Consumer behavior is changing. It’s going to be an uphill battle for brands, and services, to regain trust from consumers again. With tighter pockets, and an anxious future, a guarantee of sorts needs to be in place to truly deliver a cure for the experiential itch.
Understanding Uncertainty
Consumers want to get back to normal, but the statistics show that only 31% of United States consumers believe the country can pick up where it left off. Travel, sporting events, concerts, amusement parks, and much more hang in the balance. With large crowds of people gathering in these scenarios, it’s understood why guests may be reluctant to participate. But for some, the trust factor lies behind the scenes. Ticketmaster is currently suffering user backlash, as their inability to issue refunds for cancelled events has taken a toll on the business, and their reputation. This has now sparked a class-action lawsuit, and certainly raises the question as to whether we even need third party services like Ticketmaster.
Low Risk, High Reward
The desire to participate in experiences is very much alive, as people across the world are weary of the current circumstances. Whether or not winter sports come back is still up for question, but surely guests won’t be allowed in attendance… well, at least physically. Brands can utilize digital technology to involve fans creatively. The NBA is currently offering a VR experience allowing users to sit, and watch the games live from courtside. Roughly the same price as a seat at the top of the arena, a guest can feel as if they’re right on the sideline. If the NBA in fact does return, this could be a viable substitution for the lack of the arena experience. In similar fashion, other leagues could follow suit which will begin a new trend in sports experience, while taking the ticket hassle out of the equation.
Initiating Incentive
Travel may never be the same. Forced adaptations could result in changes to travel experience, as well as inspiration. Guest flexibility is already beginning to play a key role in the aftermath of the travel ban. 61% of US travelers were expected to depart in April alone, but have since reconsidered. Combatting total losses, many airlines are implementing policies that are forgiving, and enable future travel. In tandem with flexibility, is the idea of planning a trip based on undertourism. Mobile app, Vacaay, gives users a chance to find their dream destination along the roads less travelled. This photo heavy experience can help users find the vacation they never knew existed.
It’s not if events and travel will come back, but rather when they come back. It’s on the brand or service provider to encourage trust in their offering, follow-through with the brand promise, and give consumers a renewed peace of mind. The near-term future will be dependent on ferocious, but necessary adaptations. The decisions and policies brands make in the coming months could shape their business for the years ahead.
Still curious about the future of experience?
Check our latest report, Bookable Experiences.