Experiential Marketing 101: What It is and Why You Need It
What is experiential marketing? Why does your business need it? Read on to learn all about experiential marketing.
Keyword(s): experiential marketing
According to a study by Bizzabo, 80% of marketers find putting on live events to be critical to facilitating their company's success. In fact, it's so influential that there is a specific type of marketing dedicated specifically to these in-person interactions.
It's called experiential marketing, and every company should make it a part of their branding strategy.
But what is it, exactly? Beyond that, why does it matter? We cover everything you need to know about this effective strategy in this handy guide.
What is Experiential Marketing?
Experiential marketing at its core is the act of putting individuals or groups of people into a branded experience that immerses them in a memorable way. This can take on many forms, its limits drawn only by the extent of your creativity.
The point of it is to build a connection with your target consumer through exposure, making connections, and leaving a memorable impression. You may have heard experiential marketing called by other names, including engagement marketing.
Both terms use pivotal words: experiential and engagement. Unlike traditional and even digital means of marketing, this strategy gives you the unique opportunity to interact with your consumer face-to-face. This takes more than just handing out promotional products from a booth.
It involves creating an experience and direct engagement. Brands can accomplish this through an event, a live stunt such as a flash mob, or some other firsthand interaction that captures and holds attention.
The Benefits of Experiential Marketing
If your brand has never tried experiential marketing before, you may be asking, "Why?" What's the benefit of this innovative approach? What can you expect to gain from it?
There's a lot to reap from this out-of-the-box approach to marketing. Here are just a few:
It Gives Consumers Hands-On Experience with Your Offerings
Many people hesitate to spend money on something new if they aren't sure of its quality and whether they would like it. Depending on your product, you can give people the opportunity to interact directly with it through an event.
This gives them a rare opportunity to ask your brand questions on the spot that would normally make them hesitate before making a purchase. If you can provide free samples people can take home and try, even better!
These opportunities break down barriers by removing doubts that often hold consumers back.
It Gives People a Reason to Engage You Online
Social media has become an essential vehicle for branding and marketing. However, the best way to get engagement is to give people something to talk about. A strong experiential marketing campaign can take your viral.
When this happens, interest in your brand can catch like wildfire. You will see tags, posts, and a growth in your followers that significantly expands your pool of leads. Few ads have that kind of power.
It Builds Your Brand's Reputation
In today's business climate, your reputation can be the edge that helps you win over consumers when pitted against your competition. Buyers want a brand they not only like, but feel they can trust.
At events, you make personal connections and put a face and an experience to your brand. This makes a much grander impression than any interactions through a computer screen or advertisement.
Don't be afraid to get out there, say hello, shake hands, and have a conversation. It humanizes your business. If you can have fun with your consumers, even better!
Lighten up an event and draw interest with a rodeo bull ride or side stall games. This will make you a favorite at events, especially at trade shows, festivals, or expos.
It Increases Leads and Sales
Any time you can interact face-to-face with your target consumer is a chance to sell them on your product. Even though great experiential marketing doesn't feel like a sales pitch, you are changing the way consumers view you.
That literally pays off. Business-to-business companies spend approximately 20% to 30% of their marketing budget on events alone because it enables you to leave an impression that makes consumers want to keep in touch. You can gather leads through building mailing lists, social media audiences, and more.
It Attracts Media and Builds Exposure
An attractive or exciting experiential marketing campaign draws attention. Think about Ikea's Sleepover contest or Volkswagen's piano staircase. These campaigns created a buzz, spurring media coverage and, in some cases, going viral.
This kind of exposure goes a long way in raising awareness about your brand as well as curiosity. Potential customers will wonder who is the company behind such a cool stunt?
The attention you draw leaves a memorable impression while opening doors to new consumers and sales in ways digital and traditional marketing rarely can.
It Gives You the Chance to Reap Valuable Consumer Insight
Half the challenge of modern marketing is understanding your target audience. Experiential marketing gives you the invaluable opportunity to interact with them face-to-face, have a conversation, and gain insight into what they're looking for in your product or service.
Depending on your campaign's approach, you can also gather information through recruiting new social media followers, encouraging attendees to share their experience with a designated hashtag on social media or gain newsletter sign-ups to keep in touch.
The key is to plan what information you want to gather and analyze prior to your event. What is your objective? How will you effectively gather and measure information?
Everything from free samples given away and contacts you acquire to how many people attend or spread the word about your event can tell you a lot.
Leave a Lasting Impression at Your Next Event
Strong experiential marketing knows how to engage its target audience. Make your campaign irresistible with interactive entertainment. We have items available for hire on both a short-term or long-term basis perfect for trade shows, exhibitions, promotional hires, and more.
Take a peek at our corporate hire and branding services as you plan your event, then contact us. We're available 7 days a week to help you plan the right marketing event for your business.
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