Is Experiential Marketing Worth The Hassle?
As summer approaches so does an increase in outdoor events. Specifically, concerts, farmers’ markets, art shows, festivals, and more. Oftentimes those events come with the possibility of sponsorship, renting a booth, and the opportunity to promote your business and engage with new audiences. But are these opportunities worth the hassle? Let’s dive into what exactly experiential marketing is and whether it’s the right fit for you.
Experiential Marketing, which is sometimes called engagement marketing or event marketing, is broadly defined as “directly engaging with consumers and encouraging them to participate in the evolution of a brand or brand experience.” It’s a marketing strategy that enables consumers to not just buy products or services, but to actually experience the brand through face-to-face or an offline effort. This can include anything from a large-scale event to a smaller targeted activation, depending on the overall goals and objectives you have.
In a recent poll, 83% of brands say that event marketing has consistently increased their sales.
For example, setting up a booth at a local art fair or community festival is a very basic form of experiential marketing. It can certainly be effective, depending on your goal and the intended audience, and usually requires minimal resources. On the other hand, sponsoring a large-scale music festival or concert and building out an entire activation is a much taller task. That being said, you will certainly reach a larger audience and if implemented correctly, leave more of a lasting impact on potential consumers.
Incorporating a social media aspect or another way to drive traffic either to your website or online platforms usually generates a much greater return on your investment, as you are capturing them on the spot. It’s all about creating an experience that is highly relevant to your brand and effectively communicates your story.
So, as you start seeing more and more events pop up around town, consider if a form of experiential marketing might be right for you. If you’re interested in learning more, let us know!