When it comes to owning a business, one of the most important things to do is consider your marketing strategy. In today’s world where people are craving personalized, unique experiences, experiential marketing is one of the most effective marketing tactics. So how much does experiential marketing cost? Here’s an overview.
How Much Does Experiential Marketing Cost?
If you’re looking for an effective and lasting way to build up your brand, grow your customer base, and sell more of your product, then you might be looking into something like experiential marketing. This is a highly successful way of helping your business thrive.
Like anything you need to help your business become the best it can be, experiential marketing is an investment. You invest money into your marketing campaign which gets more customers interested in your product and results in higher revenue down the line. But how much will it cost you? The cost of your marketing campaign will depend on your needs as an individual business. However, there are a few factors that you should be aware will affect your costs.
When it comes to experiential marketing, one of the most important things to determine is where your event is going to take place. The location you choose will play a massive role in your attendance as well as how successful your marketing campaign is.
Where you choose to hold your event will also factor into your overall costs. Your location fees could potentially eat up a decent chunk of your budget. At the same time, you don’t want to skimp out and end up choosing a bad location just because it was cheap. It’s all about finding balance.
The Technology You’re Using
Depending on what you are marketing, you might need to have certain kinds of technology present at your event. When you set up your marketing strategy, it’s a good idea to consider implementing some of the latest technology.
Integrating technology into your event could add a lot to the overall experience. Using technology to collect information about your attendees can also tell you a lot about your customer base, and what the best ways to reach them post-event are.
The Scale of Your Event
Of course, another major factor in what your marketing costs are going to be is the scale of your event. Some campaigns might call for a big, extravagant experience, but be aware that this is going to cost more.
On the other hand, you can have just as good an experience with a scaled-down, more intimate event. Again, it largely depends on your needs as an individual business and what your vision for the event is. Remember to stay flexible when planning and be open to changes in scale.
What Exactly Is Experiential Marketing?
You may have heard this type of marketing also be called engagement marketing. Essentially, it’s a way for customers and potential customers to get up close and personal with your brand and product, and experience it in a way that is much more engaging than traditional marketing campaigns.
This is a highly effective marketing tactic because it allows customers to build a much more emotional connection with the brand through this experience. This emotional connection will, in turn, promote your customers to buy your product and stay loyal to your brand down the line.
Why Should You Consider Experiential Marketing?
There are lots of reasons why you should think about using this form of marketing for your brand and business. There are several benefits that you can expect to get from experiential marketing. Here are just a handful of them:
More Personalized Engagement with Your Customer Base
In today’s world, it’s more and more important for customers to be recognized as individuals. Customers want to form connections with brands that make them feel that they’re being treated as humans rather than just customers.
Part of what makes this kind of marketing so special is its ability to connect emotionally with customers. When you set up an experiential marketing campaign, this allows your customers and potential customers to experience your brand in a deeply personalized way. Your customers will feel like you’re treating them as individuals which will make them much more inclined to support your business and brand.
Encourages a Positive View of Your Brand
One of the most important things when it comes to building a good customer base and increasing your ROI is how your customers see your brand. You want to build as positive a view of your brand as possible if you want people to keep buying your product.
Experiential marketing will do a lot to increase how positively people view your brand. When you provide customers a way to experience your brand in unique, personalized ways, it makes people remember their experiences and therefore your brand and products in a positive light.
Encourages Word of Mouth Marketing
There are lots of marketing tactics out there, but few are as effective as simple word-of-mouth marketing. If a customer has a good experience with your brand, they are likely to tell friends and family members about it, which in turn encourages them to check out your brand.
When you provide customers with a good, enriching, and interactive experience like experiential marketing, your customers are going to remember your brand. They’re also more likely to tell the people in their lives about your brand, which builds your customer base and helps your brand grow.
Connects with Customers Non-Obtrusively
In today’s world, it can feel like advertisements are more prominent than ever. We see ads everywhere we go, whether it’s on a bus on the way to work or in the sidebar of a website we’re visiting.
Many customers feel that advertisements are growing more and more intrusive, which can result in a negative view of a particular brand. Customers might become more and more annoyed with the way advertisements are presented to them. If you go with experiential marketing, your customers want to be at your event, and they get to be there on their terms. This will help customers feel far more confident and comfortable with your brand.
Customers Can “Try Before They Buy”
Another major benefit of experiential marketing is that it gives your customers to chance to take a close-up look at your products and see them firsthand without having to commit to a purchase. We all know how nerve-wracking it can be to buy something before you’ve really had the chance to check it out.
When you provide your customers with experiential marketing, your customers will get the chance to check out your products and see how they like them. They’ll be much more inclined to purchase a product that they’ve tried out and enjoy rather than one they haven’t been able to experience firsthand. And bear in mind that this isn’t just about physical products. You can do this for services as well by offering things like free trials and exclusive content.
Engages Your Customers’ Senses
Our senses play a major role in the way that we interact with the world around us. They can affect whether our experience with something is a positive one or a negative one. One of the benefits of experiential marketing is that it engages all of your customer’s senses.
When you do this, you make it far easier for your customers to create memorable positive experiences that they’ll associate with your brand. And the more positive experiences you create, the more likely people are to purchase your product.
Can Easily Be Paired with Other Marketing Strategies
When it comes to marketing your brand, you’re most likely not going to be able to rely on one strategy alone. Unfortunately, not every strategy pairs well with others, so you’ll need to think hard about the strategies that you employ.
One of the best things about experiential marketing is that it can easily be paired with most other marketing strategies. For example, it’s a highly effective strategy to pair with something like a social media campaign, which can help your event reach an even wider audience.
Boosts Brand Loyalty
One of the most important things when it comes to marketing is building brand loyalty. It’s important to get customers interested in your products and services but it’s equally important to build loyalty with your customer base. Loyal customers are repeat customers and are much more likely to tell friends and family about your brand.
Experiential marketing allows you and your brand to have face-to-face experiences with your customers. Because it is so highly personalized and designed to promote positive engagement with customers, it is the perfect way to nurture brand loyalty with your customer base.
If you’re interested in trying experiential marketing, the most important thing to do is to work with a team that knows what they’re doing. This will ensure that your event goes as planned and that the experience is the best it can be. Ready to work with a qualified team? Give us a call at King Sixteen.