New research confirms power of experiential events

Research carried out by experiential marketing agency Tribe indicates 70% of consumers purchase a product after visiting an experiential event.

Experiential marketing agency Tribe carried out the research.
Experiential marketing agency Tribe carried out the research.

The report, titled The Experience Economy, reveals consumers are adopting a ‘try-before-you-buy’ mentality towards purchasing. Over half of the participants in the study said they would be more likely to try a product they can test for free first.

The research also shows that product events with an experiential dimension are key to promoting a brand through word-of-mouth. Tribe said 74% of interviewees have gone on to tell five people about a product after attending an experiential event.

It also appears to demonstrate the rise in social media marketing is no match for live consumer experiences. Statistics show that 31% of consumers are ‘very likely’ to recommend a product they have had the opportunity to try, compared to the 4% who have seen a product on a social media channel.

Chris Russell, director of Tribe, said: "Trial has never been more important in driving purchases, and in this new experience economy, giving consumers a tangible experience and getting the product into their hands has never been more important.

"In the digital age it is all too easy for marketers to overlook the importance of building real world relationships with consumers. Getting products in consumers’ hands not only helps to nurture long-term brand relationships but drives recommendation across multiple media channels."

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