Why Businesses Should Utilize Nostalgia Marketing
Nostalgia marketing is the act of using positive memories from previous decades’ cultural aspects as a promotional ploy. Pepsi accomplished this by releasing the Pepsi bottle from ‘Back to the Future,’ and Nintendo has tapped into it by releasing old-school console games. A company doesn’t have to be a multinational corporation, though, to get the benefits of nostalgia marketing.
Opens People to Brand Messages
Science consistently proves that nostalgia makes people happy. As it turns out, this happiness makes an individual more likely to part ways with their money. While this may seem like a simple yet probable assumption, science actually backs up the assertion. In fact, one study found that consumers were willing to spend 40 percent more when nostalgia was invoked.
Millennials Especially Open to Message
In 2016, Millennials overtook Baby Boomers as the largest generation in America. This obviously meant that most budding entrepreneurs needed to start focusing more on Millennials in their marketing messages. Fortunately, nostalgia marketing is a perfect way to do this.
It is important to remember that Millennials were young when the internet was first getting big, and they were the last generation to see home phones, encyclopaedias, and movies with terrible graphics.
As they grew up, though, the economy tanked and the housing market became nearly impossible. This makes them pine for the past more than most and causes exceptional vulnerability to nostalgia marketing.
Immediate Brand Loyalty
While nostalgia marketing doesn’t guarantee permanent brand loyalty, it does create an immediate emotional link between the company and consumer. Having nostalgic feelings overwhelm a person sets off certain sectors in the brain, and regardless of the long-term customer relationship, there is at least a moment where the consumer and marketer are connected on a cognitive level. In the end, that’s the most important part of brand loyalty.
Nostalgia marketing may have seemed like a trend at first, but companies are consistently proving it’s a viable marketing strategy. When combined with social media and other promotional outlets, the benefits of nostalgia marketing become immediately obvious.