By now, marketers know that Millennials value experiences over things—almost 80% of Millennials say they would choose to spend their money on an experience or event over buying something desirable and nearly 8 in 10 (77%) millennials say some of their best memories are from an event or live experience they attended or participated in.
With this in mind, it’s no surprise that consumer spending on entertainment has increased 78% since the late 1980’s. Marketers have learned that creating experiences aligned with consumers’ interests makes it easier for them to envision the brand as part of their lifestyle. The popularity of music and arts festivals, activations surrounding major sporting events, and a shift in the focus of formerly industry-facing events, like New York Fashion Week, to include consumers, all point to a marked change in the culture. Here, we explore three ways emerging brands can create shared experiences for some of their most influential customers.
Exclusive and Intimate
Although big brands have successfully leveraged large scale events to generate buzz, there is a current trend toward more intimate, targeted activations. Marketers are investing in higher quality experiences that include fewer, but more influential, people, creating a sense of true exclusivity.
Forget the Photo Booth
Sorry, marketers, the photo booth and branded step-and-repeat are losing their cachet. Although consumers still want to share their experience on social media, they want to do so in a way feels more authentic and inclusive—and not like an ad for your brand. Platforms like Snapchat, Instagram, and—potentially—Periscope, will be extremely important when it comes to sharing an insider’s perspective of your event and generating engagement.
Make it Meaningful
Create experiences that tap into powerful emotions. When consumers are invited to actively participate and interact with a brand, it increases the likelihood they will become more emotionally invested in the product or services the brand offers. This helps to increase awareness and recall—and scientists have found it also increases the positive emotions associated with a brand. Brands should look to create immersive experiences that will take consumers on a multi-sensory journey; virtual reality may be the immersive experience of the near future.
Learn how your brand can leverage the power of influencers, social media, and cutting-edge technologies to build stronger relationships with consumers. Contact Women’s Marketing today to discover how we help brand stand out in a crowded marketplace.
Sources: Harris and Eventbrite Millennials: Fueling the Experience Economy, EventFarm 8 Trends for Event Marketing 2016 and Beyond