First it was Spice Girls and now the Backstreet Boys have announced a reunion tour. These concerts are expected to gross a very large amount of money, but why are they? First and foremost, the hype was perfect leading up to the confirmation of these tours. Rumors began swirling on the internet long before the tour was announced. This is a great marketing tool to see what the response from your audience will be and it builds excitement.
Other than these two musical groups being so wildly popular, it’s all about nostalgia. The marketing world is not new to nostalgia marketing but even before it got the name nostalgia marketing, brands have been aligning marketing strategies with emotions for a long time. From fast food and breakfast cereals to gaming systems and everything in between, brands are engaging through retro roots. Memories are a powerful tool: a song, smell, or a picture is all it takes for you to be instantly transported back to a special time and place.
Because of this, the event world has been taking notes as well. Corporate events are starting be decade themed or centered around nostalgia. A study from the Journal of of consumer research discovered that when people were asked to think about the past they were willing to pay more for products as well as donating money to others.
If you can elicit a sense of nostalgia in someone they are more inclined to spend more money, including a concert ticket. There is no wonder that the Spice Girls and BSB concert will make all the concert venues lots of profit! Next time when you are brainstorming for new event ideas, try to think about iconic periods of time or a trend from your youth. Here at Event Design Build, we know all about the psychology behind marketing and we utilize that knowledge to build memorable and amazing events. If you are looking for a team that can do it all, Event Design Build is ready to create an event for you that you will remember for year to come. In fact, you might even think back to it 10 years from now and revel in the nostalgia!