There is a key difference in the way millenials spend money than generations before them. A survey by Eventbrite revealed that 78 per cent of people aged 18 to 34 would rather spend money on life experiences than material possessions.
A distinct preference for memorable experiences means experiential marketing is the perfect way to approach this demographic, with a little help from social media and the fear of missing out.
As many as 70 per cent of millenials say they experience FOMO regularly.
FOMO in marketing
The fear of missing out (FOMO) is a driving force behind many people's appetite for new activities and experiences. It may be a light-hearted term, but there is a real desire behind it to be included in the conversation. The more millenials see others in their demographic taking part in events, the more they want to be part of it too.
How do people know they are being left out? They see photos or video on social media that are funny, interesting or envy-inducing, and automatically want to be a part of what it is they are seeing.
As many as 70 per cent of millenials say they experience FOMO regularly, reflecting the social nature of this generation and the desire to be connected to what's going on.
The fear of missing out encourages people to show up and share at events.
Millenials and social media
Millenials are a generation of sharers. They want everyone to know how much fun they are having, all the time. In 2014 60 per cent of the people posting on social media about events or their experiences were millennials, Eventbrite says.
The desire to be part of the action is one of the reasons 98 per cent of people capture content at live events, and of that number 100 per cent share that content to social media, according to a report by EventTrack.
Experiential marketing works perfectly at this junction of people sharing and others not wanting to miss out. If your brand event or experience is shareable and exciting, you'll get more shares on social media and more people will want to try your product to know what the fuss is about.
Tapping into the millennial market through experiences
Creating experiences is a way to connect with millenials and make marketing engaging for them. This age group values the emotional benefits of experiences over the practical benefits of products.
Marketers can leverage FOMO to make people want to know more about a brand or product by creating FOMO-worthy experiences. Putting together an event that is unique and out of the ordinary can spark interest and draw people in. Awesome brand experiences will have people lusting to be a part of it and once they are, they will share their experience to social media and spread the word, keeping the circles of FOMO growing and making more people want to be in on it.
Meaningful experiences aren't just shareable though, they'll make people remember your product and associate positive feelings with it. This is part of the reason why 98 per cent of customers feel more inclined to purchase a product after attending an event, EventTrack reports. Making people feel like they have had a collaborative experience with your brand is an effective way of gaining trust and building brand loyalty.
Orange Productions is the team you need to help you get people talking. We create experiences everyone will want to be a part of. Reach out to us to find out more.