Experiential marketing is not a new buzzword. However, up until now, many brands were using it as a strategy in order to target Millennials, and often with great success. Having said that, there is one rather untapped territory – and that is targeting Generation Z with the same strategy. Below, we discuss all that you need to know about experiential marketing and Generation Z.
- Who is Generation Z?
Generation Z refers to the demographic born after the Millennials. Members of this generation are also often referred to as the iGeneration, Gen Tech and/or the Net Gen.
- Why Experiential Marketing is Key
For the youngsters of today, it is safe to say that it is all about the experience.
“Businesses will find that they will get a lot of value out of experiential marketing when it comes to targeting Generation Z. This is due to the fact that the vast majority of these young people are more likely to spend their money on an experience, rather than on something tangible. They want to create memories and share experiences with their peers – and they place a much greater value on this as opposed to anything material,” comments Greg Martin from Tradeway.
According to recent research, 72% of Generation Z are planning on spending more money on buying experiences in 2018. This is excellent news for those businesses with a plan of action and a few creative ideas in terms of giving experiential marketing a try! Not only will it make it possible for them to introduce their products and services in a memorable way, but it will also offer the opportunity to enhance brand awareness amongst the generation of the future. Better yet, they will also have a chance to instil a sense of brand loyalty. Keep in mind that, when instilled at a young age, brand loyalty can often last a lifetime – definitely a good thing if the goal is to solidify a company’s longevity, as well as a consistently rising profit margin!
“The reason why experiential marketing strikes such a strong chord in the members of Generation Z is that it focuses on personal interaction and has a conversational nature, thus making it all the more tempting to engage with a brand,” continues Greg.
How to Make It Work
In order for experiential marketing techniques to work, a marketer needs to know how to go about attracting the target audience – in this case, Generation Z.
“The secret here is to tailor campaigns so that you can be sure that you are giving something to the customer. Free merchandise is always a wonderful way in which to attract this generation and get them keen to be involved, and then provide them with an experience that they won’t be quick to forget,” says Greg.
At Tradeway, we do our best to ensure that we offer our clients the most up-to-date thinking when it comes to planning and implementing successful experiential marketing campaigns and brand promotions. To learn more about our approach, please do not hesitate to get in touch.