Marketers Seek to Expand Experiential Investment
| 2 minute read
Event marketing has historically been a great way for a brand to get in front of large groups of people, often in an environment that will make an impression. Consumers tend to remember if they had a great time at a benefit concert or similar event that was sponsored by a specific brand. Crossmark, in its Experiential Marketing study for the Path to Purchase Institute , notes brands are working harder to encourage event attendees to spread the word through social media and therefore get more mileage from their investment.
The new Crossmark study focused on the challenges faced by large businesses as they engage in experiential marketing and their goals over the next couple of years. The firm’s analysts surveyed executives at CPG firms and found that 33% said experiential marketing is very important for brand activation and another 40% said it was somewhat important. One of the toughest challenges brands encounter when designing experiential programs has to do with ROI. Over half of execs take issue with the lack of clear ROI. Allocation of internal resources (31%) and the need to scale up (31%) are also big problems for enterprises to handle.
The reasons to engage in experiential marketing are clear. At least 80% of consumers agree or strongly agree that they enjoy interacting with brands beyond receiving the ad pitch. Brands indicate they are more willing to invest in event marketing now that social media is making it easier to track how a customer is coming to them. Industry experts also say that some of the old industry metrics may need review. It may no longer be accurate for a brand to say that it is more expensive to gain a new customer than keep an old one. With 39% of consumers willing to follow a brand on Facebook after having a positive experience and another 16% willing to write a comment or blog about their good brand feelings, marketers may want to look at which experiences make the most sense for them to invest in.
To learn more about Brand Friends and Followers, check out the Audience Interests & Intent Report available at the Research Store on ad-ology.com.