By Aaron Raybe, UK director of live events, Momentum Worldwide
The experience economy has continued to grow in recent years despite the current economic turmoil, with recent research suggesting that a third of chief marketing officers plan to devote up to 50% of their budget to experiential marketing. This is with good reason as consumers prefer to spend their money on experiences rather than products. But in an overcrowded market, where choices are endless, how can you cut through the noise and make an experience that will be remembered to connect with consumers?
Never underestimate the amount of planning
You must know the reason or goal behind the event or campaign as this will feed into every decision made, including the team chosen. Planning the right people to be involved is crucial. A perfect blend of expertise and personalities is needed to cover all aspects which takes time and research to successfully be put in place.
It’s very easy to try and rush through the stages of planning, whether it be because of time restrictions, manpower or budgets but don’t. There needs to be a meticulous level of detail at this stage. Who can forget the infamous Fyre Festival or more recently Vestiville, a Belgium festival, which had to turn people away before the festival even started? It was very clear the lack of planning that had taken place, leaving these experiences forever tarnished with a bad reputation and sour taste in people’s mouths.
Double check your triple check
Never assume your job is done. Even during the event, elements may need to be altered to improve the experience. Especially with the power of social media, experiences can be shared more easily, widely and for longer. However, utilising social media in the right way is extremely powerful and should always be involved. By encouraging people to engage with the experience, it can result in seeing shares totting up and followers increasing.
It’s imperative for people to remember the seamlessness and quality of their experience, and not any problems that may have arisen. Remember, word of mouth is an essential channel for sharing and growth so it’s important to give people that feel-good factor to take home with them.
It’s a competitive market, but if you believe in the creative, and you implement care and caution you will be able to create experiences that will build brand loyalty and have lasting impressions on consumers.
Promote value and not price
Consumers are willing to spend money on experiences as more and more they feel like experiences should decrease stress or anxiety making it worth the investment. Therefore, it needs to be clear what people are going to gain from the experience. Tickets for live performances of artists are a testament to this such as Beyonce’s shows. People are willing to pay high prices, but they know the level of performance they are going to see and how it will make them feel is worth the cost.
Delivering a quality experience over and over again increases the trust of consumers, and therefore the willingness to pay increased prices. Quality is key and, to ensure this, it’s always worth working with the best suppliers.
Join 15,000 + #eventprofs and get our e-newsletters direct to your inbox