Experiential marketing is an excellent way to generate buzz about a brand or product. Yet, there are a lot of myths about this type of marketing. There are many digital and real-world experiences that customers can access. It can be challenging for a company to sell its products if it cannot create outstanding customer experiences to differentiate itself from the competition.
Experiential marketing engages customers and immerses them within a product to experience the product before making a purchase. This personal engagement helps build a solid emotional connection between customers and brands. Experiential marketing is at the forefront of modern marketing practices. Yet, it is not always successful. Here are a few myths and misconceptions about experiential marketing.
1- It is Only for Big Brands
A common myth about experiential marketing is that it only works for big brands. The truth is that it can work for smaller companies as well. The key for companies of all sizes is to create engaging experiences and harmonize consumers with the brand. For example, social media is a popular and cost-efficient way for small companies to get people to talk about their brands. Industry conferences or local networking gatherings are other low-cost ways for small businesses to allow customers to experience their products.
2- Immediate Expectations
Success can take some time. Small businesses may expect to see immediate positive results after creating an elaborate experiential marketing campaign. Many companies will abandon their great idea and try something else if they do not see results right away. The problem with this approach is that experiential marketing takes time for brand awareness to grow. Customers need to try a product, tell their friends about it and give some time to see how a product complements their lifestyle. A life-long love for a brand develops as customers use the product over time.
3- It is Only a One-Time Event
Another common myth is that an experiential marketing campaign is a one-time event. However, small businesses can have experiential marketing campaigns multiple times a year. For example, small companies can attend numerous industry conferences and business networking events throughout the year. They can also create various social media experiential marketing campaigns to build customer brand loyalty.
4- It is Too Expensive
The cost of an experiential marketing campaign can range from low-cost to expensive. However, the campaign results have very little to do with its costs. Instead, experiential marketing is about creating a relationship with the customers. There are many creative ways to make a campaign at a minimal cost to draw customers to a brand.
5- It is a Trend
Experiential marketing is not a new trend. It has been around for as long as businesses have been selling products. This marketing strategy involves everything from handing out food samples to getting samples of cologne or perfume. Companies may hold a raffle where winners will receive a free meal or a discount on a service. Big-box stores, department stores, and shopping malls use experiential marketing to help sell products.
This form of marketing aims to create a memorable experience for customers. An authentic and creative interactive customer experience can build a solid emotional attachment to a brand, leading to long-term patronage.