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Influencer marketing & the experience economy
The term 'Experience Economy' was first introduced back in the 90's by Joseph Pine & James Gilmore when they anticipated that new generations were likely to be more influenced by the experiences they have rather than materialistic objects - and they were right!
The Experience
economy

A recent blog post by Elfreda Tetteh describes how now a days we are more likely to pay over the odds for a product if the process of purchasing it comes accompanied with some snazzy back ground music,  fancy packaging and an insta-worthy photo opportunity, rather than paying half the price for the same product although with a bog-standard transaction.

….FOMO (fear of missing out) is at an all-time high as we strive to show the world that we’re having the same – if not better – experiences as everyone else.

Although it may sound ridiculous, this idea may shed some light on the closure of so many retail stores in recent years, with over 3,800 stores closing their doors in 2018 alone. Why would you go out of your way to venture to a store to shop for a product if you can order it quickly and easily from the comfort of your own home? Retailers need to start offering some sort of additional value to encourage consumers to shop there. An example of a company that’s ahead of the game is Primark with the launch of their new ‘all-singing all-dancing’ Birmingham megastore –  kitted out with an official Disney café, a barbers, a beauty studio and a restaurant!

Tetteh also advises how social media has played a large part in bringing Pine & Gilmore’s predictions to life, she explains that by watching so many people via social media platforms, and also having them watching us in return, FOMO (fear of missing out) is at an all-time high as we strive to show the world that we’re having the same – if not better – experiences as everyone else.

The concept of experiences becoming more prevalent than products is especially relevant here at Socialight. We specialise in the hospitality and leisure sector where customer experience is key to business success, therefore by combining the content creation expertise of our influencers along with the amazing experiences our brands and venues have to offer, we can really utilise the concept of the experience economy to appeal to consumers modern mindsets.

A common misconception with influencer marketing is that it consists solely of high profile influencers promoting products sent to them from the comfort of their own home, accompanied with a discount code and pre-constructed caption – but that’s just not how we work. We are often asked why we work primarily with venues and experience based brands (rather than products) and the concept of the experience economy is exactly why. We believe that offering real, memorable experiences that consumers will relate to and remember is the direction that marketing is heading in. Whether it’s a family day out with the kids, a cocktail night out with the girls or a cool local lunch spot, we offer something for everyone and are always on the hunt for new and innovative organisations to work with so this variety will only continue to grow!

M

ark Zuckerberg once said ‘people influence people, nothing influences people more than a recommendation from a trusted friend’.

This quote links well to the idea of the experience economy and influencer marketing in general – what’s the first thing you do when you want to try a new product? Head to YouTube to see if anyone’s left a review. What’s the first thing you do when you want to try a new restaurant? Check the location tags on Instagram to see what the food/setting looks like. What’s the first thing you do when you want to order from a new website? Search Google to see their rating – we rely on the opinions of others to influence our decision to buy/try a product or service.

We work with brands that are always presenting new and innovative ways of enhancing their customer experience, so we’re excited to see what the future holds!

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