Just What Is Experiential Marketing, and How Can It Be Measured?
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If social media is to believed, people living in major cities can’t leave their homes without bumping into a prank featuring a vomiting baby or an elaborate interactive installation involving celebrities or artists.
This is so-called experiential marketing — loosely defined as messaging you can touch, feel or view in a physical space. It’s on the rise in recent years as marketers of everything from cars to movies aim to make their brands a tangible presence in consumers’ lives either in person or digitally through YouTube videos, tweets and Instagrams.
Marketers are spending more on experiential even though return on investment measures are murky. According to the Event Marketing Institute’s EventTrack study, marketers spent an estimated 4.7% more last year on event and experiential marketing. The study also indicated that experiential is growing faster for companies with more than $1 billion in total revenue, which hiked their experiential budgets 9.8% in 2012.
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