Experiential Marketing Creates an Emotional Bond Between Your Brand and Your Customers
When you are looking to increase your Customer Lifetime Value while creating and nurturing a deeper, more emotional connection to your business, experiential marketing can help you achieve success.
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Improve Your Customer Experience and Build Emotional Connections With Experiential Marketing
What is Experiential Marketing?
Experiential Marketing is a type of marketing where companies create experiences for their consumers. These experiences could include anything from events at stores to product demonstrations online. This kind of marketing usually involves creating an emotional connection between consumers and brands.
The most successful experiential marketers are those who understand the psychology behind why people buy, what motivates them, and how they respond to different stimuli in their environment.
There are many ways that you can use experiential marketing to your advantage. For example, if you want to increase foot traffic to your store, then you can hold an event at your location. You can also host a pop up shop or give away free samples to attract attention.
If you want to encourage sales, then you can participate in an interactive giveaway. Or maybe you would rather have your visitors share a positive experience when leaving your business. Then you should set up some sort of branded activity to promote a good feeling within the community.
Why Experiential Marketing Matters Today
Experiential marketing has become increasingly popular because it's seen as a great way to connect with customers and build loyalty. It's also a cost-effective way to drive sales and increase conversions.
The key to experiential marketing is making sure it's relevant to your audience. If you're selling a product, then you should be able to show people why they'd want to buy it. If you're promoting a service, then you'll need to demonstrate what makes your company different from its competitors.
Here are three reasons why experiential marketing matters today:
1. Customer Experience
The most effective forms of marketing are those that make customers feel special. They're able to relate to you and understand your brand better when they've experienced things.
Depending on how you approach experiential marketing, you can discover great insights into customer pains and desires simply by listening to them while they are immersed in the experience.You'll get nuggets of insight that surveys, or even focus groups, and data extraction can't provide.
People who have had positive experiences with a company are much more loyal to that company than people who haven't. So, if you want to keep your existing customers happy, then you need to give them positive experiences.
The best way to do this is through experiential marketing. By giving customers a unique experience, you can show them that you care about them and that you want to help them achieve their goals.
3. Sales & Conversions
The last reason why experiential marketing works so well is that it drives sales and increases conversion rates. If you want to boost sales, then you should be using experiential marketing.
This is because experiential marketing helps you to reach out to prospects and convert them into paying customers. You can use experiential marketing to offer free trials, discounts, giveaways, contests, etc., to encourage people to sign up for your service or buy your product.
Experiential marketing examples
The most common example of experiential marketing is events; from trade shows to festivals, to in store demonstrations, to home parties, experiential marketing works because it immerses the prospect or customer in the use of the product..
In fact, experiential marketing has been growing at an incredible rate over the past few years. In 2017, industry experts predicted that experiential marketing would account for $6 billion in revenue. That number was expected to grow to $10 billion by 2020.
But what exactly does experiential marketing mean? Here are some examples of experiential marketing:
- If you've been to Costco, you know that they have little stations throughout the warehouse where you can taste certain products, or take trial products like dishwasher soap home to try before you buy.
- If you've ever been to a home party, where your host and the sales rep set up an experience for you to learn about the product, you know that these types of experiences are very effective.
Experiential Marketing Benefits
Experiential marketing offers a range of advantages that appeal to businesses. The first one that comes to mind is exposure. With experiential marketing, you have an opportunity to reach out to potential clients directly. Another benefit is that it gives your branding authority credibility. Through experiential marketing, your image will become much more interesting and engaging.
Another benefit is that companies can target specific groups of customers. In order to get maximum exposure, you need to make sure that the media outlets that cover your industry know about your promotion. You may be surprised to find that some media outlets may not cover your brand because they don't think that your audience will care about it.
With experiential marketing, there is little risk involved as clients are not committing until the end of their experience. If they decide not to pick up your goods then it does not matter because they did not purchase anything. Because of these reasons, experiential marketing can really help boost sales.
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Frequently asked questions
World Incentive Network Inc. is a BC based company, founded in 1996. We are a full service incentive marketing and performance improvement company that creates, markets, and manages reward, recognition, and incentive programs.
As part of our services, we connect qualified buyers with vetted suppliers. We do this as affiliates, value added resellers, consultants, and influencers.
We provide a variety of services including consulting, program design, program management, and marketing. These services are paid for by the business who needs our assistance.
The suppliers listed in our directory pay us for marketing their business and selling their products or services.
The suppliers in the WIN directory have been chosen so that businesses of all sizes can find the best solution for their specific needs.
There are suppliers who cater to Mom and Pop businesses, small businesses, mid-market companies and enterprises.
Our role is to connect you to the supplier that is best suited for your business and its needs.
The WIN Directory is a marketing service for business performance improvement suppliers. We enter into arrangements where we market, and sometimes sell, on behalf of the supplier.
We also work with the buyer to help them select the best option for their particular needs, whether it is simply recommending a supplier and making the connection, or combining a variety of suppliers to create a unique and customized solution.
If you need help to create, promote, and manage incentive programs or recognition programs, our specialists will take care of you.
And, if we're not a good fit for each other, with respect to your needs and our services, we will happily refer you to a better suited service provider.