What is Experiential Marketing?
In it’s simplest form, experiential marketing is a form of marketing which focuses on helping consumers experience a brand. Traditional advertising, such as radio, TV, and print is effective at communicating product benefits visually and verbally, but experiential marketing immerses the consumer within the product like never before.
More and more, this practice is becoming an ingrained philosophy among marketers; one that can be applied to any brand. The general idea of the over-arching strategy is to engage the customer in the marketing and sales processes, in a way that suits them.
Immersing the consumer in an experience versus talking at them through a billboard or bus ad creates a more personal connection with the brand. And it works — according to a study by EventTrack, 70% of users become regular customers after an experiential marketing event.
So you think you’re suited to give it a try? Let’s uncover more about why this strategy works.
History and Development
The history of experiential marketing has its roots in the historic events of years past. The initial events included the World’s Fair in Chicago 1893 and Paris 1900, where companies eagerly displayed their latest innovations; followed by the car shows, popularized throughout the 1920s, where rising companies like Ford and General Motors showed off their newest engines. Companies everywhere created their own immersive experiences to attract customers across the country.
The answer to the growth of this trend can be found in a 1998 book by B. Joseph Pine II and James H., The Experience Economy. It explains how an increased number of goods and services caused industries as a whole to become extremely competitive and crowded. Around the turn of the century, brands had to start providing consumers with memorable events and engagements that let a product stand apart from a cluster of competitors.
With the rise of social media in the modern age, experiential marketing has evolved into an artform and science that encourages a deep connection between consumer and brand. Today’s events still feature state-of-the-art technology and mass communication that continue to serve the same basic purpose: to leave the consumer with a lasting impression of the product.
And there’s no better way to do that than with an exciting event, wouldn’t you say?
The Basics of Launching an Experiential Marketing Event
There are many moving parts in an experiential marketing campaign, including researching, planning, executing and measuring. Many brands sometimes balk at the chance to launch an event due to many of the unforeseen details that need to be juggled throughout the process. It’s important that you understand each part of hosting an experiential marketing event. Here are the main aspects that you need to know.