Have you heard about our new video series: The Millennial Minute? Twice a month, we will be answering your questions about marketing and selling to the millennial generation.
The experience economy is certainly a hot topic and here’s a couple things to consider.
First of all, one in four millennial consumers would rather pay for an experience than a product. That’s a very post-Industrial Revolution idea that occurs when consumers have the ability to share experiential currency. They do this all day long on social media. They share posts of restaurants they’ve been to, products they’ve bought, trips they’ve taken; all in an experience economy where what I want to do is share what I am enjoying.
The reality is, I’m sharing status updates not just status symbols. We have seven million millennials in this country who already earn over $100,000 a year, who can afford a small premium for experiences that surprise and delight them. It’s these surprise and delight experiences that are shareworthy. At their time and expense, consumers are now sharing information about your products and services.
So as you think about this opportunity, think about a consumer who wants a little extra, a little surprise and delight.