In an era of change and constantly fluctuating expectations, it can be a challenge for brands to remain relevant. Generations grow older, demographics and preferences blur, and media consumption changes, forcing marketers to adapt their tactics to authentically tap into those audiences. That’s why identifying opportunities to build affinity and relevance through experience, as well as alignment with like-minded brands, is critical.
We’ve always known that music - particularly live music - unifies people of all demographics, but new research confirms that music sponsorships can help to build brand affinity, loyalty, and relevance. In fact, a new report from Citi found that 85% of the 1,000 consumers they surveyed agree that they have a much more positive perception of companies that sponsor live events. Other studies reveal similar findings; event promoter AEG found that 80% of music festival-goers said the most effective way for brands to connect with them is through a live event and 89% leave with a greater trust in brands that support a live music experience. The research clearly indicates that people welcome brands at music experiences and those engagements build trust and relevance.
While this research is compelling, here are three additional reasons that marketers should consider sponsorship opportunities.
Music…It’s Not Just for Millennials
According to a study from Live Nation, more than two-thirds of consumers 13-49 have attended a live music event in the last year. Of that group, 62% have been to both a concert and a festival. That’s a staggering number of people, and it’s an age range that spans Generation X, Millennials, and Generation Z. There’s a whole lot of purchasing power to be had, and it’s only projected to grow as members of Gen Z continue to enter the workforce.
It’s More Than Just One Day
While the concert or festival is the main event, the anticipation begins long before the event and doesn’t stop when the last note is played. Sixty-five percent of consumers say they make a purchase specifically for the event and 80% purchase a product from a sponsoring brand after the experience. Additionally, consumers further amplify the experience; research from Citi found that consumers take approximately 21 pictures at live events and share them on social media. These extensions of the live experience make it timeless and help to engage an even larger audience, making the investment for brands all the more worthwhile.
The Emotion Quotient
Those who have attended a concert know that live music is an unparalleled emotional experience. And, when audiences are collectively experiencing those feelings, they say they are 63% more likely to connect with brands. Aiming to substantiate those claims, Live Nation performed a biometric experiment at a show featuring the indie band St. Vincent. The results? Through testing of skin response and brain waves, they observed a 53% increase in emotional intensity and 22.3% increase in attention among participants from the very beginning of the show.
For marketers, an attentive and emotional audience is pure gold. These consumers are more open to new ideas, more likely to connect with brands, and more likely to make purchases. All brands must do is provide value to consumers. Whether it’s a cool photo opportunity, refreshments, or providing a service like free WiFi, a small effort can go a long way towards connecting with consumers.
Contact us to today to learn how you can build relevance and engagement for your brand by tapping into memorable experiences.
Sources: Live Nation The Power of Live: Global Music Study for Brands; Marketing Daily Citi Finds Events Prompt Loyalty in Consumers