Even with the rise of augmented reality and automated machines, people still desire experiences and events with other people, according to a recent Advertising Week Europe article. In fact, 72 percent of millennials prefer to spend their money on experiences rather than material objects. Brands are taking advantage of this preference and are using live, interactive events to target consumers.
A survey from AEG Live and Momentum Worldwide found that consumers aged 18 to 34 are much more likely to have positive impression of a brand when it sponsors a concert that they attend. In addition, 89 percent of concert-goers ‘like’ the brand on social media after the show, proving just how much exposure brands can receive by using experiential marketing.
One successful example was when HP partnered with a technology company to create ‘The Lab’, an interactive digital experience for attendees, at the Panorama Music Festival in New York City. Inside the tents, HP listed all of their products that were used to create the experience. Over 60,000 fans shared the event on their social media platforms, providing HP with huge media exposure.
Brands have to find a way to balance an intimate live experience and an advertising campaign that targets millions of people. One strategy to overcome this, is for brands to build excitement before the event, allowing the excitement to reach its peak at the event and communicating with attendees after the event to keep the enthusiasm alive.
Todd Goldstein, Chief Revenue Officer for AEG, says that while experiential marketing is generally successful, companies still have to be on the lookout for new trends. “Brands are smarter now,” Goldstein said. “They are looking for unique ways to capitalise on live experiences that allow them to touch the people they want to influence most.”
Goldstein also pointed out that the company and the event do not have to be closely related, and that in fact, sometimes its best if they are completely different. “In the ideal partnership, you are opening people’s eyes to something new.”