By using experiences your consumers love, you emotionally connect with them, your create positive brand associations, you increase brand loyalty, brand visibility and advocacy that naturally leads to higher brand equity.
Experiences your consumers love, help to increase positive brand associations, brand visibility and brand loyalty, contributing to higher brand equity.
1. CREATE POSITIVE BRAND ASSOCIATIONS THANKS TO THE ‘HALO EFFECT’
Well-known in marketing, the ‘halo effect’ describes people’s tendency to form a positive impression of something because it is associated with something else that they know and like. By bundling your products with an experience designed around your target audience’s emotional needs, you reap the positive associations that experience triggers.
2. INCREASE BRAND LOYALTY BY NURTURING TRUST
We know trust leads to loyalty. If your customers genuinely believe you’re giving them value, rather than trying to get value out of them, they’ll be more likely to trust your motivations and intentions.
3. INCREASE BRAND VISIBILITY BY DIFFERENTIATING YOUR OFFERING
Faced with more marketing noise and an incomprehensible array of product choice, consumers will increasingly rely on emotional judgement to make decisions. “The brands emerging as leaders focus on building genuine relationships among their consumers, moving away from an emphasis on selling and further differentiating themselves from the competition,” says a report by Sprout Social.
Offering emotionally engaging experiences with your products makes your offering stand out in the product marketplace. It’s not just consumers who’ll notice, either. Retailers are drawn to brands who bring something new to the table, rewarding them with greater presence in stores, online and in advertising campaigns.
4. INCREASE BRAND VISIBILITY THROUGH WORD-OF-MOUTH MARKETING
Experiences are a form of social currency shared in person and online as a way to establish identity and form social bonds, in a way that products aren’t. “They give their audience the bragging rights and the kudos in the celebration of those who were there, against the envy of those who weren’t,” explains Michael Brown, managing director of agency MKTG. Bundling your products with experiences makes your brand part of that conversation.
