The Growing Need of Experiential Marketing in New Age Marketing Mix
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Tom Peters rightly said in his new book - RE-IMAGINE that “Despite the fact that experiences will be the essence of life in the New Economy … most companies trying to pull this ‘experience thing’ off will fail miserably. They won’t get it … this ‘experience thing’ is … extremist. Neither a dab of ‘delight’ here nor a pinch of ‘amusement’ there. But … An Entirely Different Way of Life.”
Having headed this monarchy for years and having put dabs of delight here and pinches of amusement there, I have come to conclude that only experiences that connect, sell better than any other form of marketing. And every brand is a world waiting to be experienced.
There is no more bragging about your product/service, and only focusing on what your audience wants and creating an experience around it. Times have changed from when traditional means like TV and Radio persuaded people to buy from a brand. Today consumers have become smart, and they’re avoiding all means of advertising coming they way. They are using ad blockers, paying more to skip ads, streaming their entertainment online, consuming news on social media and even ignoring those brightly lit billboards on their driveways. And the only good news is, these consumers are brand savvy and love humane experiences.
Why Experiential Marketing
Experiential marketing perfectly captures this human essence and focuses on creating an emotional connection with consumers. It immerses them in experiences that engage as many human senses as possible and creates lasting impacts on their memory and purchasing decisions. Experiential marketing works on a very clear rationale that a consumer will buy, only if he/she feels a personal connection with the brand. A strong brand connect not only compels them to buy, but also creates brand loyalty.
Your audience is regularly attending concerts, exhibits, trade shows, sporting and nightlife events out of interest. And when a brand reaches them through these events, it creates better trust and immediately brings the brand in their radar. Consumers seek honesty, transparency and authenticity and when brands connect through personalized conversations, they tend to feel more attached.
Creating Brand Experiences
According to a study, 87% of the global consumers believe that brands should act with integrity all the time. In fact, the study also found out that authenticity was way more valued than product utility, uniqueness or even popularity of any product. If brands create experiences that educate their customers about their product/offering, rather than just pushing sales or even expecting things such as signups in return, they will surely succeed in making a positive connect. When you make a conversation without trying to push sales, consumers feel respected and you will have their interests captured. Another study by Event Marketers stated that experiential marketing attracts up to 74% more participation and a positive brand perception after an event. And ROI is all that all of us are after.
Since marketing budgets go pretty far with experiential marketing as compared to other forms of marketing mix this form has tremendously taken over. Nonetheless, brands are allotting a major share of their marketing mix to experiential marketing and spends are increasingly on the rise as marketers continue to believe in the power of experiential marketing to yield better ROIs.