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The Experience Economy has never been so important…
The experience economy is the phenomenon that we’ve seen since the 1990s of consumers recognising that there’s more to life than just having stuff, it’s 21 years since the term ‘Experience economy’ was coined and ever since the experiential sector in particular has seen consistent growth.
Experiential used to be an afterthought to a brands marketing campaign but not anymore, experiential now forms a solid part of a brand campaign.
But why is experiential so important in today’s age?
Apart from social media, experiential is one of the few marketing disciplines that brands can engage with their audience in a two-way conversation in real time. It gives brand owners the chance to change people’s perceptions through a multi-sensory experience beyond the screen.
The experiential audience are having an experience for themselves, this allows them to generally fall in love with a brand and the more face to face time audiences have with a brand only increases brand affinity.
The key to successful experiential events
The audience is probably the key core element that can ensure a successful experiential event, brands need to consider the user experience at the core of their event planning, being mindful of the audience and also what is right for that audience, doing this will ensure that the user experience is second to none.
Experiential is all about the here and now, audience generated content is priceless to brands, especially when this is shared instantly, no two people will experience an event in the same way and that’s the exciting thing, gone are the days when inviting press to an event for them to interpret and publish, experiential is seen through many different lenses. Successful experiential events will ensure a connection with the audience continues post event.
People, the success of any live event can be seen as solely in brand ambassadors that are running the event, engaged and passionate advocates Is what any brand needs, without this an experiential event can become uninspiring.
Authenticity, which can be easier said than done, with almost half of consumers distrusting brands and 69% distrusting advertising it is essential that brands are authentic, experiential events have to find the right balance between brand messaging and event experience.
Experiential shows no sign of slowing down, with 3 in 4 millennial’s choosing to spend money on an experience rather than purchasing a product, it has never been more important to get brand experiences right.