Millennials value experience over stuff: Take advantage of it!

The data doesn’t lie, 65% of millennials are investing in experiences rather than physical possessions, becoming increasingly known as the ‘Experience Economy’. Spending on experiences has increased 70% since 1987 and 66% of millennials feel they get more fulfillment out of a live experience than by purchasing an item of a similar value. We’ve all been met with the dreaded FOMO (Fear Of Missing Out), and it seems that millennials particularly hate missing out, with 7 in 10 experiencing FOMO driven by social media sharing and engaging.

So, how can your venue tap into this experience economy and reap the benefits? Shareable visuals, branding, and good background music are quick and simple actions a venue can take to improve customer experience and thus increase sales.

Make your venue ‘Instagrammable’

1 in 4 Gen Y millennials have been found to share images of their food on social media to share their experiences with their social network, and every share in your venue is the potential for new customers. Why not increase the chances of shares by putting in a little more effort with your food layout and coffee art? Zizzi found that 18-35 year olds spend 5 days a year browsing food images!  

If you want to invest in this opportunity further, a decorative feature wall is a great opportunity to encourage millennials to share photos from your venue, and add to the ambiance. Ryu and Han found that decor has a direct positive effect on customer satisfaction. Taking advantage of this doesn’t have to be expensive, with simple LED lighting spelling out a quote, a picture or even your brand name.

Tell a story with your brand

With more millennials choosing independent, quirky businesses over large and popular chains, your branding is key to attracting them. 87% of consumers value authenticity first and foremost. Telling the story of your brand is a great way to achieve this, and an interesting story will get your customers talking to their friends about your business, and encourage loyalty. You’re giving your business a personality for your customers to relate to.

If you want to take your branding even further, consistent and attractive branding, from the menus to the decor, is key to encouraging sharing and making your business recognisable. Your branding can also be elevated using music, as 47% of restaurants and bars believe the music played says something about who they are as a business. Mr. Foggs in Mayfair is an example of a brand who have achieved this beautifully, with a playlist that is derived from Phileas Fogg’s travels. Their music is a direct reflection of their brand story. So, how can you achieve this?

Play music that matches your brand and millennials’ tastes

Restaurant background music can boost your business, and it can drive the experience your customers have in your venue. You may have nailed the decor and the food, but if your music does not match your venue and is also suited to your customers, the experience can be ruined and your brand will feel incomplete. It’s crucial to avoid playing random, outdated, generic music that could ruin the atmosphere and scare away the millennials. In fact, 72% of customers believe they would be more likely to visit a venue again if they liked the music.

As music is clearly a big contributor to ambience and overall experience, if you get it right, your customers will be more likely to share a video in your venue on social media, too! Specifically tailored playlists are a huge contributing factor to telling the story of your brand.

Crussh juice bar had a specific brand image they wanted their music to reflect but were not achieving with allowing their staff to play their own music. With playlists curated by specialists, Crussh now have a consistent brand image across all stores through their music.  

Music is a great tool to help define your brand, become more ‘shareable’ and target millennials.

Ambie curates bespoke playlists specifically for your venue and customers, so you can be confident you’re playing the best music for your business.

Find out how Ambie helped Barworks create playlists that targeted their millennial customer base and how you can do the same.

Click here to request a free sampler with Ambie

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