The “experience economy” is one of those buzzwords everyone is using. So, if you haven’t heard of it yet, you soon will. Particularly as it’s being dubbed one of the most significant global trends in marketing. But what exactly is it? And what does it mean for marketing and event teams?

What is the experience economy?

Put simply, the experience economy is where goods or services are sold by emphasising the effect they have on people’s lives. So, rather than focusing on “stuff”, businesses are creating “experiences” to appeal to their customers.

Of course, for event aficionados like Apex, we’ve long understood the power of experience. So, it comes as no surprise to us that this approach is leading to wider business success.

How can event organisers succeed in the experience economy?

In our modern, multi-sensory world, expectations are high. And, when it comes to creating events, merely hosting a conference, roadshow, expo etc., isn’t enough. You also have to reach out to attendees in new and absorbing ways. And put the individual at the heart of everything you do.

With businesses everywhere looking to up their game, what can you do to create the type of events people want and will remember?

Well, increasingly, our clients are turning to Apex to appeal to a discerning and demanding audience. And, if you’d like our help we can provide you with creative ideas based on sound commercial strategy. But, in the meantime, here are some of our top tips:

1. Create shareable experiences

In our connected digital world, simply going out for a meal or a few drinks can be turned into an ‘event’. With people using social media to capture key moments and share these with thousands of followers. So, even someone sitting at home in front of the telly can now feel part of an event, regardless of where and when it is happening.

Demonstrating how it can be done, the Spark Arena in New Zealand recently provided free Wi-Fi to fans at a Green Day concert. These fans took advantage of the service to share their experiences live. And, while not every corporate event can reach the same audience as a rock concert, the theory behind reaching out and sharing activities with a wider audience remains the same.

“Here at the Arena, we’re all about creating amazing live experiences and lasting memories for fans. We could see over the weekend that fans embraced the new technology for things like event information and of course capturing and sharing the buzz of the live gig through social media.” General Manager at Spark Arena

 

2. Deliver immersive experiences

You must find ways to construct compelling, multi-sensory experiences that evoke genuine emotions from your attendees. And, one method brands are using to do this is through the power of VR and AR.

Of course, letting your attendees delve into another world is a fun and awe-inspiring way to capture their attention. And, with the cost of such tech becoming more and more affordable, event and marketing teams may soon be creating virtual experiences that are as powerful as real ones.

For example, at a recent food and drink festival in Singapore, visitors were provided with a VR headset, earphones, and a dram of whisky before being transported to Scotland for a multi-sensory tour of the Glen Ord distillery.