Experiences are proving to be more advantageous than products. With more spending directed towards experiences rather than physical goods, this key trend looks set to continue into the near future. The experience economy has evolved in line with social media. Ten to fifteen years ago, mobile phones simply made calls, but as the handsets developed and cameras were integrated, this gave the likes of Instagram, Facebook and Twitter a platform.
Digital Lives Are Publicised
Our digital lives are well publicized. Everyone has a camera and access to a multitude of applications which can enhance and restore photos as well as place filters on them. Once you see your friend poolside at a luxury hotel, you will want to book the same so you too can live the experience.
The Need to Experience Is Key
This need to experience along with those who have experienced is very much in vogue at the moment. A photo can be taken, then enhanced, then shared on various social networks, leading to a spread of the brand. This is one of today’s most powerful marketing tools. Brands are now relying on word of mouth to grow as opposed to clickbait, which can be an irritant. Restaurants are a good example because the food has to be plated up so that it is Instagram-able and worthy of that photograph with no filter.
According to the New York Times, Area 15, an experiential retail and entertainment complex offering live events and art installations, is the ‘Disney’ of the experience economy.
Companies must understand and follow developments in human behavior to fully implement a marketing strategy. There is the fear of missing out as well as word of mouth, and this also drives people to want to aspire to and copy experiences. Social pressures, too, drive Millennials to want to enjoy the same experiences as friends and colleagues. An experience such as in-store music can capture customers and companies such as Mood Media supply in store music.
Marketers are growing more creative and are turning away from traditional advertising. This is a digital age, and there is no escape from the videos and photographs which we are consuming daily. Breaking away from normality is key to getting brands noticed. The experience economy is in overdrive and looks set to continue.