Experiential Marketing – Then & Now
With a rise in people opting for experiential marketing, there should be no surprise that there are few things which have evolved/changed since it first gained popularity. These changes are based upon constant trial and errors noted by marketers over a cumulative period of time. The benefit of experiential marketing is that it is very real and tangible. That’s specially considering the growth of social media, where the emphasis is on how many followers, likes or shares a company can generate.
Different people have different approaches. So, with that in mind, experiential marketing has seen a variety of changes over recent times.
- Increased budgets – Expect to see more, higher quality activations. Back in 2013 experiential marketing budgets grew by 7.9% and then a further 5% in 2014. This percentage will keep increasing. This shows that more people are turning to experiential marketing. With that being said, we must keep in mind that just because of an increase in budgets, it doesn’t mean that the costs of campaigns increase as well. In fact, people have now figured ways of crafted the most creative, well thought of campaigns, in exchange of peanuts.
- Accessibility – A fallacy that still exists but is fading away to some extent, is that only big brands can indulge in experiential marketing. Now, anyone can create and implement an experiential marketing strategy with little fuss. The key to execution is planning, though. So long as you’ve planned a campaign out thoroughly, anyone can come up with something memorable.
- Technology – Whilst you don’t need any particular piece of technology in order to devise an experiential strategy, experiential marketing strategies are a great fit for the modern age.
- Basically, thanks to technology, anyone can become a brand advocate at the touch of a button. So when you roll out a campaign that’s interesting and engaging, people can tweet or talk about it easily. Millennials, in particular, are used to being able to get things quickly, so experiential marketing is a great fit for them, because these kinds of strategies satisfy their need for speed.
Ultimately, an experiential marketing strategy is a great method for cutting through the clutter and getting your brand heard in what is a noisy world. And given the fact that such an approach is easier, cheaper and more effective than ever, is there anything to lose?