Peninsula businesses learn about the power of experiential retailing
Seventy-five business men and women from the Peninsula received tips on how to connect with their consumers at a breakfast hosted by the Monash University Peninsula Business Associates Program on 29 August.
Guest speaker, Marketing lecturer Mr Michael Morrison from Monash's Australian Centre for Retail Studies, demonstrated the power of place, space and experience for businesses.
Mr Morrison said retailers are now recognising the value of creating a special place for consumers by appealing to the five senses – sight, touch, taste, smell and sound.
“Research has shown that colour, movement, action, aroma, taste and light appeal to consumers' emotions and influence buyer behaviour.
“It is all about creating a place in which consumers feel comfortable in, will stay for a longer period of time and bring friends and family back to.”
Mr Morrison said that retailers across the globe are making consumers feel special by selling products that appeal to the segment of one.
“Consumers are not just buying a goods and services, they are buying an experience.
“As a result we are seeing more and more unique products– dolls, cars, Lego, coffee, juice and shampoo. One of the greatest successes has been Apple's ipod on which consumers are able to build their own personalised music library.
“It is all about my place, my space and my experience.”
The next Business Associates Breakfast will be held on Tuesday 10 October at the Seahorse Tavern and will be 'The Victorian State Election - 25 November 2006' presented by Professor Brian Costar.
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