Solution for Every Generation, particularly in the times of COVID-19 Pandemic
Where no industry or marketing channel has been left unaffected by the sudden outbreak of a global pandemic, the experiential marketing is looking to emerge with a bang. Experiential marketing holds a commanding position even in these times when everything is about digital transformation and being there on the digital platforms. According to a recent study conducted by American Express1, 86% of customers are willing to pay more for a better experience.
Even with the current restrictions, brands are actively brainstorming ideas to curate and conduct the most interactive sessions from Virtual Annual Meets, Virtual Offsite Event to AR/ VR based product site. Whether it is the hospitality industry or retail, entertainment, or automobile, experiential marketing is taking the brand-consumer relation/engagement to a whole new level, drawing in sales, and leaving a lasting impact on the minds of the consumers.
Does experiential marketing hold a competitive advantage over traditional or digital communication?
In today’s time, people miss human interaction, they need experiences of the outer world or live interactions from the comfort of their homes. To craft unique experiences and create a magnet to draw interested and potential consumers, brands have leveraged the power of experiential marketing (feat. digital channels). They have curated events that people can participate in from their safe and secure space. In contrast, a similar scenario cannot exist in an only digital marketing or a traditional marketing campaign.
Digital ads tap into sight and sometimes sound only, whereas experiential marketing engages the consumers in two-way communication, making experiential marketing stand out digital marketing in every way. Further, a 2018 Edelman Earned Brand study2 found that consumers will support brands that engross them in enveloping experiences. So, Yes, experiential marketing has a competitive advantage over any other marketing media.
How have the brands captivated people of all generations in experiential campaigns?
One of the top benefits of experiential marketing is that it can tap into all 5 senses, leading to a totally immersive experience. While Gen Z and Gen Y consumers spend an average of 4 hours every day on digital platforms or online, they still prefer in-person experiences to traditional advertising. Furthermore, brands have also understood the shifting mindset of Gen X consumers who prefer to make well-informed choices; and to meet this informed customer’s expectations, brands are moving towards curating unique experiential campaigns that will help customers understand the brand and connect with it.
Which brands have essentially tapped on experiential marketing in the current times?
The top 2 heroes who have garnered attention/traffic and have successfully implemented and executed experiential marketing in these testing times have been:
- Shakuntala Devi Marketing Campaign: Despite the current limitation of channels/platforms, Amazon Prime has very creatively indulged people directly with the brand ‘Shakuntala Devi’ via the protagonist Vidya Balan, as she goes on to engage with 6000+ DAV School students on a Zoom call.
- Travis Scott – Fortnite in Game Live Event: It was an astronomical, surreal, and an unexampled experience for the game lovers, as it drew over 10 million users3 to the gaming platform.
What kind of mediums/methods have brands used to conduct experiential campaigns?
Whether it is a B2B company or a B2C, brands have left no stone unturned. They have made the most of virtual meeting platforms like Zoom, Microsoft Team, virtual offsite events, AR / VR based digital experiences, and more, to create and conduct singular experiential campaigns for its consumer base, regardless of the present environmental impediments.
What new trends are expected to be seen in the coming future? What is the road ahead?
Experiential marketing saw consistent growth over the last decade, and with the global outbreak of Coronavirus pandemic, it saw an unprecedented plunge to 15.2% in 2020. Despite the uncertainty of the present times, mainstream trends driving brand marketer spending and consumer media usage favour experiential marketing in the years ahead.
Also, according to PQ Media’s Global Experiential Marketing Forecast 20204, consumer experiential marketing is projected to rebound in 2021 with a 6.1% growth worldwide.
1 https://www.superoffice.com/blog/customer-experience-strategy/
2 https://www.edelman.com/news-awards/two-thirds-consumers-worldwide-now-buy-beliefs
3 https://www.theverge.com/2020/4/23/21233637/travis-scott-fortnite-concert-astronomical-live-report
4 https://www.pqmedia.com/product/global-experiential-marketing-forecast-2020
About the author:
By Divanshi Gupta, Director, The Marcom Avenue