Mladen Djankovich on How Small Businesses Can Benefit from Experiential Marketing
There are many ways to market a small business, and one that has proven effective is experiential marketing. The strategy veers away from traditional channels of marketing; experiential marketing focuses on engaging customers hands-on through brand-sponsored events and experiences. It allows customers to become involved with the brand or products by allowing them to experience it in the flesh.
Some of the possible benefits that small businesses can gain from experiential marketing are the following:
It Generates Brand Awareness
One of the challenges that small businesses face is getting people to know about their brand. Through experiential marketing, connections can be made, and relationships can be established with consumers. According to a report by the Event Marketing Institute, 65 percent of people who attended brand-sponsored live events said that they achieved a better understanding of a business’s product or service because of the experience.
It Drives Word-of-Mouth Marketing
The world is connected now more than ever, thanks to digital technology and social media. This provides a powerful opportunity for businesses to market their products or services, as some people tend to share their positive experiences with a brand. Depending on the brand, the nature and the size of the idea that allows people to interact with a company – the coverage that follows can be immense. When a customer comes across a brand simply because friends and ordinary people are having fun and sharing it – you’re going to get a lot more traction and honesty than with paid advertisements.
It Nurtures Brand Loyalty
For small businesses, retaining customers is as important as, if not more important than, gaining new ones. Experiential marketing allows businesses to emotionally connect and provide an authentic service to consumers, both of which can lead to brand affinity, resulting in repeat customers or brand loyalists.
- Mladen Djankovich is a successful entrepreneur, marketer, and consumer trend expert. In 2013, he co-founded BookedOut, a cloud-based mobile app/platform that manages marketing event logistics and staff for some of the world’s biggest brands. Learn more about Mr. Djankovich here.