The Digital Experience Economy
Two of the biggest trends I’m paying attention to are augmented reality (AR) marketing campaigns and personalized live streaming. This morning I thought of an all encompassing term for both trends. The digital experience economy. It’s curated experiences for users using technology. It takes the memories of an experience and associates it with a product.
The retail world was heading in this direction. Smart retail spaces were focused on Instagram worthiness to draw in users prior to covid19. The past year, AR filters which allow people to be part of the brand experience (instead of passively watching) have exploded in popularity. AR filters now make up a large proportion of Instagram Stories. So much so that the permanent posts on Instagram have begun to take a back seat. Big brands should have monthly custom filters at minimum, it’s a fraction of the cost of 100,000 or one million a month in ad spend. Yet, I still see large corporate Instagram profiles with no custom filters. This is an opportunity to make your company an experience people remember with little competition using AR.
The corollary to the digital live shopping experiences have existed for a long time. Think about whiskey tastings and how the tasting becomes an experience that leads to both immediately near time purchases as well as the growth of LTV stemming from the social tasting experience blending with the memories of the Scotch itself. Think about factory tours after which a large proportion of the tour attendees buy the product. Now you have Amazon Explore in which digital tours incorporate live shopping. The digital tour is a memory creating experience that elevates the product.
For a long time, we’ve heard that millennials specifically value experiences. Airbnb introduced experiences and the act was largely ignored. But I think Airbnb was onto something big before everyone else. The marketing world has been slow to catch up. Yes, there has been experiential marketing. But largely these experiences couldn’t actually be experienced by the vast majority of the population. Every restaurant Anthony Bourdain ate at prior to his passing has become a must visit dining establishment. Why? Eating at those places has now became an experience - the same experience as Bourdain eating with you.
What are the immediate tactics?
Have AR filters that make people part of the story instead of passive observers of a video or static image ad
Seek out people with big personalities and charisma that oozes off the screen. I’m not looking for actors or the best looking people. I’m looking for people in love with something that is associated with my product or service. Then I’m having them share it with the world. Try to find the Anthony Bourdain of your industry and have them live stream it.