The novelty of experiences makes memories stronger.
"When I hear, I forget. When I see, I remember. When I do, I understand."
In a nutshell, this is the power of experiential marketing.
Experiential marketing is designed to create memorable and noteworthy experiences for customers.
Marketing stats show that customers will happily spend 17% more money for a good experience - no matter the price point of product or service.
Brands and marketers will fare better knowing that customers today crave experiences.
In today's customer-centric world, experiential marketing plays a huge role in attracting and retaining customers for your brand.
What is experiential marketing?
At its core, experiential marketing gives customers an immersive experience of engaging with a brand.
With experiential marketing, brands have an exciting way to increase customer loyalty to their products or services.
The case for experiential marketing
In industries such as fashion, cosmetic, and interior decor industries, customers marvel at the experience of being in a physical store - touching, feeling, and engaging with all a brand has to offer.
While many brands have switched to selling their products and services online, for many customers, there's a lot left to be desired from the online shopping experience.
Some set of customers are more likely to buy when they have seen and experienced the product first-hand.
Although physical stores tend to reduce profits, there is still a case for the one-on-one engagement customers receive while engaging with the brand.
Brands do not necessarily have to give up the perks of online commerce or the advantages that come with having customers physically present in their stores. They only need to get creative.
This is where experiential marketing plays a huge role.
If well-executed, experiential marketing can lead to huge returns for physical brands. And can increase customer experience and brand loyalty for eCommerce brands.
There are many ways brands can take advantage of consumer technology to provide customers with unique experiences.
Whether you run a physical or online store, there still ways you can use experiential marketing to wow your customers without having to blow your marketing budget.
Brands like IKEA are ahead of the curve when it comes to creating novel experiences for their customers. The brand has steadily pushed the boundaries of customer experience and service with its Augmented reality-powered online shopping experience.
As far back as 2014, IKEA promoted the opening of its 30th store in France by installing a vertical climbing wall covered in IKEA furniture.
With an influx of ever-growing consumer technology, brands are spoilt for options on how to create a unique consumer experience.
Proven and handy ideas may include:
- Interactive and searchable Videos
- Shoppable images
- App engagements
- Real-world rewards
It is crucial to understand that engagement does not necessarily mean video, images, or social media, it is about designing innovative ways to connect with customers. And this is where experiential marketing can give brands the edge over their competitors.
Experiential marketing gives brands the ability to innovate and move with the times. As customer taste and behaviour change, brands need to find creative means to capture the imaginations of their customers.