Retailers launching a new range or collection are being encouraged to focus on experiential marketing activations, as new research reveals that nearly three out of four (73%) of people in the UK and US are more likely to purchase a product if they’ve participated in a brand experience.
Experiential agency, Set Creative’s report, “The Value of Experience,” which includes insights from over 1,000 consumers in the U.S. and U.K has shown that 44% of adults have increased their time spent at live events over the last two years.
Meanwhile, 42% of participants said they’ve increased their spending on new experiences over the past two years, with that number climbing to 62% among the all-important affluent millennials category.
As brands explore live events as a way to build trust, understanding their physical and emotional impact on consumers is crucial. The survey findings reveal that 82% of UK and US adults want brands to create experiences that ‘entertain, engage and educate’ them.
To support the survey findings, Set Creative also carried out a series of practical tests and face-to-face interviews among 300 UK consumers (reading, listening, watching and participating in a live demonstration).
Themed around ‘making a new mocktail’ and the launch of a new fictitious orange drinks brand, Sevillian, the test found a significant correlation to the survey findings.
Participants in the live demonstration were significantly more likely to share (55%) or recommend (51%) the Sevillian brand, compared to those involved in the reading (16% and 15%), listening (13% and 8%) and video tests (12% and 9%).
Of those involved in the Sevillian live experience, 41% claimed to be ‘very likely’ to purchase the product. A near three-fold advantage over those involved in the reading (16%), listening (13%) and video tests (12%).
Commenting on the findings of the report, Guy Tremlett, Chief Creative Officer at Set Creative says: “Retailers looking to launch a new collection should seriously consider live events within their media mix. As our findings show, making people feel appreciated and entertained creates a different kind of value and leaves them more likely to purchase your brand.”
Set Creative’s report is available online via their website.