All marketing today is experiential.
Consumers expect a lot more from brands than ever before. They don’t simply want delivery of products or services. They want brands to engage with them in meaningful ways. They want experiences that deliver meaning and community. They expect their brands to bring them joy.
That’s a big change and one that’s had a bigger impact on the experiential advertising space than any other I’ve seen over my career. Consumers used to be satisfied if brands plastered their logo at a concert or sporting event and didn’t get in the way of them having a good time. Now they want brands to deliver that good time.
Our new Momentum Worldwide proprietary research, We Know Experiences 2.0, shows this. We first conducted this expansive study back in 2012, and our 2019 update clearly demonstrates the startling evolution of the brand-customer relationship and the push toward human-centric experiences. Brands are now obligated to go above and beyond for their consumers – in fact, 86 percent of consumers believe it is important for brands to make them feel better.
This year’s study reveals that consumers are bound to brands more by inspiration and meaning than by utility.
In both 2019 and 2012, we asked consumers for the top three reasons they have strong feelings toward a brand. The differences in the responses are enlightening. In 2012, 65 percent cited “it provides me with something useful,” while this year just 44 percent said that. In 2012, 52 percent said brands “make my life easier,” and now that figure is just 37 percent.
Meanwhile, seven years ago, only 20 percent of consumers felt affinity for a brand that “values me as a customer” and that figure is now 32 percent. And just 11 percent of 2012 respondents said their strong feelings come from a brand that “inspires me.” Today, that’s at 22 percent.
So, what makes a memorable experience? We Know Experiences 2.0 identifies five key elements:
1. Escapism
As our society becomes more anxious, people yearn for a way to escape their routine and have fun. Some 83 percent of consumers believe it’s important for brands to take away stress or anxiety.
2. Exclusivity
People want to feel special and 79 percent indicated they would prefer to be part of an exclusive event for less than 50 people.
3. Connectedness
Sharing an experience with others provides a sense of belonging and helps shape one’s identity. They want moments that can’t be replicated but will always be remembered.
4. Thoughtfulness
You don’t remember your birthday gifts; you remember your birthday parties. 76 percent of consumers would rather spend money on experiences than on material items.
5. Digital sharing
Pics or it didn’t happen. Unquestionably, social media has impacted the way people capture and share their memories. Our research shows that smartphones (61 percent) and social (58 percent) have the greatest influence on how we experience events.
At Momentum, we are singularly focused on being the leader in experiential advertising. We Know Experiences 2.0 proves what I’ve known my whole career: Experiences matter and experiential needs to move to the center of all brand marketing plans. The future is about doing, not saying. Experiential makes brands authentic and real.
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Chris Weil is the chairman and CEO of Momentum Worldwide, holding this position since 2003. Over his nearly 20-year career with Momentum, he has overseen its growth from two offices to 28 around the globe. Momentum is now recognized as the largest and most awarded sports and brand experience agency in the world, managing over $5 billion in sponsorship assets.
