What Is Experiential Marketing And Why Is It So Important?
It is a commonly known fact that your existing customers are more valuable than any first-time customers. In fact, studies have found that not only is it more expensive to motivate a first-time customer to make a purchase, it is also less rewarding as returning customers will spend an average of five times more than a first-time customer. While the benefits of building a base of loyal and returning customers are clear, the path to this outcome is a bit more complicated. As the competition for online customers continues to increase, brands are having to use new tools to build a loyal customer base and this is where experimental marketing comes in.
What is Experimental Marketing?
Experimental marketing (otherwise known as experiential marketing or engagement marketing) is a form of marketing strategy that is focused on immersing customers deeply within the brand. This means that experimental marketing is not only focused on increasing sales but on building emotional connections between the rand and customers through original and memorial experiences.
Why Is Experimental Marketing So Important?
Now that you understand a little bit more about what experimental marketing is, it is useful to outline some of the reasons why experimental marketing is just so important. The list below outlines just a few benefits of experimental marketing.
- Create Deeper Connections
Studies have found that 84% of consumers cite being treated as an individual by a brand has a huge impact when it comes to motivating purchases. Experimental marketing enables you to connect with your customers directly on a personal level by immersing them in a memorable experience, which enables you to form deeper and more meaningful connections.
As these experiential marketing experts explain, another key advantage of experimental marketing is the shareability of the content you are able to create from the event or the experience. This can be hugely useful when it comes to your upcoming digital marketing campaign as it enables you to create organically engaging content and will help you to expand your brand awareness.
- Create Positive Emotions
Studies have found that when people buy products the most common motivation for making a purchase are emotions. Using experimental marketing enables you to create strong positive emotions between a product and an experience of your brand. This will not only help you to increase the sale of your products but also help to build long-lasting relationships with customers too.
- Elevate Your Brand
Experiential marketing can be a hugely effective means of elevating your brand as you are able to organize events and offer an amazing experience. This enables you to build a brand that not only sells high-quality products but offers real-world value to your customers in the form of memorable experiences.
- Foster Loyalty
Experimental marketing enables you to build deeper connections with your customers, expand your brand awareness and create memorable and meaningful connections with your customers. It also provides you with an opportunity to connect directly with your target audience and learn from them. All of this means that experimental marketing can be a hugely effective tool when it comes to fostering loyalty.