The value experiential marketing can add to your brand is something that should not be understated. Whether it’s being used to help further positive associations between existing customer or act as a gateway to promote your brand to new users, the level of brand loyalty experiential marketing can offer is something any marketeer should aim for.
How should you measure ROI for experiential?
The return of investment (ROI) is usually measured with a simple equation.
Profit generated (from sales through a particular activity) – activity cost/set-up = ROI
However, with experiential marketing, this limited formula doesn’t actually reflect the full ROI this marketing strategy can offer. Much like traditional billboard marketing, brand awareness generated can be hard to measure. However, the advent of digital has made this metric somewhat easier to track. For example, one huge benefit of experiential is social buzz.
When carried out correctly, through a mix of original experiences, marketability and exclusivity (see Carlsberg’s beer dispensing billboard) experiential marketing can propel your brand into the trending sections of social media.
This is where you can start to see exponential growth with the notoriety of your brand, and where most of the ROI from experiential is coming from. As people who experienced your marketing share through social and word of mouth, social listening tools can be used to help show the success of your campaigns.
Why is experiential so valuable?
Experiential marketing has long been considered one of the most lucrative ways to reach out to your audiences. Through campaigns like sampling campaigns, spectacle photo opportunities or a VR experience, the core principle of experiential marketing success is offering unique, original experiences that create positive associations with your brand.
Now what really helps increase the ROI you receive from any experiential marketing is how well you lend it to social sharing and trending.
“98% of consumers create digital or social content at events and experiences, and all of these consumers share the content”
Optimising your social channels prior to any experiential marketing is a must. Have a clear distinct handle (social name) to make it easy to find and start a hashtag associated with your experience so it’s easy to share and discover.
92% of consumers trust organic, user-generated content more than they trust traditional advertising.
With customers creating content online around your brand you can take advantage of user-generated content (UGC) which is the most form of advertising you can use. Helping you gain access to a truly organic avenue of marketing free of charge.
Caters to the savvier customer
These days you’re marketing to digital natives, very tech-savvy individuals who understand how they control the content they see online. For example, adblockers have become increasingly popular meaning often that large-scale online marketing efforts are going unnoticed and contributing to a lot of wasted spend.
What experiential marketing can do to help drive your ROI is it delivers actual, as opposed to statistical reach figures for your brand. Active experiences lend themselves ten times over to today’s customers over passive text or video campaigns online.
It helps craft meaning memories that can be associated with your brand, your marketing plan should be based around what can it do for your customer not just how can it sell to your customer.
A great example: Marshmallow Man causes havoc at Waterloo station
Spectacle always gears towards social sharing, having something relevant, iconic and jaw-dropping is a great way to encourage social sharing with your experiential marketing campaigns.
For the 2016 ghostbusters reboot commuters in London’s Waterloo train station were greeted with a giant ‘Stay Puff Marshmallow Man’ emerging from the ground. “with research finding that unexpected events can result in more pleasure responses in the brain, brands are increasingly searching for ways to ‘surprise’ and ‘delight’ consumers.”
This coupled with the hashtag #ghostbusterswaterloo was an ideal set up for social sharing, as something this surprising and spectacular was perfect for photo opportunities.
If you’d like to read more on how experiential marketing can benefit you brand check out our blogs.
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