Whether it’s a party, a festival, a sporting event, or a show – more and more of us are after a slice of the action. A recent survey by Eventbrite has shown that 65% of millennials (18-34 year olds) are would rather spend money on life experiences than material things. These millennials are driving the UK ‘experience economy’ and 62% of them plan to increase the amount they spend on thrills and spills over the next 12 months.
The fear of missing out (FOMO) is what drives many of us today and a key reason for wanting to seek out and be a part of new activities and experiences. It makes sense; our lives are constantly on display across social media and we don’t want to be seen as the one left sitting at home on a Saturday night.
Today, life is for sharing as much as it is living, and the FOMO means that more and more of us are spending on experiences in order to be part of that shared conversation. In fact, according to research, 98% of consumers capture content at live events and 100% of them will share it on social media.
Experiential marketing taps into this perfectly. Of course, the ultimate goal is to make a sale or gain a subscriber, but brand awareness and brand loyalty is equally as important. As it’s been said time and time again, the brands that can tell a story and make us feel something are the brands we relate to and the ones we ultimately share with our peers.
If your product can transport people to a better place – visually, aurally, or by taste – let them try it. Bring a bit of excitement to your brand with an event that wows people and excites them. Use the latest technological advances like Augmented Reality or Virtual Reality to make it a once in a lifetime experience.
A report by Event Marketer showed that after attending an event, 98% of consumers feel more inclined to purchase, 74% have a better opinion of the brand and 70% become regular customers.
The increased time and money that both consumers and brands spend on these experiences is priceless. Happiness is no longer based on actual possessions; it’s about meaningful experiences and the human desire to be part of the action.
From Dyson’s pop up store in Oxford Street that gave consumers the chance to try vacuuming 64 different types of dust; to Cadbury’s double decker bus complete with slide, ball pit and free chocolate; to Deliveroo’s pop-up picnics with deckchairs, DJs and cocktails. These are simple ideas, but a one-off experience for many and a moment worth sharing.
Hotcow is a non-traditional creative agency that specialises in experiential marketing that goes viral. Our campaigns generate buzz through crowd participation, PR and content sharing. Contact us on 0207 5030442 or email us on info@hotcow.co.uk.
