In today’s fast-paced world, traditional advertising and marketing tactics are becoming irrelevant at the speed of light. Patience is no longer a covetable virtue. The age of technology has placed the world on our palms, and we have become used to the pleasures on instant gratification. However, in this overly tech-friendly world, people are losing the human touch. More and more humans are craving tangibility with each passing day.
We have access to hundreds and thousands of brands and businesses, thanks to our smartphones. The average mobile user in the US has more than 20 dedicated applications for shopping and ordering products and services. In a time of such convenience and easy access, businesses cannot afford to remain faceless entities. They need to make themselves more tangible than before for the sake of consumer loyalty and customer satisfaction.
Consumers are bored; they need more than billboards andbanners
Recently, brands have come to realize that event marketing and experiential marketing are the only efficient ways to reach out to the target population. Out of 100 studied businesses and brand marketers, 41% agreed that event-based marketing remains at the top of their priority list in 2019. They leverage experiential marketing techniques more than they utilize their social and email marketing channels in the current year. The market influence of event-based marketing is experiencing a steep surge due to the consumer’s need for tangibility.
The investment in experiential marketing is increasingdaily
The only downside of this growth is that the events industry is no longer as barren as it used to be even two-years back. Over 62% of the participants of a marketing study stated that they are planning on increasing their allocated budget for experiential marketing in 2019 by almost 22%. Although the percentage might sound insignificant to some, we’d like to remind them that the event budget of some brands reaches close to $100,000 if not more. Therefore, an increase of just 22% is a considerable amount for the brand’s marketing efforts, especially since brands typically don’t look forward to making sales or profits directly at the promotional event. Just like any other ad campaign, it is a long-term investment, except with much higher rewards than traditional forms of adverts.
Who can benefit from experiential marketing?
It is interesting to see that in 2018, software and services companies spent close to $182.4 million for organizing live events. Media companies doled out close to $73 million, and professional services brands spent around $89 million for the same. While event marketing might sound too expensive, the trackable metrics and high ROI make experiential marketing one of the most rewarding instruments of brand activation and product promotion. It is indeed possible to set up live events for the target audience at a fraction of these amounts, but you will need a talented set of marketing experts, planners, and designers in your team. Visit the top experiential marketing agency in Los Angeles to find out more about the different types of experiential marketing campaign opportunities for various budgets.
Event-based marketing boosts company performance
We all know how challenging it can be even for the veterans to maintain a dedicated audience in Los Angeles. There are thousands of businesses inside a small radius, and every one of them is trying their best to impress their potential customers. Making yourself prominent will take more than the typical free sampling stations outside your shop, and handing out coupons from the corner of the block. Close to 89% of the businesses in LA that have outperformed their earnings from the last year have confirmed that they have turned a more significant portion of their investments towards live events. These successful businesses include several popular and new LA-based software and technology companies, media agencies, and commercial services. While some media companies rake up profit by making these events ticketed, other companies focus on garnering new leads and conversions during such events.
Why does your company need experiential marketing nowmore than ever?
One cannot deny that the relationship between a brand and its consumers is standing at a critical point. Consumers have the option of trying different brands and new products by fiddling with their phones a little. It is no longer a formidable task to walk up to a new store, explain the consumer’s preferences, and try different apparel or accessories, before making a buying decision. It has become as simple as pressing one button. Brands have become more cautious than ever about preserving the loyalty their customers have for them. As a result, several events in 2019 are focusing on the integration of digital technology with tangibility during their brand events. Experiential marketing has not only become a robust instrument that most LA brands use to publicize new product lines, but they are the glue that holds their dedicated customer base together.