How would you define experiential marketing?
Experiential marketing entails creating immersive experiences that allow brands and their consumers to connect on a more authentic and emotional level. It’s one of the most effective forms of marketing today because it engages consumers, provides memorable experiences, builds brand loyalty and extends a brand’s presence far beyond traditional advertising.
Why is this marketing more or less effective?
Too many brands are over-indexing on traditional strategies and are losing sight of the beauty and power of actual human connection. Creating an experience and allowing consumers to partake in something special will always go a long way in building brand loyalty and driving sales.
Is there a particular generation that it targets?
Nowadays, younger Millennials and Gen-Z consumers expect an “experience” from brands. Gen-Z and Millennials love events and experiences that they can capture content from and show off on their social media platforms. Gen-Z are digital natives - they’ve never known life without computers and cell phones. They live their lives online and because they are bombarded daily with ads and sponsored messaging, they have gotten adept at ignoring digital noise and traditional marketing tactics. Yet, they go out of their way for new experiences and are increasingly opting for experiences over material goods.
Is it a fad or here to stay?
Absolutely here to stay simply due to Millennial and Gen-Z target segments. Budgets for experiential marketing are significantly increasing year over year and experiential is becoming the core marketing strategy for many companies.
How do you measure this type of Marketing?
Measuring ROI in experiential is multi-dimensional and it’s important for brands to identify their objectives and determine their definition of success in advance of a given event or activation.
What marketing issues are brands struggling with?
Gen-Z is largely misunderstood by brands because they don’t fit into the typical segmenting that brands have traditionally used to inform their marketing and messaging strategies. Brands have struggled around over-indexing on brand marketing from a digital standpoint and misidentifying Gen-Z. Realizing that it takes different forms of marketing for this generation is key for brands to understand if they want to effectively engage and attract Gen-Z consumers.
I hope this was helpful. Feel free to leave any questions or comments below 😊