Today we explore experiential marketing and why it’s getting a top spot in marketers’ budgets.
In an era of ad blocking and heightened customer awareness of targeted digital ads, below-the-line investments – including spending on influencers, events and experiences, content marketing and app development – are growing in prominence.
Here’s some of the data behind these claims – and ways experiential marketing can work for ag marketing.
WHY EXPERIENTIAL MARKETING IS GARNERING MORE OF MARKETING’S BUDGET
In every industry, including B2B, branded experiences are driving high engagement. According to Event Track’s 2018 research, 85% of US consumers say they are likely to purchase after participating in events, and 91% have more positive feelings about brands after attending these events.
Here’s why savvy marketers are spending less on paid media and more on below‑the‑line tactics:
- Paid media as a percentage of all marketing spending fell to 37% of the total in 2018, from 42% in 2015.
- By contrast, spending has grown significantly in activities related to owned media, earned media, and marketing technology. These channels are perceived as offering a greater return on investment, with a stronger focus on customer engagement, retention, and activation (rather than focusing exclusively on brand building).
WAYS TO UTILIZE EXPERIENTIAL MARKETING
- Education. Fill a product education gap in an engaging, memorable way.
- Sustainability. Demonstrate sustainability initiatives in a hands-on environment.
- IRL. Use experiential marketing to tap into consumer desire for relief from screen-based interactions.
- Nowstalgia. Create Instagrammable “nowstalgic” experiences that bring past cultural touchpoints to life for Gen Z and Millennial customers.
- Multisensory. Make customers feel something and generate stronger memories through immersive, multisensory brand experiences.