Experiences are nearly always more memorable than a fleeting advertisement. That’s why 77% of marketers believe that experiential marketing is a crucial part of their clients’ brand strategies, according to the Forbes article, “Experiential Marketing Is The Future of Retail.”
Experiential marketing is defined by Eventbrite as, “a strategy that engages customers using branded experiences; also known as live or event marketing.” According to Forbes, more than 33% of chief marketing officers say that, over the next few years, they’ll be allocating 21% to 50% of their entire advertising budgets to experiential marketing. Why?
The Experiential Effect
After attending an event, 98% of consumers have a higher chance of making a purchase from the sponsoring company. Also, experiential marketing events leave 74% of attendees with a more positive point of view of the company. Your clients may think that other advertising forms can claim the same, but 93% of consumers say they’re more heavily influenced by events than even TV commercials.
Forbes says that experiential marketing is especially effective on millennials because they value experiences. According to data from AudienceSCAN on AdMall by Salesfuel, that mindset hold true when it comes to other forms of advertising as well. For instance, millennials are 40% more likely than others to say that they prefer to get emails from businesses that contain entertaining content. They’re also 67% more likely than others to go out with their friends four or more times per week on nights and weekends. Additionally, within the next year, they’d like to attend events such as beer/wine festivals (23.8%), arts festivals (20%), Restaurant Week (12%) and auto shows for new cars and trucks (10.6%).
Experiential marketing provides consumers with memorable experiences that will give participants a higher opinion of the brand and, therefore, a better chance of making future purchases. If your client hasn’t been utilizing this advertising form, especially if their target demographic is millennials, it’s time to start discussing integrating experiential marketing into their strategy.