Would you like the opportunity to add an extra dimension to your marketing campaigns? Would you want to stand out from your competition?
Most likely, your answers were ‘Of course!’ and ‘Of course!’.
Well, we have great news: experiential marketing does just that for you. It’s a form of marketing that aims to form a memorable connection between the consumer and the brand to make a lasting impression, influence purchasing decisions and ultimately build brand loyalty.
It’s an increasingly popular form of marketing utilized by both large brands and small companies. Especially with the rise of new video possibilities, such as Live Video, Virtual Reality and 360° Video, creating original experiential marketing campaigns is now easier than ever.
What is experiential marketing?
While traditional advertising options (such as radio, print and television) communicate the brand verbally and visually, experiential marketing tries to immerse the consumers within the product or brand by stimulating as many human senses as possible. It leaves a lot more room for you to play with marketing combinations, since your strategy will be able to factor in any of the human senses, instead of just two (seeing and hearing).
Additionally, you can record the interactions or experiences and post it on social media, with the goal of going viral. That way you repurpose your experiential marketing strategy through the use of video content.
Now that we know what experiential marketing is, let’s try to understand why we would even consider it?
Why would I consider it?
The number of goods and services has increased dramatically over the last decade, making the competitive landscape as a whole increasingly crowded. In order to stand out in this modern world, you will have to stand out. This is where experiential marketing plays a huge role.
A clever example is a specific part of Coca-Cola’s James Bond Integrated Marketing campaign, supporting Coke Zero’s association with the Bond movie ‘SkyFall’. Consumers at the Central Station of Antwerp, Belgium were invited to ‘unlock’ the 007 in themselves by partaking in their personal 007 mission. Their prize was exclusive movie tickets to the movie ‘SkyFall’. See the video below to re-live the event:
This experiential marketing campaign is also a perfect example of what we mentioned earlier: you can repurpose your unique campaign through the use of video content. This way you share the bonding brand-consumer experience with the rest of the world, creating a large-scale guerrilla marketing effect.
How do I measure its success?
Knowing what experiential marketing is and applying it in real-world scenarios is only half the work, since measuring the results and using this information for future marketing efforts is key to success.
So, how do we measure results?
Generally, it’s best to focus on at least three main key points: brand sentiment, social media engagement and sales.
Brand sentiment refers to the emotion or opinion conveyed in a brand mention, which can be either be considered positive, negative or neutral. We can measure this by conducting brand awareness research and determining brand influence. The first can be researched by sending out surveys to consumers, the latter can be determined by monitoring increases or decreases in loyal consumers (consumers that stick around and actively engage).
Social media engagement is relatively easy to measure, as long as you stick to the golden rule: create a connection between your experiential marketing event and/or video and a distinct hashtag! As long as you make sure the hashtag is simple and memorable, you can now easily monitor the social media engagement pertaining toyour brand. You can also search for brand mentions, in addition to activity including your hashtag.
The last key point we want to keep an eye on is sales. If there is an increase in sales, thing must have worked out, right? That could be true, but the fact is that you will never be able to know if a particular sale was directly connected to your experiential marketing event and/or video. That’s why you have to pay close attention to the timing of your sales: if there are sudden peaks in sales right after your experiential marketing event, then it’s more likely that these sales are connected to it.
In short, adding an extra dimension to your marketing campaigns will help you stand out from your continuously growing competition. Experiential marketing is a great option with lots of room for creativity.