Millennials and younger generations have been spending their dollars in vastly different ways from the ones that have came before. Studies consistently demonstrate millennials prefer buying experiences to purchasing material possessions. They don’t need more stuff. In fact, they want less stuff. They crave more experiences. Why is this generation different from the one’s that came before? They’ve been born and raised in the age of technology and aren’t influenced by push marketing techniques.
XBox Barbershop at 2018 NBA All-Star Weekend
Millennials are careful about who they receive recommendations from
This generation expects for only the information they choose to be received. They have been able to filter out ads and commercials in their web browsers and social platforms. Millennials heavily rely on peer reviews and word of mouth marketing when it comes to gathering insight on a purchasing decision. This likely comes from the notion that millennials have some insight on who they can trust and respect. Traditional advertisers have no pull with millennials when it comes to gaining their trust and respect, so instead they look to their friends with whom they are familiar. Experiences help foster discovery, and thus, consumers have a lot more faith in brands when they have an encounter.
Millennials are all about spending their money on experiences
Modern consumers attend festivals, concerts, trade shows, exhibits and sports events, and nightlife. They’re eager to live there lives through grand experiences. Studies show that over 70% of millennials prefer experiences of material items.
When your brand takes a product or service and shows it off at an event, you are sharing the product experience with millennials in the best possible context. When you integrate into the millennial environment you will put your brand on the millennial radar.
Millennials are interested in things that are honest, by being transparent. They don’t want to be misled or told about things. They prefer to discover. Authenticity in millennial marketing is a core component of a successful brand. Consumers have reported that authenticity was more important to them than things like uniqueness, utility and popularity.
Experiential Marketing can be an excellent way to create brand awareness, authenticity and discovery. Stop with the ads, bring your consumer the opportunity to engage with your product or service using Experiential Marketing.
If you have questions about Experiential Marketing contact BeCore today! We’d love to partner with you!