As the world moves forward in this digital age, physical interaction is becoming minimal and businesses have no option but to think outside of the box to attract and retain a loyal customer base.
It is no longer just about coming up with revolutionary products to solve modern-day problems. It is about creating memories and delivering an experience.
If you have managed to gain internet popularity because your consumers love talking about you on social media, chances are you’re well on your way to success. The fastest way to win would be to make sure your service is a treat to all five senses.
According to research conducted earlier this year, about 73% of American and British consumers would consider purchasing a product if they’ve enjoyed interacting with the brand.
This fundamental change in the way businesses operate now is a direct result of the boom in the experience economy. This was inevitable when social media came into the picture. But, having an online presence is simply not enough for you to stand a chance.
Pokémon Go becoming an instant phenomenon is just one of the many examples of how bridging the online and the physical world will only help your business grow.
Singapore is one of those countries that were quick to adopt experiential marketing by providing goods and services subtly packaged in an immersive experience.
Shimano Cycling World that is located in the Singapore Sports Hub has taken exemplary steps to provide one of the best environments for cycling. Entrance is free, which is a major plus. And they have a plethora of reading material stacked on the walls for educational reasons.
Not only that, you can also check out older models of bicycles that are spread across the space. Engaging, interactive videos are also available for people to learn more about the whole world of cycling.
Cyclists, both amateurs and experts, can come here to find a sense of community and belonging. This ensures consumer loyalty in the long run as anyone who wishes to learn can come here unabashed and unbothered.
Artbox, an outdoor market in Singapore has also been majorly successful in garnering customers by tapping into their need for a personalized experience.
With loads of options to choose from, whether it is homemade accessories or snacks, and entertainment acts to keep you interested, Artbox delivers on its promise of giving you a place to make beautiful memories that you can look back on fondly.
These are just some of the ways Singapore has taken advantage of the changing economy. To become a force in the global economy, businesses need to step up their game and rethink their marketing strategies to suit their consumers’ needs.
