Myths About Experiential Marketing
Myth #1: Smaller Brands Can’t Engage in Experiential Marketing
Many of the experiential marketing events that make headlines are hosted by larger, household name brands. As a result, you may be under the impression that larger brands with huge budgets are the only ones who can pull off experiential marketing activations, but that’s definitely not the case.
Small companies without big budgets can still engage in experiential marketing events. Of course, the type of event that you host will be different than the events hosted by larger companies. While a larger company may be able to afford hosting multiple events in different cities across the globe, a smaller company may need to think locally to stay within their budget. Remember, it’s not about the quantity of people that you reach, but rather the quality. Brands with a smaller budget can focus on targeting a very specific market instead of trying to reach everyone within their consumer base.
Besides narrowing the guest list, there are other ways that smaller brands can cut back in order to pull off an experiential marketing activation. For example, instead of renting a public space, host the event at your company’s headquarters so customers can take a peek at what happens behind the scenes. Smaller brands can also consider partnering with other local companies so they can share the costs with someone else.
If you have a small budget, don’t shy away from this marketing tactic. Consult with an experiential marketing firm to determine how you can plan an effective event within your price range.
Myth #2: Experiential Marketing Activations Are A Single Event
People often think that an experiential marketing activation is just a single event, but there’s much more to it than that. Some experiential marketing strategies are centered around a single event, but promoting the event to attract customers and create buzz begins long before the event is scheduled to take place. Afterwards, brands must continue to engage with customers in order to capitalize on the success of the event. So you see, even if the activation is just a one-day event, the entire experiential marketing campaign covers a much broader time period.
In addition, many experiential marketing activations are designed to be repeated. For example, a brand’s pop-up shop could be set up in different locations within the same state over a period of several weeks. In this case, the experiential marketing activation is certainly not just a single event, but rather a series of events that are each part of a larger strategy.
Myth #3: Experiential Marketing Is Just A Fad
Experiential marketing may have become more popular in the last several years, but some forms of it have actually been around for decades. In the 1920s, consumers were invited to flashy car shows where they could look at the latest vehicles and communicate one-on-one with brand ambassadors. Even the World Fairs that took place in the late 19th century could be considered experiential marketing since companies were invited to these events to introduce new, innovative products to consumers. Although the car shows and World Fairs of the past may not have been referred to as experiential marketing activations at the time, they meet all the requirements of one of these events.
Why has experiential marketing survived after all these years? Because it works. Companies wouldn’t keep relying on this type of marketing if history had shown that it was ineffective. No one should think of experiential marketing as a fad—this strategy is here to stay.
Myth #4: Any Agency Can Plan An Experiential Marketing Event
Your company’s marketing department may be full of incredibly talented individuals, but that doesn’t always mean they are qualified to plan an experiential marketing event. Implementing an experiential marketing strategy is very different from implementing print or digital marketing strategies. If you want your experiential marketing activation to go off without a hitch, it’s important to work with a team that has experience in this specific field. If you’re worried about letting a firm handle your event, feel free to involve your team in the planning process so they can ensure that the firm’s ideas are in line with your brand’s values.
If you are interested in hosting an experiential marketing event for your brand, let our team of experts help. Contact Factory 360 today to schedule a free consultation to discuss your needs.