Experience is everything. That's proven to be quite literally true for market leading brands in every industry. A full 86 percent of consumers say they are happy to pay more for a superior consumer experience, and by 2020, the customer experience will surpass price and quality and the primary way most brands will compete. In other words, low cost or high quality don't matter to consumers unless they feel better after interacting with your brand.
Another critical statistic to keep in mind is that 78 percent of customers have simply walked away from a transaction or canceled a purchase due to poor customer experience. Most of the time they won't tell you why - they will just leave and never come back.
In the perennial search for reduced costs and greater efficiencies in marketing activations, data on the customer experience can be your not-so-secret weapon. Here's how successful companies have rolled back costs while ramping up marketing efficiency with data from experiential marketing campaigns:
Imagine convincing 90 percent of store visitors to change their minds about the brand, even though 87 percent of them own cars from the competition. That's what Lincoln Experience Center in Dallas did with a connectivity lounge and a "story wall" where consumers can learn about the brand. Visitors can also use an interactive digital "configurator" where they can design their own luxury car. There's even a café and treats for pets as well. The data on what these high-value customers want can inform your next large-scale marketing campaign.
While some automakers go all out to impress their more valued customers, some turn inward. Virtual reality (VR) and augmented reality (AR) headsets were a big hit at Ford's exhibit at the 2017 Auto Show. It took viewers to places they've never been, and actually can never be, such as the interior of a car's structural framework and a race through a wind tunnel. A companion app for customer smartphones gave them special access to the convention center through a private entrance. An app represents is a relatively inexpensive and simple marketing tool that can generate a wealth of customer data.
A recent survey found that 31 percent of consumers don't engage with brands and vendors more often because they have simply lost interest. To counteract that, BuzzFeed capitalizes on collected data to send more than 20 different types of email newsletters to customers based on specific customer interests. Integrated software that allows marketers track prospects before, during and after an event, compiling data into a multi-faceted buyer persona.
These "systems of engagement" generate personalized interactions to contact consumers and prospects in original ways. A few of those ways include surveys, personalized promotions, targeted email follow-ups and more. Companies that wait too long to follow up with prospects after a live event risk wasting all that marketing spend.
Not every experiential marketing campaign has to be flashy or expensive. What matters most is interactivity and the human touch. For example, the first touchpoint for 61 percent of new car buyers is the moment they walk in to a dealership. Don't squander the positive momentum at this critical juncture. You can improve their initial live experience with technology as simple as a tablet that answers their most common questions about your car models.
There are many ways to effectively optimize your marketing spend, but they all should start with the goal of giving the customer an unforgettable experience. Experiential marketing helps move you from the overcrowded attention marketplace into the "preferred brand" area of your customer's mindshare account.