What is Experience Marketing?

To a large extent, we are the sum of our experiences. The things that we’ve seen, heard, said and done, whether trivial or impactful, inform our personality, our thought patterns, and our attitude. They also form the basis for all types of relationships: positive ones, negative ones, and each one that falls somewhere in the middle.

Experiences can be powerful. Experiences can be life-changing.

Experiences matter.

What about the relationship between a consumer and a brand? That matters too. Companies are increasingly looking to win the marketing battle against competitors by leveraging a strategy of experience marketing. In other words, companies want to build strong, enduring customer relationships by making each and every brand touch point a positive one.

As an offshoot of event marketing, experience marketing used to be the red-headed stepchild of the marketing world. Not anymore. Modern experience marketing leverages technology, data, and storytelling to drive customer acquisition, retention, and lifetime value.

Why Experience Marketing?

Is experience marketing simply an advertising gimmick with a lot of shine and no substance? Far from it! Again and again, studies have shown that customer experience is a crucial, fundamental element of an effective marketing strategy. Consider just a couple of statistics:

These are real numbers, with real force. In fact, experience marketing is reportedly growing faster than advertising, PR, CRM and media. Here are some reasons why experience marketing is so powerful:

Changing Values

In the past, two of the biggest drivers for customer engagement were price and quality. However, things have changed over the last several years: more and more modern consumers prefer to do business with companies that foster meaningful engagement, authenticity, and social awareness. They want to interact with brands that align with their values. They want to enjoy organic experiences.

In short: modern customers are less interested in getting a good bargain. Instead, they are more concerned with building a meaningful relationship with a brand.

As an example, a 2016 study from Harris Poll found that some 72% of Millennials would rather pay for an experience than a tangible, material product. Clearly, marketers need to shift their focus to providing unique and engaging experiences to the new generation of shoppers.

The Power of Storytelling

Everybody loves a good story; it’s just human nature. When brands craft compelling narratives, they can generate powerful emotional responses within their target demographic. And strong emotion almost always leads to decisive action.

Companies that leverage authentic and engaging storytelling, especially in combination with an immersive experience, will connect with their customers more deeply than ever before, and receive a deeper level of loyalty in return.

Attention

Experience marketing also allows brands to capture one of the most valuable commodities in existence: the customer’s attention. Immersive experiences are not only an invitation for a customer to be entertained, educated, and inspired; they are also opportunities for a brand to vicariously spend quality time with each individual consumer. This time spent together forges an even stronger relationship between company and customer.

Hybrid Approach

Experience marketing offers an excellent forum for the convergence of analog and digital mediums. With innovative technology in place, marketers can engage with audiences before, during, and after each brand experience. Companies can create the perfect physical environment, craft the perfect brand narrative, and then use a combination of elements to bring it all to life.Experience marketing is a difference maker in the business world, and it will only grow more popular with each passing year. What are some awesome experiences that you’ve enjoyed? Send them to us via hello@boost-experiential.com; we’d love to keep the conversation going.