Experiential Marketing and Why it Matters
Updated: Mar 19, 2020
The following is an article “Experiential Marketing and Why it Matters” by Marc Primo.
Customers remain loyal to a brand that gives them great experiences. While most of today’s startups are very much into strengthening their digital marketing efforts, more and more are offering their customers engaging marketing stunts through experiential marketing. If you haven’t considered staging an event that will allow you to meet your customers in the flesh and gather useful feedback immediately, then read on to know why this trend is one of the biggest things in marketing right now.
Before anything else, let’s get one major misconception about experiential marketing out of the way. Trade shows and business conferences are not the kind of modern experiential marketing that we’re talking about. In today’s internet age, customers are looking for events that they can engage in and support the brands of their choice through participation and active interaction.
Experiential marketing is a business strategy that draws your target market out of their homes and into an assembly of brand supporters during one major marketing event. In a way, this fosters a community spirit among like-minded individuals who go for the same lifestyles, preferences, and sometimes, the same brands.
But why should this business strategy matter? Here are a few reasons that can help you get more insights into this experiential business vibe.
It establishes loyalty. Numerous major companies and organizations across the United States have already adopted experiential marketing strategies to increase lead generation. This is because by next year, Millennials and those who are from Generation Z will soon comprise 53% of the global consumer population. Why is this important? Because Millennials and the younger generations are more tech-savvy, have lesser patience in terms of online engagement, and prefer authentic experiences when it comes to picking out brands. Younger ones are looking for more than just shopping sprees riddled with discounts to convince them to buy products. Experiential marketing is perfect as it gives them a clearer perspective of your products so that they can decide if they would place their loyalty in your brand or otherwise.
It gives you an opportunity to generate more leads in a moment. In today’s marketing landscape, data is considered a significant commodity for business. Knowledge is indeed power when you know how to provide great experiences to your target market through data collection and analysis. Holding an experiential marketing event gets your prospective market up close and personal so you can know them a lot better and vice-versa. Attendees usually give out their personal information which you can use to review what products appeal to them and which direction you need to steer your business towards.
It allows consumers to get to know your products more. What better way to let your target market know more about your product than experiential marketing. Engaging consumers in an event where they can physically touch, feel, see, hear, or taste your product, allows them to immerse in your brand’s world and are likely receptive to your product’s messaging. If most people skip advertisements on TV, getting consumers to attend your experiential marketing event can only mean that you have piqued their interests and only need to convince them that your product or service is worth a try. Not yet convinced? A recent study noted that 65% of today’s consumers prefer live events in helping them appreciate a product’s features more than any other marketing strategy.
It complements your digital marketing efforts well. If you are in business, you can never deny the importance of technology in everything that you do. In terms of marketing, going digital has helped businesses reach out more of their consumers via social media, blogs, and viral videos. Experiential marketing goes hand-in-hand with your digital marketing efforts as the latter helps in capturing your customers’ interest for that live event or product launch you’re planning to stage. Digital marketing indeed does a lot for a business in terms of expanding customer reach and selling product but it’s important to note how consumers also need human interaction and experiences. And that’s where this type of marketing comes into play. By providing that personal touch that lets your customers know that your brand is real and worth a try, you get to show that you provide authentic services and concern for their needs.