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Are you ready for experiential marketing?

Humans are odd little creatures, don't you think? We buy products in the hope that they will make us happy, boost our confidence, give us a feeling of satisfaction, or fit in better. Why else would we flash logos on the outside of products? Predictably, though, the serotonin-induced thrill of the new fades away. The feelings of expectation and exhilaration we felt at the moment of purchase are soon spurned by our frontal cortex. We can't help it! It's part of what makes us human. The good news for marketers, though, is that even the most jaded shopper can be influenced by the power of an experience.
Experiential marketing is an astonishingly powerful new method for marketers to generate value for business by enriching interactions between the consumer and the brand at all stages of the buying process. According to Professor of Psychology, Dr Thomas Gilovich, “Our experiences are a bigger part of ourselves than our material goods.”

Context

A recent study indicated that more than half of marketers (51%) plan to invest more in experience based marketing in 2016, aiming to create a closer bond with customers by engaging them in fun and unforgettable experiences.

This is not surprising when you consider that only 150,000 people attend Red Bull’s Crashed Ice event annually, yet over 20 million people spread the word about it by sharing, liking, and commenting. Because we are exposed to around 5,000 ads per day, our brains have built in a filter. This results in only 11% of the 5,000 ads being noticed and only 3% being considered likable. On the flip side, a memorable brand experience is cherished and shared.

The problem is that while consumers may have embraced experiential marketing, marketers themselves have not necessarily adopted a vision, or established processes and procedures for implementing those experiences.

Here is a checklist of what to consider prior to embarking on an experiential marketing project:

1. Brief
A quick overview of the project.

2. Objective
What is the ultimate goal of the campaign? The key to an effective marketing campaign is to be sharply focused.

3. Audience
Identify who your ideal audience is. How do you want them to react to this experience? How should we communicate with them to get that reaction? It’s almost impossible to effectively market to everyone all at once. Instead, concentrate your efforts where you have decided you need it the most.

4. Specifications
Consider any details or limits related to your existing brand guidelines. Fire up your creativity to brainstorm ideas and experiences which have not been done before. Ideally, design an experiential project that appeals to all five senses in order to maximise the impact on your audience.

5. Budget
Deciding upfront what the budget is reduces stress and unnecessary tension later into the project.

6. Timing
Agree a specific timeline – considering internal factors (such as stock, staffing etc) and external factors (such as sports events and school holidays).

For more information on how to execute a brand event that stirs genuine affirmative sentiments, please contact us today.

25 Aug 2016 14:45

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