The darling term for marketers ‘the experience market’ is nothing new. Creating experiences – the best seats in the house, great food, headline talent – has been our business for more than 200 years. What is changing is the accessibility for everyone into the ‘experience market’.
Experiences now form part of a brands’ marketing plans as consumerism wanes and is replaced with today’s new personal equity of education and quality time spent with others. It’s far less about the labels you wear and much more about what you know, where you’ve been, what you’ve seen and who with; this means ‘brand me’ is the new accessory.
Brands know that great days spent with family, friends and colleagues are engrained more in the memory than material things; which broadly explains the growth in the experience market. Add in the bragging rights that guests push through their social media feeds and it’s a win win as both the Brand and ‘Brand me’ gets amplified at no cost.
Retail, tech, food and media giants are all creating experiences to bring their products to life. Driven largely by the influential millennial audience, the UK’s blue riband events are taking note and creating packages and concepts for this burgeoning and increasingly sophisticated market. A bold backdrop for the Instagram money shot, informal seating and bars for mingling, fusion flavours from well sourced provenance curated by household name chefs, and lively side entertainment are the new order for today’s standout occasions.
Once considered the territory solely for VIP’s, the term ‘corporate hospitality’ has been replaced with phrases such as ‘best seats in the house’ and ‘business entertaining’ as the art of experiences influences the occasion.
As this landscape shifts and evolves, it’s important to stay ahead of the curve and understand how these consumer changes will affect hospitality and what this new customer base is looking for. As such, we are conducting research into the state of the experience economy keithprowseexperiences.co.uk aimed at understanding the effect that social media has on guests as well as looking at the deciding factors for hosts.
The findings will form an industry insight paper that we hope marketers, event and sponsorship departments, alongside senior leaders will find invaluable when planning and achieving ROI on their face to face marketing budgets.
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