Seeing, they say, is believing, but experiential marketing takes it even a notch further. That’s because it aims to make customers experience a product rather than use traditional advertising strategies.
In simple terms, experiential marketing is a marketing effort and brand awareness strategy that involves a face-to-face connection with their target audience, prospects, and consumers.
The aim is to engage the customer. Hence, it takes different forms like in-store experiences, event booths, seminars, events, trade fairs, etc.
This marketing strategy is highly sought after because it engages the five senses, thereby sparking emotions, which form long-lasting memories. It enhances customer communication and brand loyalty, which can hardly be found in other marketing strategies.
If you are searching for statistical data to know more about experiential marketing, you are in the right place. Keep reading to discover amazing experiential marketing statistics.
Sticking to only one type of marketing strategy, especially in this modern world, is hardly a great idea. In fact, business experts would advise exploring various marketing strategies.
Experiential marketing is one of those you should line up for your business, and the statistics below should tell you why.
- Experiential marketing strategy now ranks as one of the top five marketing strategies most brands and companies currently adopt.
- Experiential marketing has a success rate of 38.34%, followed by digital advertising at 19.69%, content marketing at 12.44%, partnerships and sponsorships at 9.33%, and traditional advertising at 7.25%.
According to the research by Agency EA, industry professionals pointed out that the foremost marketing tactic that yields positive results is experiential or event marketing.
- Over 92% of brand-side respondents believe that incorporating experiential marketing into their overall sales and marketing campaigns is essential to the sale conversion of the brand.
- 93% of event marketers say their company prioritizes hosting events.
- 63% of marketers plan to organize more experiential marketing events.
- 84% of brand marketers believe experiential marketing is a crucial marketing strategy.
Not only is experiential marketing an effective strategy, but it can also be combined with digital marketing channels for a wider reach.
- Experiential marketing involving trade shows and other physical events is the third most effective channel for acquiring customers, behind social media and SEO.
- Experiential events placed at the beginning of videos perform well, with a 12.7% conversion rate.
- 29% of brands use experiential marketing for their brand, making it one of the top five marketing channels businesses use.
Creating positive experiences for customers comes with a host of benefits. It is a good opportunity to bypass the stress of digital ads while also building emotional connections with brands.
Building memories is a great way to improve brand awareness, loyalty, and authenticity, facilitating sales and conversions. This is backed up by statistics, and we have listed some below:
- 41% of marketers say that experiential events are the most effective marketing channels over digital advertising, email marketing, and content marketing.
- Out of all the different types of events, conferences are the most effective in achieving business objectives.es.
Experiential marketing help brands achieve their business goals while adding value..
- Two in every three marketers believe that experiential marketing makes it possible for businesses to reach their goals.
- 52% of respondents believe experiential events drive more value into businesses than other marketing channels.
Making sales is one of the major targets for organizing experiential marketing, and it delivers according to the stats below.
- 79% of marketers drive sales from experiential marketing involving organizing brand events.
- 65% of brand owners that use experiential marketing as a marketing strategy see a boost in sales.
- 65% of businesses agree that experiential marketing affects sales directly.
Awareness is another benefit organizations and businesses derive from experiential marketing. When done correctly, this strategy can drive engagement and awareness for brands.
- Brands that use experiential marketing receive three times the word-of-mouth awareness of those that fail to do so.
- 58% of marketing executives believe that experiential marketing increases advocacy.
- 90% of marketers say that experiential marketing helps them get more compelling engagement.
As businesses continue to take advantage of brand experiences in their marketing campaigns, more consumers are aware of the strategy, and they are loving it.
- 74% of the respondents in a survey said that they were more likely to purchase products promoted experientially compared to those done by non-physical contact.
- 91% of consumers think participating in experiential marketing would make them more inclined to buy from the brand.
- 85% of consumers are more likely to buy from a business after participating in an event or experience.
- 85% of consumers are likely to purchase a product or service after attending a live marketing event.
- Three in every four participants in a marketing convention felt more connected to a brand as consumers after an in-person B2C brand experience. Only one in two could say the same thing about virtual experiences.
- 91% of customers confirmed they would feel more positive about a brand’s product or service after actively participating in a brand activation or experience.
- 40% of customers agree that experiential marketing makes them more loyal to a brand.
- 70% of consumers become repeat customers after experiencing a brand.
- Only 7% of customers prefer television adverts to live events which means around 9 in 10 love the idea of experiencing a product.
- 78% of millennials prefer to spend more on brand experiences rather than purchasing a product in another way.
- 92% of clients and customers expect and love personalized experiences, and one way to deliver this is via experiential marketing.
What we’re currently witnessing is an interesting time for experiential marketing. While the pandemic slowed things down slightly, the scene is finally tilting back toward brand experiences, with more brands looking to explore the option in the coming years.
- Over 60% of senior marketers plan to organize more live events and invest more in them.
- Marketing executives are expected to allocate 21-50% of their marketing budget to experiential marketing by 2023.
- 80% of event planning professionals plan to learn skills to help them design more hygienic environments after covid-19.
The marketing industry is dynamic, with numerous strategies making it to the forefront at different times. And that is quite understandable considering the many forms that exist.
However, creating awareness about products remains a common technique for getting customers closer to the product. Experiential marketing not only achieves this, but takes it to a whole new level.
The statistics show that when customers have the opportunity to experience a product, it increases their awareness and connection to it, which leads to a higher likelihood of purchasing it.
Hence, businesses and organizations leverage events to take their services and products closer to prospective buyers. You, too, can do the same and watch your brand gain more customers.