Experiential Marketing: An Emerging Trend

Roshni Khatri

17th Jun'23
Experiential Marketing: An Emerging Trend | OpenGrowth

Imagine that as you cross the street, a complete stranger approaches you. They urge you to purchase their new item. And that you have other things to do than talk to this street seller, they immediately promote themselves despite your refusal to engage in a conversation. You could chat with this individual all day and listen to their sales pitch, but you don't want to. The encounter must be awkward, strange, and unsettling. 

Such occurrences are very common. In these situations, people shift into defense mode, checking their phones or resting their eyes elsewhere. In this way, they can avoid being conned by roadside scams. 

The market has changed due to experiential marketing. Experiential marketing has transformed eerie and unpleasant encounters into enduring, customized encounters. Let's explore more about it!

 

What is experiential marketing?

Experiential marketing is about creating engaging brand experiences that go beyond conventional marketing strategies. Experiential marketing seeks to engage customers on a deeper level by forging an emotional bond with the company rather than only advertising a good or service. Besides this experiential marketing helps build a customer base and attracts more consumers. 

A relatively recent marketing strategy, experiential marketing is increasingly gaining acceptance as companies see its ability to leave a lasting impression on customers. This is about providing your target audience with a memorable, compelling, and meaningful experience. 

Experiential marketing is designed to engage with customers in a manner that conventional marketing cannot. This is opposed to traditional marketing, which focuses on advertising and other types of promotion to reach buyers. Numerous strategies, such as pop-up stores, interactive exhibits, and other immersive experiences, can be used to achieve this.

 

Rise of experiential marketing

Experiential marketing is no longer just another buzzword. It is, in fact, here to stay. It is an effective method that builds connections with customers and engages them in person. This is something conventional advertising has never done.

Considering that people are becoming more sceptical of brands, experiential "unlocks an elusive emotional connection to a brand." It is genuine and open, and it raises customer participation to a new level which is essential for building enduring partnerships.

 

Experiential marketing

 

Event marketers focus on giving participants an unforgettable experience, but doing so isn't always easy. As consumer expectations change, they must keep up with what's popular and what's not. To ensure their event leaves a lasting impression on attendees, they should do this.  

A significant problem for CPG firms today is "choice overload." The retail environment is extremely competitive both in-store and online due to the growth of internet retailers, product subscription services, and smaller luxury brands. Not just brands, but also intense rivalry causes difficulties for customers. With so many options, selecting a product can be difficult. 

As a result, many customers give up without purchasing. CPG businesses can no longer rely on conventional marketing strategies due to the abundance of choices available. They must instead concentrate on engaging customers through experiential marketing. Experience-based marketing enables CPG firms to highlight their goods, illustrate why they are superior to the competition, and, most importantly, leave a lasting impression.

Technology is still developing and changing at an unfathomable rate. Additionally, customer habits, expectations, and needs evolve along with technology. In light of this, companies must adapt to the rapidly changing environment in which we live and plan for the future. This is especially true when it comes to consumer marketing. Although a significant amount of marketing expenditure is spent on digital advertising, most consumers find it overwhelming. 


 

What is immersive advertising? 

Effective experiential marketing initiatives build an engaging brand experience. To do this, it's critical to look beyond marketing your product or service and focus on giving your audience an unforgettable experience. 

 

Experiential marketing

 

Creating a compelling brand experience is the cornerstone of successful experiential marketing campaigns. To achieve this, it's essential to focus on providing your audience with a memorable experience rather than just selling your product or service. 

Successful experiential marketing efforts are built on developing an engaging brand experience. It's crucial to concentrate on giving your audience a memorable experience rather than promoting your product or service if you want to do this. 

 

Interactive marketing campaigns

Consumers interact with brands and products through experiential events. The goal is to create a concrete experience that leaves an undeniable impression on the customer. This will encourage them to share it with all of their friends, both online and offline. In addition, it will increase their likelihood of purchasing. Find some campaigns here:

  • The Budweiser Beer Garage

Anheuser Busch developed the Budweiser Beer Garage for the 2016 SXSW Festival, a totally immersive experiential marketing programme that celebrates everything Bud. Naturally, the 4D virtual tour of the Budweiser brewing facility was the primary draw. Attendees enjoyed a fully immersive experience using virtual reality goggles. 

In addition to seeing and hearing the distillery, the freezer blew ice-cold air into the space, the boiler room erupted in heat, and the hopping room held vials of hops right in front of their noses. Budweiser was able to provide customers with a realistic experience of their production process by appealing to all five senses, which helped them comprehend the product. 

 

  • David Lloyd’s “Run for Your Bun” Cafà ©

Pop-up situations, like experiential events, are a powerful tool for companies to interact with people and spread awareness of their cause or product. In order to "pay" for whatever food or drink they bought, customers had to perform a 10-minute high-intensity exercise at the pop-up cafe set up by gym and fitness center, David Lloyd. 

While the pop-up cafe served as a general promotional tool for the company, its major goal was to draw attention to how crucial eating well and exercising regularly are to leading a balanced lifestyle. The pop-up cafe, situated in the heart of London, was specifically chosen for its location to draw foot traffic from its intended market of office employees who would have difficulty leading an active lifestyle. 

 

Experiential marketing

 

To conclude, we can say that brands can connect with customers more deeply through experiential marketing. They can forge enduring impressions, and ultimately increase sales and income. Brands can set themselves apart from their rivals and forge deeper bonds with their target audience by developing personalized, interactive, and immersive brand experiences. Besides this, you should also know about the basics of marketing to Gen Z to build a strong base for younger audiences too. 

Businesses of all sizes have developed some of the most efficient experiential advertising initiatives, proving the potency of this cutting-edge marketing strategy. Brands may accomplish their marketing goals and leave a positive impression on their intended consumers by adhering to best practices and adopting a strategic approach when developing and implementing experiential marketing campaigns. 

 

OpenGrowth is constantly looking for innovative and trending start-ups in the ecosystem. If you want more information about any module of OpenGrowth Hub, let us know in the comment section below.

A keen observer, who loves to spend time with nature. A fun loving person, enjoys to explore the new aspects of life. Passionate about reading and learning new things. Roshni is dedicated towards her work and has worked in different professions.

Comments