Why Experiences Are Important For Your Restaurant
In this day and age, locals and visitors are searching for experiences. Experience seekers are revolutionizing the way restaurant and bar marketing in Miami is conducted. Gone are the days where customers were solely searching for a superior product or service. Today, buyers are increasingly mindful of creating memorable experiences that they eagerly share with their friends. Customers no longer make a purchase and walk away. They expect additional benefits with their purchase, whether it be exclusivity, exceptional service, breathtaking views, or out of this world decor. Restaurants and bars in Miami need to take advantage of these new consumer demands to improve brand awareness, develop a sense of community, and improve their sales.
Experiences Are Where The Money Is
Now that we have explained the overarching theory of the importance of creating experiences for customers, it is time to delve into statistics. A study conducted by Harris reveals that “more than 3 in 4 millennials (78%) would choose to spend money on a desirable experience or event over buying something desirable”(Eventbrite). According to the Boston Consulting Group, this demographic commands an estimated 1.3 trillion dollars in consumer spending because of their recent inclusion in the workforce. The desire for experiences coupled with a considerable purchasing power make marketing your restaurant as an experience extremely lucrative.
The inclination to spend on experiences explains the booming tourism industry in the United States. In 2018, domestic and international travelers contributed 1.1 trillion dollars to the United States GDP. How does this statistic apply to restaurant or bar marketing? According to Skift, “revenue from TripAdvisor’s restaurants and experiences units grew by 29 percent, to $80 million. This statistic indicates how lucrative creating a unique experience can be for your restaurant. “
Many businesses are taking notice of the profitability of marketing consumer experiences. Airbnb recently purchased Tiqets, a platform designed for booking museum tickets. The purchase points to the importance that experiences are gaining in the service industry. Techcrunch explains: “Longer term, it will be interesting to see how and if Airbnb works more closely with Tiqets. Both are targeting what is a massive opportunity. Travel and tourism are some $8.8 trillion and will account for 10.4% of global GDP in 2019, according to one estimate.”
Improves Brand Awareness
As mentioned before, people are eager to tell their friends about the memorable experience they enjoyed in your restaurant. The most powerful tool for restaurant or bar marketing is word of mouth. All it takes is one person to rave about the experience that your restaurant offers on their Instagram profile to gain a slew of curious first-time customers. Word of mouth is even more powerful nowadays due to the hyperconnectivity that we experience every day. An excellent way to reach potential customers and increase brand awareness is by partnering with a local experience website. Thanks to modern technology, restaurants and bars have experience platforms like MMM at their disposal. MMM helps restaurants and bars showcase their curated experiences to experience seekers. As illustrated below, a local restaurant can take advantage of a local experience website by listing their phone number, website, and experiences to their customers.
Develops A Community
Creating experiences develops a sense of community by creating a community of like-minded consumers who will readily share and promote your restaurant. A community is especially valuable for restaurants because it builds a loyal base of recurring customers. This community is exhibited according to Landera, that states, “65% of a company’s business comes from existing customers.” When your restaurant or bar resonates with experience seekers, a loyal community of paying customers will be formed
People like to affiliate themselves with brands that align with their values and aspirations. For example, MMM has a community of experience seekers on Instagram and Facebook that believe in assisting non-profits by donating a small percentage of their purchases to these organizations.
Restaurant Experiences Recap
In conclusion, creating experiences is beneficial for your restaurant or bar on 3 fronts. Customers are increasingly searching for experiences over products. Firstly, your restaurant or bar in Miami will experience an increase in brand awareness through word of mouth. Modern hyperconnectivity makes word of mouth especially important because of the abundance of social media in Miami. Secondly, experiential businesses are more likely to develop customer communities. A customer community and heightened brand awareness improve a restaurant like yours by increasing revenue gained from customer loyalty and recurring purchases. It is crucial to understand that the best marketing can be done with partners. It is important to leverage your partner’s audience to promote your brand message and offerings.