Research commissioned by Set Creative, the experiential and live events agency, has suggested that there is a “three-fold purchase advantage for live experiences over TV, print and radio”.
According to the new report, 73 per cent of consumers in the UK and US are more likely to purchase a product if they have taken part in a live brand event.
Key findings from The Value of Experience report include:
- Forty-four per cent of UK and US adults have increased their time spent on attending live events or new experiences in the last two years – with the figure rising significantly for the millennial (57 per cent) and affluent millennial (64 per cent).
- Eighty-two per cent of UK and US adults want brands to create experiences that “entertain, engage and educate” them.
- Forty per cent of UK and US consumers have increased their spending on new experiences in the last two years, climbing to 62 per cent among affluent millennials.
While the survey reveals “significant opportunities on offer to brands who fully embrace experiential marketing”, to truly understand the “value of experience”, Set Creative 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. Respondents involved in the live demonstration felt “entertained” (66 per cent), “engaged” (54 per cent) and “satisfied” (37 per cent) by the activity. All these attributes scored significantly higher than for those involved in the video, reading and listening tests.
Of those involved in the Sevillian live experience, 41 per cent claimed to be “very likely” to purchase the product. A near three-fold advantage over those involved in the reading (16 per cent), listening (13 per cent) and video tests (12 per cent).
Commenting on the launch of the report, Guy Tremlett, chief creative officer at Set Creative, says: “We’re constantly, and rightly, challenged to justify why a physical experience is a more effective form of communication than more traditional channels of advertising. Common sense dictates that you’re more likely to remember something you physically experience than something you see, hear or read. But common sense isn’t proof!”
“There’s no real data available directly comparing the effectiveness of these four channels, so we decided to conduct an experiment to try and learn more about the value of experience against more conventional marketing methods. As our findings show, making people feel appreciated and entertained creates a different kind of value and leaves them more likely to share, recommend or purchase your brand. In our opinion, experience is less about counting impressions and more about making impressions that count.”
The full report can be found here.