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Experiential is on the top of every good marketer's to-do list this year. As traditional advertising declines -- TV ad budgets declined 2.4 percent in 2017, and experts predict magazine ad spend will drop by 6.8 percent in 2018 -- brands are searching for innovative ways to resonate with consumers. Here are some of the most popular developments in experiential that you need to know about.
Marketing technology is booming. Wearables, smart appliances, car navigation systems -- all of these devices provide you with ample opportunities to reach consumers. Personalization, however, resonates with customers on a much deeper level, according to a recent article from MarTech Today.
"Success lies in creating personalized experiences and delivering them in an authentic manner -- spanning marketing, sales and customer service -- aimed at resonating deeply with customers so that they feel valued and appreciated," it says.
How does this relate to experiential? Well, marketers who focus on consumer behavior and personas get access to more accurate data, which influences future campaigns. The result? Better brand activations and more successful customer engagement. There's plenty of research out there to back this up. When asked to prioritize one thing that will influence marketing in the future, one-third of all marketers said personalization, according to one study. Moreover, 77 percent of marketers say real-time personalization is crucial.
"Personalization goes beyond brand awareness, and organizations should think deeply about how they approach persona marketing," says MarTech Today. "Segmentation is a good start, but it's not enough." Building customer experience projects and agile teams across all parts of your organization, the article goes on to say, improves your customer experience and correspondence.
Brand-new research reveals what consumers really think about marketers -- and the results are surprising. Only 19 percent of people believe what marketers tell them about products, according to a study from GMR Marketing last month. Experiential, however, can change the way consumers interact with your company.
"For brands, the report exposes the needs that consumers seek to satisfy through memorable, live experiences," says GMR Marketing. "Brands can intensify the significance of live experiences by crafting distinctive memories to satisfy these needs."
The GMR study mirrors other research that shows consumers prefer experiential over traditional marketing. Sixty-five percent of people say live events provided them with a better understanding of a product or service -- much more than TV advertising and digital marketing efforts.
Eighty percent of consumers are more likely to carry out business with your brand if it provides a personalized experience, according to a recent study from Epsilon Research. "As brands and consumers alike increasingly embrace personalization, one-to-one marketing that engages individual consumers based on their unique interests and preferences is on the rise," says Jim Rund, chief revenue officer of personalized digital marketing company Conversant.
Experiential marketing helps you create one-of-a-kind personalized experiences that consumers will forever associate with your brand. From in-store activations to live events to pop-up stores, experiential will create deep connections with your customers -- something traditional advertising just can't do.
These are just three of the latest developments in the world of experiential. Keep an eye out for the newest marketing technology and industry research, and stay one step ahead of your competitors in the experiential space.
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