The increasing globalisation and interconnectedness of our societies and our economies means that the trends here in the UK and those in US are not wholly different from each other. Consumers on both sides of the Atlantic are becoming increasingly demanding, culturally literate and media savvy. To engage with such customers and to retain their loyalty, businesses must create meaningful consumer experiences which, in turn, require those businesses to be more authentic, trustworthy and transparent.
This, we believe, is changing the nature and scope of the relationship between the private sector and the arts. The appetite within businesses in the UK to engage with the arts is still strong, as they recognise both the direct and indirect benefits of doing so (cultural attendances increased by 12% in 08/09), although obviously the financial level at which they are able to commit is being challenged by the current economy climate (with a decrease of 6% in business investment to the arts in 08/09).
To maintain this, however, we need to continually explore new ways in which the business and arts sectors can work together.
As part of this, we have been working with the influential US thought leaders Joseph Pine and James Gilmore (authors of the ‘Experience Economy’ and ‘Authenticity’). Together we have examined the power of culture to shape how businesses and brands will engage with their customers in the future. Our report, ‘Beyond experience: Culture, Consumer & Brand’, investigates the driving changes in cultural consumption and how businesses can work with the arts to rebuild relationships with their markets and deliver authentic experiences for their target groups.
The report highlights how changing markets and shifting consumer priorities have encouraged an emerging trend away from pure arts sponsorship and towards more collaborative partnerships. It also explores what the arts can learn from business and vice versa–as strategic thinking and entrepreneurialism can benefit the arts, so creativity and the cultural insight and capital of the arts can be valuable throughout business practice.
The arts, we believe, must respond to this shift in priorities and take advantage of their unique selling proposition, their popularity with their audiences and their power to stimulate, to engage with their business partners in more interesting and innovative ways.
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