It’s easy to think of a marketing budget as a pie, with each piece representing a particular platform or tactic. As customers and media change and evolve, some pieces get smaller, while others get bigger. Digital and mobile, in particular, are pieces that have gotten bigger over the past couple of years. A recent survey of marketing chiefs, however, reminded us that there’s another, slightly more analog piece that is also expected to grow in the coming years.
A recent survey showed that more than half of brand marketers from across the U.S., Europe and Asia expect to spend at least 20 percent of their budget on experiential marketing over the next three to five years – up from barely 30 percent of marketers who do so currently.
First off: What is experiential marketing? Also known as engagement marketing or event marketing, experiential is a marketing strategy that aims to directly engage consumers through primarily in-person experiences and, as a result, transition them from passive observers to active influencers on behalf of a brand.
Secondly: Why is it growing? Well, as our world grows more digital and mobile – and as our media consumption becomes more fractured and customized – it can become increasingly difficult for traditional marketing to reach and engage with large numbers of consumers. In addition, experiential provides a high-contact, three-dimensional, immersive brand experience that other platforms often cannot. (Like dropping bags of chips from a helicopter, for example.)
While popular for B2C, of course, experiential offers plenty of possibilities for B2B as well. Trade shows and other industry events are perfect examples of times where B2B brands have a captive audience and a branded space; why just hand out brochures and free branded pens? How can you make your booth experience at the next big trade show more experiential?
From a VR headset providing an immersive experience of your product or service to an augmented reality display bridging the digital and physical worlds – and through many other experiences in between – B2B brands can use experiential to as great an effect as B2C brands. (Even if you can’t drop your products from a helicopter.)