According to a 2019 Forbes report, Traditional marketing simply doesn’t cut it anymore and because experiential marketing directly engages customers, inviting them to experience brands in-person rather than putting them in the role of an observer, it has become the future of retail.
93% of consumers claim that live events have a larger influence on them than TV ads proving this claim.
- Marketers are beginning to embrace the importance of experiential marketing –
This is proven by the Freeman Global Brand Experience study that stated that more than a third of CMOs plan to spend 21% to 50% of their budgets on brand experiences over the next several years. Also, 80% of marketers believe live events are critical to their company’s success, and 77% use experiential marketing as a vital part of a brand’s advertising strategy.
2. Consumers Want Memories, Not Just Products.
Consumer buying culture is changing dynamically. 74% of live event attendees say they have a more positive opinion about the company, brand, or product being promoted after an event. Also, 98% of users feel more inclined to purchase after attending an activation. The human touch and immersive experience goes a long way for brands and pays off in the long run.
3. Millennials Prefer To Spend Money On Experiences
A study from Harris Group found that 72% of millennials prefer to spend money on experiences rather than material things. The real benefit here, from a business perspective, is that consumers are willing to spend money on experiences, and in turn are more likely to purchase products the company sells.