Customers have always wanted to spend money and buy new things. There have been no exceptions to that. However, the current retail landscape is different from what it was five years ago. Modern customers are not ready to spend their hard-earned money on just about anything. They want to invest in experiences and make memories. They are no longer satisfied with the look-and-shop experience most e-commerce companies are offering. They want something more tangible. That is why the old brands are reinventing themselves in new ways that appeal to the customer groups, old and new. Several new companies are starting out with event-based activations and experiential marketing campaigns
How is the market going through a massive change?
A fresh study from the Harris Group shows that over 72% of the millennials would rather spend money on experiences than on material buys. It has managed to jolt the traditional retailers, who were relying on the conventional show-and-tell marketing format until about now. That trend shows how much the expectations of the potential customer is changing with time. At the same time, top experiential marketing agencies have created new opportunities for the emergence of new market leaders. It is the beginning of a massive shift in the market, and that is precisely what maximum marketers of tomorrow were awaiting.
Retailers are finally ready to take advantage of the changing preferences and trends of the market. In fact, there is a record shift towards experiential marketing and event-based brand activation ideas in the last couple of months. Brands want to make more connections, boost sales and engage their customers in building a loyal consumer base. Research shows that positive emotions are the glue that holds a customer base together.
What is so special about engagement marketing?
Experiential marketing can be a campaign, strategy or event that engages the customers with the promise of a unique experience. Whether you’re top experiential marketing agency suggests a live band performance, an exclusive talk show with a celebrity or a brand activation campaign with the presence of social media influencers, it is the exceptional experience that will help your brand stand out. It can include anything and everything from free classes to free food! One thing is common between old-school marketing and new-age experiential marketing – the customers love free stuff. So, when organizing an experiential marketing event, do not skimp on the goodies for your customers even when you are providing stellar experiences.
Who should be investing in experiential marketing?
Experiential marketing is not just for those businesses that involve customer interactions on a daily basis for generating revenues. Cafes, restaurants, fast food chains, and health food outlets do benefit tremendously from event-based activation and marketing stunts, but product-based retail services including cosmetics, skincare, hair care, clothing, fitness accessories, and travel accessories also enjoy a positive boost from event-based strategizing of marketing and promotions. As a result, almost all brands are making plans to incorporate experiential marketing in their strategy in the oncoming days. In short, all businesses have the potential to benefit from a well-crafted on-ground marketing strategy.
It gets the customers talking among themselves
Another important aspect of experiential is word-of-mouth marketing. Consumers talk to each other through various web forums, e-commerce discussion forums and they follow the reviews and ratings on e-commerce sites. About 73% of the consumers share pictures of their new products while writing reviews and 49% are likely to share the videos of the events during the activation. It is easy to become the talk of the town when you have celebrities and influencers endorsing your products during the launch. It is imperative to craft a memorable experience, so your target audience has good content to share. Without enough content generation, even the best social media marketing strategies and SEO agencies will not be able to take you far.
It facilitates communication between brands and customers
Real-life, offline events help these companies establish real relationships with their potential buyers. With experiential marketing, it is not always about pushing sales or driving the customers to the POS. It is about providing something tangible to the consumers. Your consumers are right now yearning for something more than product quality and at-home delivery. You need to conduct extensive market research to find out exactly what your customers want. It can be an exclusive behind-the-scenes experience of your kitchen, a free sample of your new coffee drink, a photo shoot with their favorite influencers or an Instagrammable event! The possibilities of experiential or event-based marketing are endless, and it is time you tapped into this infinite potential.
Experiential marketing creates an engagement loop for the customer community, where the online customers interact with the offline ones. There is a thorough blending of the review channels, and the reach of a brand multiplies from breaking the silos of digital, land-based and online marketing down.