The Experience Industry Overview
The Experience Industry might be seen as relatively niche but it’s certainly becoming more mainstream in the last few years. Companies like Amazon are taking traffic away from the High Street and even AirBnB are causing disruption to the hospitality industry with people wanting a more personalized experience. With the closure of many physical locations like banks and retail shops on the high street, Gen Z through to Baby Boomers are looking for brands which give an experience, now more than ever.
This year more people are looking for experiences as gifts than ‘things’. Don’t let your brand miss out on the party. Find out why it’s critical for your brand to reach decision makers in the Experiences Market.
The well known names have been doing this for years..
Disney World® – An interactive playground to promote the product of movies & entertainment. This is “The most magical place on earth” where customers are called “guests” and employees are called “cast members.”
Starbucks Coffee – A total coffee experience that stimulates your senses of sight, sound, smell, touch and taste. They even have their own unique vocabulary for ordering a drink.
All industries evolve through the same stages of development. These phases are:
1. Commodity – Only one provider in the space, you want it – we have it
2. Product – The features of the widget are the primary focus of the offering
3. Service – The ability to be available and provide the expected product support
4. Experience – The interactions beyond the expected, which create emotional ties to your brand through intentional events. Creating memories to treasure, share and grow your business
5. Transformation – Truly changing your clients thoughts, feelings AND daily activities as a result of your brand interactions. Becoming Brand Ambassadors, your unpaid sales force.
At each phase in this evolution, the events surrounding your brand offerings are further customized to enhance the experience of specific individuals. What would make their experience with the brand better? This is why the companies listed above are the undisputed brand leaders.
Typically, you'll find businesses are stuck somewhere between the product and service stages of development. At best, they have an amazing product and are really working on their level of service. Rarely do we find businesses that provide a truly unique, interactive, emotionally binding experience to their clients.
Another important point, is that all businesses are already providing an experience to their clients. Good or Bad. Helpful and friendly or difficult and frustrating. Every time you talk with your clients on the phone, every time you deliver your services to them and every time you interact with them, there is an experience that takes place. The question is, is it the best experience they could possibly have? But the Experience Industry isn't just about providing good service. Its more about, how can you create an extremely great experience - an extraordinary experience - at the top of the scale is creating not just an experience but a treasured memory people will rave about - online and off - to get the visibility your business needs to survive and thrive in the New Economy.!
Top three reasons why every brand should dedicate marketing dollars towards the Experiences Industry:
1. Experiences impact brands across many verticals.
From retail and gifts to food/beverage, almost no brand is immune from the impact that experiences have on the bottom line. Want your brand served up at the family Christmas party? Catch event planners at the right time.
2. Consumers spend more for experiences.
This is where you can add real value. Doing something above and beyond the norm - the unexpected. When consumers purchase experiences, they typically spend more as they get more for their money. Increased experience = increased income. Consumers will spend with you because you're worth it and they see the value in what you are doing for them. Creating these memorable occasions.
3. Reach the decision-maker.
For most companies, the decision maker is the person responsible for planning or organizing . With dedicated targeting, your brand can reach this important consumer at the precisely the right time as they make buying decisions.
Tina Jesson speaks, consults and trains organizations around the world on how to create extraordinary experiences for your clients to ensure brand loyalty and how to develop teams through team work and team building events to ensure your team can deliver outstanding results every time. With tried and trusted 'done for you packages' also available in the Indianapolis area and in the UK through retreats and tours.
Contact Tina to discuss your next event experience.