Category: Marketing

The 4Ps of marketing are no new thing.

These have been around since their inception in the 1960s.

They are preached everywhere: in marketing classes, seminars, webinars, etc.

They are the cup of tea of marketing aficionados.

There’s no denying that this marketing mix has dominated the marketing arena for ages.

But here’s what you may not know…

That the 4Ps of marketing are slowly but surely becoming obsolete!

That these could be swallowed alive by the very competent 4Cs.

You see, technology is evolving by the minute, helping rewrite the history of marketing.

Which explains why, in today’s time and age, the 4Ps of marketing have become less effective, giving room to the other side of the coin – the 4Cs of marketing.

Agree or not, the 4Cs are becoming “king” in today’s customer-centric world.

If you haven’t already realized, the modern consumer is in control of almost everything, including influencing the seller’s decision making process.

Today’s customer can buy anytime and anywhere.

With the rise of Amazon and eBay, the contemporary end-user is no longer limited to some offline store, or even their country, when it comes to making a purchase.

See why you should incorporate the 4Cs of marketing into your marketing activities – if you’re looking to even make a sale?

That’s right; things have changed!

Today, marketing is mostly digital with fully automated systems set in place.

It’s either you embrace the change or lag behind helplessly.

Louise Pegg, head of marketing at Landbay, is spot on about it.

She says, “Marketing is no longer about what businesses want to tell their customers, it is about businesses listening to their customers and responding in a way that offers a meaningful solution to them.”

Therefore, without further ado…

What Are the 4Ps of Marketing?

Just in case you had no idea, the 4Ps of marketing are the pillars that help describe the marketing basics.

They are rules meant to guide marketers through their marketing journey.

They act like cornerstones that marketers need to cling on so they can best position their product to “the masses.”

And, while it’s true the 4Ps of marketing have helped businesses thrive in the past, they are now, inevitably, paving the way for the 4Cs.

The 4Ps of marketing include the following:

1) Product

As a product developer, ensure your product is attractive to your target market; otherwise, it won’t attract sales.

Your product’s features should be obvious.

These should be clear to the end-user when they first see your product.

They should be spotted with ease.

How about the quality of your product?

Is it high, low, or average?

Not just that, but is it, actually, agreeable to your target market?

Conducting a thorough research might help bring some answers to the table.

Another thing you should look at is packaging.

How are you going to package your product?

Is the packaging material durable enough?

Is it readily available, for the long term?

In addition, you ought to think about things like after-sales services.

Is your product going to need an after-sales service?

If so, what measures have you put in place?

Note that branding counts, too.

Is your logo and tagline reasonable enough?

Are they unique?

The thing is, you need to position your product in such a way that it stands out from the competition.

Whether you’re looking to offer a new product or just want to offer an existing product with some modifications, you should do whatever it takes to ensure the thing is rocking it!

2) Price

How are you going to determine your product’s price?

Are you looking to set the price high, low, or average?

Whatever you should settle on, ensure your price is not too high or too low.

You may leave money on the table if you settle for an incredibly low price.

Flipping the same coin, you could scare to death budget-conscious customers if you set an extremely high price.

If you really are unsure of how to determine your price, it’s prudent to do things like distributing questionnaires so people can give a helping hand.

Creating polls can come in handy as well.

And, how about the mode of payment?

How are you going to agree on it?

This is when you need to think along the lines of cash payments, credit payments, etc.

Discounting might also be ideal.

In addition, incorporating taxes in your pricing is crucial.

3) Promotion

You need to make known your product’s value to your target market.

It’s the only way your customers will get wind that “something” is even available out there.

Therefore, you should educate your customers about the significance of your product.

Your product’s benefits need to be obvious to the end-user.

If there’s that “little extra something” you’ve incorporated in your product, let it stand out.

Even so, promotion can be done using various means.

You can advertise via TV, radio, etc.

You can carry out personal selling – provided it’s suitable for your business.

You can also promote your product via sales promotion and direct marketing

Whatever promotional strategy you embark on, ensure it’s viable enough – make sure it can motivate the buyer to buy.

4) Place

This involves making your product available to your target market.

For instance, what plans do you have in place for the customer to access your product.

If you’re going to use distribution channels, are these effective enough?

If it’s a service you’re offering, will you have customers come to you or you’d rather go them?

The thing is, you need to position your product so it’s accessible to your target market hassle-free.

Ensure your placement is suitable for the customer to have a clear view of the product prior to making a purchase.

Ina nut shell, according to the proponents of the 4Ps-model, these are some of the factors you need to consider with regards to making your product available to your customers.

What Are the 4Cs of Marketing?

The 4Cs of marketing are simply the other side of the coin with regards to the 4Ps of marketing.

The 4Cs are customer-centered while the 4Ps are seller-oriented.

The 4Cs-model does put the customer in control of everything, contrary to the 4Ps-model where the seller is in control of everything.

Which, in fact, explains why the 4Cs are rewriting the marketing history.

That’s right!

Today’s customer is pretty different from the ancient customer.

As a result, if you’re looking to woo them to buy your product, you need to put the right measures in place – the 4Cs.

And, so to speak, the 4Cs of marketing are poised to be a winner with regards to that; they boast tactics that are agreeable with the contemporary end-user.

Just like you are about to see!

Below are the 4Cs of marketing:

1) Customer

This revolves about your end-users and their habits.

