Audience Maange' More: Experience is everything, Everything is Experiential

image courtsey - Unsplash/Yvette de witt

Alvin Toffler had predicted the rise of “Experiential Industry” in his best-seller “Future Shock” written 5 decades ago. Belong to an era, armed with access to an unfathomable amount of information right in one’s pocket. There is a lot changing in the world, so are the people in it. In this century, we can say we are part of “The Experiential Ecosystem.”

Consumer behavior is showcasing a trend, The digital age consumers are not only tech-savvy but have significantly specific individualistic needs. Brands catering to such audiences have to be extremely sensitive to these needs and accordingly offer customizable solutions that match the specifics. “Experience marketing” as the catalyst, integrates brand to consumer interactions, influencing higher brand recall with a ripple effect on sales.

The brand must enumerate a personality, as well as demonstrate to live it. Experience Marketing drives a brand to come alive within the framework of the consumer’s world. It engages customers into a visceral brand experience at a time and place as per their own convenience & choice.

New age consumers are not only sophisticated but well-informed too, with unlimited information available to them, consumers are not only experiencing brands/products every day but living them. Emerging technologies/social media have accelerated this new paradigm. The Digital World has transitioned from a generic “one size fits all” to a more specific “Custom Made” from “Brand Promise” to “Brand Experience.” An Experience which immerses the consumer through differentiated, clutter-free & interactive engagement. Marketers are being forced to redesign & reorient their strategies, curate strategies that propel occupying mind-space, space which already has a plethora of choices?

Experiences” are being cited as a credible threat to brick and mortar retail. The Audiences prefer to spend less on products/services, but more on activities which have a lot of personal involvement, which make us feel something different providing emotionally charged memories, Happier Memories which could be relayed to others. Online Retail Giants are focusing on amply providing its likely consumers a virtual experience like that precisely matches with practical experience of typically visiting of the showroom/outlet through high definition technological breakthroughs, at their own comfort & personal convenience.

“Experience” is everything, which propels iterations. Experiences are reliant on a few industries like travel, tourism, luxury, sports & live festivals. These Activities amongst other ones drive emotional connect from its audience, curates and nurtures top of mind recall. A happy & connected consumer shall effectively promote these Experiences and influence others on social brands as honorary ambassadors. The intangible experiences undoubtedly have long-lasting effects & do efficiently manage to tantalize the right emotional chords, which are invariably any marketers delight.

Millennials are driving experiences, recent studies sufficiently indicate that millennials are far more enamored with FOMO (i.e. Fear of Missing Out). Living in an era where each day life experience are broadcasted on social media, the fear of missing out pushes millennials to engage, drive & experience it. By experiencing & sharing, they feel naturally connected to other people/community & feel a sense of belonging/their valuable contribution to the world

Millennials have grown up in a society where the largest retail store in the world doesn’t even own, any of its inventory. A transportation service doesn’t own its vehicles & the most popular hotel chain doesn’t own any of its hotels. The fast-changing, connected culture, travel being affordable thrusting mobility across the planet & also to be able to work from anywhere in the world is an added boost to the theory. Millennials are now focusing on experiencing the intangibles than being bogged down by materialistic possessions.

Millennials aren’t the only ones demanding experiences, the demand is being triggered by, across all generations. However, Millennials have been instrumental in influencing the growth of the experience economy. Experiential Economy has witnessed disruption with the parallel rise of social media on the go. Everyone is armed with a camera, capturing experiences & sharing picturesque images/videos on social media to draw attention, that gives a visual delight to its community. The phenomenon perpetuates as humans consume experiences/memories through others and are pushed psychologically, to keep up with their peers. This pushes Word of Mouth Marketing, through which the new age marketers extract maximum tangible value by visual stories that enable inspiring & influencing audiences.

The Wrap:

Marketers are curating out of the box experiences. The audience is demanding unique & different experiences. The tectonic shift is visible and thriving well. We have transitioned from times, instead of playing board games at home, people now go to escape rooms. The typical bar experience has been replaced by organized pub crawls and distillery tours. Even running has turned into a lifestyle experience with the growth of novelty races, including 5 Ks & rock bands. Live Concerts to Sports Driven Hospitality Experiences, Travel Experiences to offbeat locations are now not a myth, but a reality.

It’s about curating the right seamless experience. No wonder, this transition can be termed as “The Experience Ecosystem” is here to stay and have a bigger, brighter & better future.