Experiential Marketing to Attract Millennials
May 19, 2017
Millennials have gotten a bad rap. They’re recognized for being lazy, narcissistic, and entitled selfie-lovers by older generations, even though this isn’t always the case. However you feel about the generation, millennials will continue to be key influencers for your business. Targeting them with experiential marketing is a smart move. Here’s why.
Millennials are one of the largest generations in history and they’re about to move into their prime spending years. They’re poised to reshape the economy, forcing companies to examine how they do business. Millennials make up 21% of consumer discretionary purchases, which is estimated to be over one trillion dollars in direct buying power. This equates to huge influence on older generations. 53% already have children, 46% are highly connected on social media, and 56% report they’re the first to try new technology. It’s a huge market to tap into, and one of the pioneering ways to do so is through experiential marketing.
Experiential marketing is a type of strategy that directly engages consumers and encourages them to participate in the evolution of a brand. As millennials live increasingly active lifestyles, it will become imperative for businesses to become more active in tandem. In an increasingly digital world, experiential marketing helps develop authentic connections with people who have never tried a product or service before. Because primary focus is placed on the needs of the consumer and not the company, engagement becomes much more attractive to your market than traditional efforts
If there’s one thing everyone loves, it’s instant gratification. Experiential marketing speaks to that desire and allows you and your prospects see instantaneous results in real-time. The impression a consumer has on your product is immediate feedback that can be measured to benefit all parties involved.
As a generation of digital natives, millennials have affinity for social media and technology. They practically live on the internet where snaps, tweets, posts, shares, and likes have become a way of life. Experiential marketing helps you to leverage digital media by bringing the most enticing experiences to life. Create an engaging and emerging environment, and people will share their experiences.