As experiential marketers, we’ve long understood the value of making one-to-one connections with consumers. By getting closest to the customer, we’re able to educate and engage in ways that some other forms of marketing simply cannot. However, while the value of experiential has always seemed rather intuitive, it has been challenging to quantify its impact to brands. In this infographic, we take a look at consumers’ growing desire for live experiences and why experiential should be part of your marketing mix.
Here are four facts you need to know about consumers and their love of live experiences:
Experiences > Possessions
80% of consumers in the U.S. and U.K. believe that physical experiences lead to more lasting memories than physical items. They’re putting their money where their mouth is, too. In the last two years…
40% said they increased their spending on new experiences
38% said they decreased their spending on new items
What Makes it Memorable?
When asked to recall their most memorable life experiences, consumers said they were…
24% Family moments
24% Unforgettable trips
17% Attending live events
11% Education or work-related achievement
The common thread? Ninety-one percent of those experiences were shared with others.
Bring It, Brands
83% of respondents in the U.S. and U.K. agree that the best way to build trust in a brand is to experience it first-hand
82% want brands to create experiences that entertain, engage, and educate
Proof is in the Pudding
In The Value of Experience Research Report, consumers took part in four activities (Audio, Reading, Video, Live Experience) that marketed a fictitious brand to them. Afterwards, they were asked to describe the feelings that were evoked by each.
Audio - Reading - Video - Experience
Engaged 19% - 23% - 27% - 54%
Entertained 19% - 32% - 36% - 66%
When it came to both purchase intent, the brand experience stood alone. Consumers were three times more likely to purchase if they participated in the brand experience.
Is your brand looking to connect with consumers through the power of live experiences? Contact us today to learn how our suite of experiential-led services can help you build brand awareness and earn lifelong loyalists.