3 Big Reasons Experiential Marketing Is The Future Of Retail

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. 

  1. 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.

Seunfunmi Bolarinwa
Seunfunmi Bolarinwa

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