Brands need to sell experiences instead of products to resonate with the young consumers

New Ideas in MarketingEssential news for marketers, summarised by YouGov
January 29, 2020, 7:15 PM UTC

Sharing consumer experiences and creating user-generated marketing can help brands attract new customers.

This piece suggests businesses should sell experiences and not products. For instance, consumers know the taste of Coca-Cola and they don’t need a giant billboard to remind its taste. But consumers want to be involved in something new and expect to be provided with rewards, incentives and experiences.

Creating personalized and connected experiences can help marketers give their customers a sense of exclusivity. Offering engaging experiences and rewarding customers for using it, can help brands gain “engagement, awareness and increased sales”.

Brands can further optimize their rich engagement data to understand their users’ behaviour. The author suggests brands should leverage the network of existing customers to promote their business and improve repeat sales.

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[4 minute read]