For Millennial-Hungry Businesses, Food Festivals Aren't Fluff
Here's how to use festivals as a tool to turn millennials into customers for life.
By Kate Taylor •
Opinions expressed by Entrepreneur contributors are their own.
Millennials are all about the experience. If you're a food or drink company, you should be using that to turn the festival-loving generation into full-time customers.
A new study by event organization and ticketing platform Eventbrite reveals that 80 percent of millennials attended three or more food, wine or beer festivals in that last year. While the data was likely skewed towards the foodie crowd, as the 5,000 millennials polled had all bought tickets to food or drink festivals in 2014, the survey reveals that for this experience-focused market, festivals can impact longer term purchasing behavior.
Sixty percent of millennials say they will purchase a food or wine they enjoyed at an event again in the future. For beer fans, the figure is even higher: 82 percent say they will frequently or always purchase a beer they loved later at a local retailer.
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Festivals can also provide companies advertising and turn customers into brand ambassadors. Almost every millennial surveyed -- 99 percent -- say that they are likely to recommend something they tried at a festival to friends and family. They'll also keep in touch, with the majority saying that they would follow wineries, breweries or restaurants on social media after encountering them at events.
How can your company attract millennial customers to festivals that you are hosting, sponsoring or being featured in? You need to offer attendees the biggest bang for their buck. If you're trying to attract younger millennials, age 18 to 25, try to provide themes beyond the food, such as a film-and-wine festival or a beer-soaked Oktoberfest. Across the board, millennials are more likely to attend an event with live music.
Millennials are addicted to experiences, and willing to invest serious money in feeding their addiction. Fortunately for food and drink brands, they're also likely to become customers for products they encounter at events like food, wine and beer festivals. So, start looking into sponsoring or hosting events now -- the summer festival season is about to begin.
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