Sell Experiences, Not Products
Read this story from MBAResearch on the latest marketing trends
Many companies are struggling to sell material goods to customers—or even to attract their attention. Consumers have too much “stuff” already. The sheer amount of products (and advertisements) are hard to break through. It is difficult to reach customers through traditional media, especially when the product does not offer significant value. Customers can easily and cheaply obtain the material goods they need and want. Unless a company has the lowest price and the quickest delivery, they aren’t likely to be swayed based on the products alone.
So how do brands stand out? By providing a unique experience. Experiential marketing means immersing customers within the product and allowing them to form an emotional connection with the brand. It means selling more than a material item—instead, companies are offering memories.
Over 75 percent of Millennials prefer to spend money on experiences rather than material things. But it’s not just Millennials. In the past 10-15 years, consumer spending on cars and household goods has decreased, while spending on travel, recreation, and eating out has increased. Companies such as Airbnb have bloomed because of the desire to travel and experience the world.
Please select this link to read the complete blog post from MBAResearch.