We are constantly surrounded by people trying to sell us something. People in the grocery stores with samples of this and that. Ladies at the cosmetic counters offering makeovers. Very sophisticated advertisements on television. Radio endorsements by your favorite morning team who have used the product first hand. Are we so skeptical that we must try it before we buy it?
Maybe so.
Experiential marketing may be the way to influence the mind of the buyer – young and old. So what is experiential marketing? Let’s call it a buzzword for live events, getting face-to-face with the buyer. Product sampling, tradeshows, test-drives and facility tours are just a few examples. Live, face-to-face events are proving to be more influential in driving quick sales than direct mail and even television – and by a good margin. According to a 2003 study by SRI, 43 percent of buyers are likely to make a purchase after participating in an experiential marketing experience as compared to 20 percent who have just viewed a television spot.
Experiential marketing offers the “try it” approach and has been successful with higher priced items such as cars and computers. Is experiential marketing the new purchase incentive? Is it just too hard to tell someone “no” when you are engaged one-on-one?
Experiential marketing is about creating an “experience” or the emotional satisfaction the buyer has when making the purchase. How do you create the “experience” in your business-to-business advertising campaign? What does it take to get the buyer to take action? It starts with really getting to know your customers and what makes them want to buy. How do they feel when they make the purchase? It’s not an easy thing to do, but it is a necessity. By knowing your buyer, you can create a path to lead the buyer through a successful buying experience.
Here is one example. A company has identified its core customers and discovers they are early adopters of new technology products. The customers’ biggest concern is making the latest technology integrate with their existing system with no downtime. They spend long hours in the office behind the desk working with tight budgets and answering to upper management. They spend three hours a week reading trade publications to learn how their peers have solved their networking issues. They only get out of the office for business to attend two tradeshows per year, which is the only time they really have to interact with their peers and solutions providers. Their biggest fear is getting fired for their network going down.
This scenario offers several opportunities to engage the buyer in experiential marketing. The main objective is to get the buyers to try the product. Once the buyers have the opportunity to experience the product in a real-world environment, they will feel empowered and confident in their purchase decision. In this case, a great way to create a live, face-to-face buying experience is to draw the prospects to a tradeshow booth at the two tradeshows they attend.
Savvy messaging in trade advertising strategically placed in key publications can begin laying the foundation and can create excitement about the product. In addition, direct mail may be sent to a list of trade show attendees to reinforce the product benefits as well as invite them to visit the booth and give the product a try. Purchase incentives, attractive to the buyer, may also be used to further enhance the buying experience. The key is that all advertising messaging and delivery must address the buyers and show them you understand their problems and offer the best solution to meet their needs.
The buyer has arrived at the show and is intrigued by the product solutions available. The foundation has been laid; the idea of job security may be just steps away. Now, it’s showtime. You must select a good location for your booth and offer an interesting twist to draw in the customer. Once you get them engaged, the typical buyer will spend about 14 minutes participating in the event. And that’s far longer and more interactive than the 30 seconds you get with a television spot.
It all sounds easy enough, right? It takes a lot to understand your audience well enough to pull it off and to see an impact on the bottom line. No matter what or to whom you are selling, it’s important to consider what makes them want to buy. You need to research and analyze the target, the benefits of the products and how you relate to the buyers’ needs and emotions. Experiential marketing will never take the place of traditional advertising or build a brand by itself, but it will enhance the advertising program and the buyers’ experience.