We live in a time where instant gratification has become the norm among many of us. Whether it be online or in person, people desire experiences and fulfilment without any delay.
If your business aims to attract what marketers like to call the ‘Gen Z’ and ‘Millennial’ market, then this is a gentle reminder that you need to broaden your marketing horizons and include experiential endeavours into your marketing strategy. Simply put, ‘Gen Z’ refers to people born in 1995 to 2015 whereas ‘Millennials’ are born in 1980-1994. One may think that directing marketing efforts to Gen Z are a complete waste of time but the first wave of Gen Z has by now entered the job market and have money to spend and invest, making them quite powerful.
Millennials and Gen Z are reshaping the consumer market. Gen Z prioritizes experiences and are very tech-savvy. They are also very purposeful with the content they consume, Gen Z watches on average 68 videos a day from platforms they engage most with such as Snapchat, Instagram and YouTube (Kasasa, 2019). Isn’t is worth an eyebrow raise that Facebook barely made the list?
Digital marketing on these popular platforms means only half the battle is won, it’s time to expand marketing efforts and think about what is really making a bigger impact these days. This presents experiential marketing, a form of marketing that allows brands and consumers to connect on a more authentic and emotional level, it engages consumers and provides memorable experiences that lead to effective sales. Gen Z and Millennials love events and experiences that they can capture and share on social media as well as receive instant gratification from. They are the market driving a brands online presence and influencing their connections about whether or not to support a cause.
ROI (return on investment) with experiential marketing can be easily driven and measured. If you are a product-based business – pop-up shops and exclusive product releases are right up your alley. Brands looking to build digital impressions can do so by hosting an event that is socially driven. Another great benefit about experiential marketing is collecting real time feedback about what you are selling, rest assured it is coming from the most honest and transparent audience who aren’t afraid to speak their mind.
Gen Z and Millennials are often misunderstood by brands because they don’t respond to traditional marketing strategies. This brings us back to instant gratification and the competitive edge you hold by offering it. Experiential marketing isn’t just a trend, it’s here to stay.