Consumers go to great lengths to meet status-setting brand demands
Implications - Given the cultural shift that values experience over ownership, brands have begun to market products and services around exclusivity by asking consumers to "prove themselves" in some way. Often resulting in a memorable experience, this desire for brand-approved status showcases the consumer desire to cultivate communities around their interests, which is especially relevant to Millennials and even Gen Z. In addition to highlighting the ever-present pursuit of status regardless of what form it's in, this progression demonstrates that consumers are seeking a collaborative relationship with brands that allow them to contribute their own skills and expertise.
Workshop Question - How could posing a challenge to your consumer increase engagement?
1. Exclusivity Marketing - Brands are promoting products and services around exclusivity by asking consumers to 'prove themselves' in some way.
2. Gamified Marketing - Brands are using gamification to gain consumer interest while promoting their products in a fun and experiential way.
3. Interactive Events - As consumers become more savvy when it comes to purchase decisions, many brands are investing in interactive events that provide meaningful scenarios for product education.
1. Marketing and Advertising - The way consumers relate to brands is changing, and marketing and advertising companies must build complex communication strategies to keep up with evolving trends.
2. Fashion and Apparel - Fashion and apparel industries are utilizing innovative marketing approaches to engage new customers.
3. Travel & Tourism - Travel and tourism industries are at the forefront of the experiential marketing trend, offering customers interactive experiences and compelling incentives.