Experimental Marketing is a tool to create customer lifetime value for the brands. Experiential marketing is a form of advertising that focuses primarily on helping consumers experience a brand.
BRAND PROMISE OF EXPERIMENTAL MARKETING
Basic promise of experiential marketing is to create a closer bond between the consumer and the brand by immersing them in a fun and memorable experience. If the brand creates a positive connect with the consumer, addresses his latent needs and establishes a bond. Once this connect is established, brand loyalty increases, customer do keep coming back. Experimental marketing helps in tracking down the strong points of brand scores, helps in getting an instant feedback on the area’s to be improved.
Experimental marketing as a brand tracker is effective. It creates bigger impact then traditional forms of advertising . Experiential marketing needs to target the right audience at the right time.
EXAMPLES OF EXPERIMENTAL MARKETING
IPL is the best example of experiential marketing as it stands for pure entertainment. Brand surveys say, its value is diminished over the years, however entertainment quotient is still the same. Advertisers are still queuing up for advertising during IPL despite reports like unsold inventory, lesser GRPs. More new brands are still investing their money in IPL for new product launches. For eg: DTH player TATA Sky has used IPL for the launch of its daily recharge.
Vivo the title sponsor of IPL 10 , Vivo as a brand has always engaged in experiential marketing from time to time this strategy of theirs has created a positive recall and a better brand recognition among the new players in the mobile industry. It has established the right connect with the youth who are the key consumers of mobile phones. The key feature of VIVO phones – front camera used for selfie, demonstrated through experiential marketing. This has worked wonders for the brand VIVO to connect with youth.
A lot of times people don’t know what they want until you show it to them.” – by Steve Jobs
Many mobile phones’ has taken a cue from Vivo and are tying up with major events to provide experiential marketing. Shoe maker, Addidas organised the D Rose Jump Store to promote Derrick Rose’s Signature sneakers. This gave the participants a sneak peak preview of a basketball player’s life by asking them to jump 10 feet which is similar to the basketball jump.
There are many examples of experiential marketing forming a memorable and emotional connect between the consumer and brand that it created customer lifetime value. The Experience provided by the brand generated customer loyalty, influence purchase decision of others through positive word of mouth.
It serves as a platform to showcase the product to its customers. It allows consumer to directly try the product and builds an experience that they will not forget.
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