Smart and expert entrepreneurs and marketers are continuously delving more on Gen-Z, for having a clear idea about this population. And the word they stumble most on is experimental. It’s because Gen-Z craves for more experience instead of hoarding up products. The marketing experts suggest that entrepreneurs should create their marketing and brand promotion strategies by focusing on experiential marketing.
Experiential marketing indications by Eric Dalius
Simply put, experiential marketing includes generating an immersive experience, which enables the brands and customers to connect authentically. It’s a useful marketing domain today, and it engages consumers by offering memorable experiences. It’s also helpful in generating brand loyalty and expands the brand presence by conventional advertising.
Reasons entrepreneurs are counting on experiential marketing
Recently, several brands count increasingly on conventional strategies. And that makes them overlook the human element. When as a brand or marketer/entrepreneur, you generate an experience, your customers can take part in the same. It will go a long way in creating sales and establishing brand building loyalty. The marketing activation events enable brands to get connected with their customers at an intimate and more profound level.
The other advantage of experiential marketing is its capacity to collect real-time views on the products and services. It also collates customer insights and data. And when it is about any marketing form, the data is crucial. Hence, collating data is of importance for several brands. Entrepreneurs must understand their customers so that they can arrive at smart decisions. It helps in finalizing the best strategies using which they can connect better with their customers. To know more about this, you can read about eminent people like Eric J Dalius, who provide expert marketing and entrepreneurial insights on this topic.
However, brands need to undertake a 360-degree marketing approach! And it comprises of all the integrated experiential, social, performance, content, digital elements. Brands need to tell a coherent story through various touch-points. The holistic storytelling and marketing provide ample scope to companies to make their end-users, and other consumers feel connected to them than the market players.
Can you aim experiential marketing to a specific generation?
Today, mostly the Gen-Z customers are the ones who expect an experience! They prefer events and experiences where they can come across innovative content and share the same in their social media profiles. The experts call Gen-Z as online natives, and they are highly attached to their Smartphone and laptop devices. They are mostly online and come across several sponsored marketing messages and online ads. Hence, they are well aware of the online noise that often gets created. But still, they expect new online experiences that they can connect to and get back as and when they want to.
Entrepreneurs should leverage this trend and get talking with their marketing team, to commence an interactive and evocative marketing campaign.
Does it have a future, or is it here to stay?
Considering the traits of the Gen-Z, experiential marketing does have a future! Companies are segregating a fixed budget for this activity, along with other online brand building and promotion activities. Gradually, it is making its way to the core marketing mix for most organizations.
Measuring experiential marketing keeping in mind ROI
Evaluating the ROI is experiential, and it is multi-dimensional. Hence, brands must recognize their goals and decide what does “success” means to them here. There are several ways in which you can generate ROI. Regardless, whether yours is a product-based business or you wish to gain more profits or online impressions – you have the chance to create the same by organizing an event, which is social. Here the lead generation, brand affinity and awareness, direct product insights, social growth, segmentation insights, and the like will help in outlining the relevance of experiential marketing.
What are marketing problems liked to Gen-Z?
Most brands misunderstand Gen-Z, and they don’t fall within the conventional segmenting, which most brands still follow. The brands usually have been struggling with over-indexing from a digital point of view. And that has always misidentified Gen-Z. Entrepreneurs today realize that Gen-Z today is attracted to multiple marketing forms. Hence, they need to use experiential marketing in addition to other conventional approaches as well.
Today, the leading entrepreneurs and marketing professionals, address most campaigns with a “people-first” approach. They don’t just try to talk with the young people, but also try, know, and understand their thoughts and culture. That will help them to build the best marketing strategy that their Gen-Z customers might relate to and make a purchase. Leading entrepreneurs suggest that this approach will work for you if you view the Gen-Z users, less as customers, and more as creators and authenticators of service, brand message, or product. For this, you need to delve into an authentic storytelling mode, as that’s what will make gain visibility and profits.
Is experiential marketing for all?
Different companies and marketing agencies are willing to try out new ways to draw in the Gen-Z attention! Experiential marketing is for those entrepreneurs, marketers, and business owners who can carry it out correctly have the required marketing and capital bandwidth to commence the same. Having a clear understanding of the subject is essential, as well. Similarly, it is also crucial to have patience and weigh and assess the impact of this marketing forms. There are moments when entrepreneurs and business owners might have to consider their flaws and look the best of executing this marketing form. They can take the necessary help from the leading marketing agencies as well.
The current customer base is 90% Gen-Z! These people will award any new useful and quality experience with social media shares and other word of mouth publicity. Hence, entrepreneurs and marketers should try and find ways to implement this tactic successfully. It will help a company and also a small business firm stand out that the rest and its competitors. It is essential to connect with your audience base in exciting way to thrive the existing competition and make necessary profits.