Is experience marketing a necessity for brand survival?
Recent industry reports have noted how 78% of millennials would rather spend money on a memorable experience or event rather than buy desirable things. This desire for “purchased experiences” over purchased goods or services has led to more and more brands exploring ‘out of the ordinary’ tactics to gain consumer attention.
These ‘out of the ordinary’ tactics are formally referred to as experience marketing tactics, which according to Hubspot, can be defined as strategies that invite consumers to interact with a brand in a real-world setting, using participatory branding material, to illustrate both brand values and offerings.
In this blog, we explore if in today’s whisky industry, experience marketing is a necessity for brand survival.
Importance of sharable content in experience marketing
The changes in consumer lifestyle is changing consumption patterns. According to Euromonitor, cocktail culture has experienced major changes, as nowadays consumers are increasingly interested in being seen to ‘drink the trendiest’ cocktails out of home, often portraying this on their personal social media pages. While this might sound vain, “Instagrammable" products should not be treated as a joke.
Specifically in the drinks industry, recent reports have highlighted the demand for ”Instagrammable” experiences, such as photogenic cocktails or an intriguing setting. Brands have already jumped on this trend for example Aperol’s recent success has been described to result from being “Instagram-friendly”. In the whisky industry, Pernod Ricard’s "The Blend" -campaign, where consumers where invited to make their own Chivas blend and share their experience on social media by using the hashtag #MyChivasBlend was highly sucessful.