68).

Pine’s tone is conversational rather than Rushmorean. He immediately establishes a cordial rapport with his reader. As was also the case with The Experience Economy, I am among those who feel that Pine wrote this book specifically for me. Perhaps that will be your reaction. I sure hope so. His attitude seems to be, “Here’s what Ihave learned thus far about organizational transformations. Perhaps some of it  will be at least of some assistance to you and your colleagues.”

His curiosity is vigorous and his analysis is sharply focused, anchored in wide and deep experience. There is a great deal at stake. Most transformation initiatives either fail or fall far short of the initial “high hopes and great expectations.” Reasons vary, of course.

I join with Joe Pine in wishing you well. And ask you to keep this observation by Thomas Edison in mind as you proceed: “Vision without execution is hallucination.”

* * *

Here are two suggestions while you are reading The Transformation Economy: First, highlight key passages. Also,  perhaps in a lined notebook kept near-at-hand,  record your comments, questions, and action steps (preferably with deadlines). Pay special attention to each chapter’s closing questions. According to Pine, their purpose is “to usher you on your own journey of understanding transformations and thereby increase the chances this book will have an impact on you and your business.”

That is the same purpose of his opening comments (“Preparation,”  Pages ix- xviii) and his closing comments (“Reflection, “Pages 205-208). Be sure to check out both.

These two simple tactics — highlighting and documenting — will expedite frequent reviews of key material later.