What is Experiential Marketing and Experiential Commerce
There is something totally different about going out and experiencing something in person than experiencing the same thing through things like a radio or television. Seeing something in person, like your favorite brand or your favorite sports team, is far more powerful than experiencing it from your home. There is just something about being there in person that allows you to participate and physically immerse yourself into things like the sounds of the event and the people who are there, the tastes and the smells of the air at the event you go too, even the texture of the seats you sit in, the parking lot you walk through, the lights that you see. All of these things play to your five senses and build up an experience that is unlike anything you can get from technology.
Many businesses and big brands are seeing the benefits of this type of marketing, while others are having a hard time understanding what it is. Once you understand what this form of marketing is, you can use it to your advantage and make it work for you.
Brands use experiential marketing to create an experience that completely immerses their new and existing customers into their brand. This creates a long-lasting effect on the minds of people who see it. When your brand creates an experience that your audience remembers, they are more likely to remember and go back to your brand than they would be if you used any other type of advertising technique.
The question now is what experiential commerce is if it somehow differs from marketing, and what exactly does experiential commerce look like. This type of commerce can take on a thousand different looks and changes from business to business. The point of this type of commerce is to get people physically interested in and engaged in your brand or your business. When a customer or potential customer is completely engaged with your brand then they are more likely to buy from you and make you a competitive business. It is all about creating and putting out highly engaging content and closing the gap between potential interest from clients and them actually buying from you.
Benefits of Experiential Marketing strategy
You may be wondering why investing in this type of marketing is so crucial for the growth of your business. The truth is this type of marketing will bring several new benefits to your business, most of which you probably never even though of.
1.) It is extremely effective
One reason this type of marketing is so popular right now and gaining more popularity among brands and business owners is because of how effective it is in bringing in more crowds. In fact, there was a recent survey that was conducted and showed brands who utilized this type of marketing strategy saw a 79$ increase in how much they spent on marketing, but the return that they got in sales was nearly three times what they invested. Because of this marketing strategy gets potential and existing consumers involved with the company up close and personal, it allows the consumers to gain more control of the product being sold than they otherwise would have. It also gets more consumers involved with their business on a deeper level which increases sales. In short, when brands use this kind of marketing, they see big results which in turn encourages them to invest more money in it every year. The more money invested, the more results they see!
2.) consumers experience your product and/or services with all of their senses
A major reason that businesses are starting to have more engagement marketing events to market their products and services is that it gets people physically involved with the product. These events allow consumers to come and feel, touch, taste, hear, and smell what your product is all about. For example, if you host a big event where people can come by and sample your product before buying it, they are more likely to decide right then and there if they are a fan of the product and buy it on the spot, and then turn into long-term consumers that keep coming back for more.
If your business is not one that sells a product but offers a service instead, you can host an experiential event to market the services you provide. If you are a speaker, for example, host a free seminar for people to come too! If you are a DJ, throw a free concert where people can be immersed in your music and want to keep experiencing it.
These events allow people to experience your product or service on a personal level that will stick with them which will make them more likely to be a buying customer.
3.) You can personally convey your business’ values and mission statement
You can write about and tell people what values your business holds highly and the mission that you have, but if consumers do not experience your mission and values for themselves, they won’t care much about it. By utilizing brand experience marketing outlets such as social media, interactive videos, and other digital marketing strategies, you can talk about the story behind your brand. You can talk to your customers in a relatable way that keeps their attention and builds a rapport and a trust that makes them want to buy into your product. When a consumer trusts your business and feels as though they hold the same values and mission that you do, then they are more likely to become loyal customers.
We are all searching for ways to increase our social media following. Well giving your users a way to share their experience in your store is key. Based on a survey by Event Marketer, 98% of consumers have created and shared digital or social content at branded events.
According to Harvard Business Review, one of the top 10 emotional motivators that drive consumers is the desire to stand out from the crowd. When you provide individuals with an experience that makes them stand out on a social media feed, there is no doubt customers will share it.
Best practices for experiential campaigns
Experiential advertising agency companies will be able to direct you in the right direction to help you make an event that is as effective as possible. Experiential marketing research shows that going into an event with a marketing strategy will help you reach your target market and create a unique experience that is different than most other marketing campaigns that consumers see which will keep them coming back to your business when they need the type of product or service that you provide. Like every type of marketing out there, there are some great practices you should consider when getting ready to launch your own experiential campaign so that it is as effective as possible.
1.) Set goals so you can measure your success
Before launching your on the ground marketing campaign you need to ask yourself the tough questions: why are you doing this campaign in the first place? What do you hope your business will get out of it? What type of success are you hoping to see in your business after launching your campaign?
As was shown above, this type of marketing has several benefits to it that will help your business blossom. Of course business growth and success of any kind is great, but you need to be detailed and incredible specific about the goals you are trying to reach. What are you hoping your consumers will take away from your marketing event? What do you want them to remember about you? How much growth in sales and revenue do you need to see in a specific period of time before you consider it a true success? Having these goals written down will keep you on track and encourage you to celebrate the growth you see due to this marketing style.
2.) Think through what actions you want users to execute
When it is time to measure how much success you have had, look at the action that you want your attendees to take. It takes a team to work together to accomplish a goal, so everyone in your company needs to have their own goals to work towards that will help you reach the overall goal you are looking for. It is the job of everyone on your company’s team to work toward your goals after the campaign is implemented, not just the marketing team’s job to get you there.
10 stats that prove Experiential tactics for marketing are valuable
- 91% of consumers, new and existing, say they feel more positive about a brand after going to one of their evens or interactive experiences
- 85% of people are more likely to buy into a brand’s product or service if they go to an experiential event.
- 2/3 marketers say they are better able to reach their organization’s goals after implementing experiential campaigns
- 62% of marketers see the benefit of experiential events and plan to invest more into that marketing tactic
- 41% of brands believe that these type of events are the most effective form of marketing
- 77% of businesses rely on experiential forms of marketing more than other marketing tactics to advertise their business
- 58% of CMOs and executives believe that these marketing events increase brand advocacy
- 9/10 businesses say that more people are compelled to buy into their service or product after experiencing what the brand has to offer.
- 91% of successful businesses believe they are successful because they get engaged with consumers at live marketing events
- 84% of brands say these live marketing experiences are a major part of their marketing campaigns.
Different types of experiential live marketing
There are 4 types of experiential strategies for marketing that will get people involved with your brand and leave them with a vivid mental image of what type of product or service you offer and why they trust and believe in your brand. The four types of experiential strategy are:
Event marketing and experiential marketing go hand in hand. While all events can be considered a form of experiential marketing, not all experiential marketing is an event. What does that mean? An event, by nature, provides an experience. However, not all experiential marketing campaigns are events.
A brand activation is the launch of a company’s new line, product, or service. It is a perfect opportunity for experiential marketing, as companies want to get media coverage and let consumers know their new product is available. They need this to create demand for the new products. It’s much easier to sell an item when customers know it exists!
One of the best ways to practice experiential marketing in brand activation is through product sampling.
Like events, guerrilla marketing and engagement marketing go hand-in-hand. They both involve the element of surprise, often by creating an unexpected display or experience. The surprise is there to incite conversations around the campaign. As a result, they both require a heaping dose of creativity.
It could be the knowledge that some individuals love the joy of shopping and browsing through stores. Engagement marketing in a retail setting gets even the most uninterested customers intrigued. By getting customers into your store and keeping them there, you increase the likelihood of purchase.
Thanks for reading "The Beginners Guide To Effective Experiential Marketing For Your Business", by the Linchpin Team in Chicago, Raleigh, and Wake Forest.