How well do you understand your target market?

Have you done enough research to determine their needs?

If so, have you tried to address their problems, by creating a product that best solves their problems?

Note that the customer is “king” here – they help influence your decision making process to a great extent.

Which is why you need to identify your target market first before you can even think of coming up with a product.

Your target market can range from a single niche to several different niches.

Just understand that each slot has different needs, and that you need to attend to each one of those differently.

You need to develop different products for each of your target markets.

Don’t just create a single product and assume everyone is going to be interested in it, as is the case with the 4Ps-model.

2) Cost

I need to make it clear that “cost” is not the same thing as “price”.

Never!

These are two different things altogether.

Price is the amount of money your customer pays in exchange for the product you’re giving them.

Cost, on the other hand, includes price itself plus other things that affect the consumer in their quest to obtain your product.

Consequently, when thinking about cost, you need to think of things such as the time it could take the customer to access your products.

Reflect about the distance they are going to travel in order to access your product.

Contemplate over any negative consequences your product might have on the consumer.

For example, if you are selling junk food, think of how it’s going to cost the customer’s health.

If you are based online, have you thought of the shipping costs your customers are going to part with?

And, how about the shipping time?

How long should it take before the customer receives the product once they have ordered it?

In the same vein, it’s likely that the product could be mishandled during shipping.

Have you taken note of that?

Defective products are another cost you need to consider.

So, please get prepared to incorporate these costs into your marketing agenda, keeping in mind that the customer is “king.”

3) Communication

Communication is primary in any form of marketing.

Do whatever it takes to interact with the buyer.

And no, I am not talking about the ancient “promotion” – which tends to be manipulative.

I am talking about digital promotion, which involves a one-on-one communication process with your target market.

I am talking about nurturing a close relationship with your end-users, which can be achieved via social media.

Only when you do it is when you can understand your customers’ concerns

Yes, it’s likely your customer wants you to modify your product to their liking – even if it’s just to a small extent.

You’re not going to ignore that, right?

Communication ensures your product is friendly to the buyer.

Communication ensures your product not only meets your target market’s needs but also exceeds their expectations.

This is the reason consumers will be happy to buy from you, helping catapult your sales notches higher.

Which is many a tycoon’s desire.

4) Convenience

How convenient is your product to the customer?

I am assuming you already have a place that the consumer can access your products.

But, the thing is, is the place convenient enough?

Is it a spot the customer prefers to buy from?

If you’re running an online store, does your target market prefer to buy online in the first place?

If it’s an offline store, does it boast enough parking spaces?

If you’re selling over the phone, is it working for the customer?

These, and many more, are what you need to put in place so the customer can find it convenient enough buying from you.

Why the 4Ps of Marketing Are Paving the Way for the 4Cs

Now, I know you are dying to find out why the 4Ps of marketing are losing to the 4Cs.

Rest assured the answer is right here!

I’m going to compare the components of both marketing models (the 4Ps and 4Cs) so you can see for yourself!

So, stay aboard with me.

1) “Consumer” As Opposed To “Product”

In this time and age, you can’t just come up with any product and start marketing it to “the masses,” assuming everyone is going to like it – as is the case with “product” component in the 4Ps of marketing.

You need to first identify your target market before thinking of a product to offer them, as the “consumer” element in the 4Cs put it.

Here’s what you need to do in simple words:

Look for a target market.

Go ahead and find out what their needs are.

Then, develop a product in an effort to help address their needs.

That way, the customer is likely to buy your product.

Why is that?

It’s because you’re helping solve their problems by offering a handy solution – your product.

2) “Cost” As Opposed To “Price”

The “price” in the 4Ps of marketing is geared toward the buying price alone, ignoring other costs that the customer should bear in their effort to buy your product.

The “cost” in the 4Cs, on the other hand, encompasses the buying price and related costs that could affect the end-user.

In other words, you need to help reduce the costs your customer should encounter – including things like the distance the customer will cover to buy your product.

Note that a customer is likely to buy a product when they are pretty sure they won’t incur additional costs, in addition to the buying price.

This is what you should be after.

3) “Communication” As Opposed To “Promotion”

“Promotion”, as seen with the 4Ps-model, is often scheming.

It seeks only to woo the customer to buy the product, ignoring such things like developing a close relationship with the buyer.

Which explains why the 4Cs’ “communication” component comes in handy here.

It looks to interact with the buyer as opposed to just duping them to buy the product.

It is aimed at developing a lasting relationship with your target market.

Also, it is geared toward listening to the customer and what they have to say in relation to your product.

It’s focused on getting the customers’ feedback while using it to improve your product.

In other words, “communication” is all about getting the customer to be loyal to your product, which is key when it comes to helping skyrocket your sales.

4) “Convenience” As Opposed To “Place”

Contrary to the 4Ps of marketing, where the seller only needs to establish a “place” for the buyer to buy the product, the 4Cs are inclined toward “convenience.”

The “place” is not just enough, but it needs to be convenient to the buyer.

The “place” needs to be a spot the consumer likes to buy from.

It needs to be customer-friendly.

If it’s not, the customer is likely to look elsewhere – remember the modern consumer can buy anywhere, including the manufactures and online stores.

Conclusion

By now, I am sure we are on the same page.

You see, gone are the days when marketers relied on the 4Ps of marketing to make sales.

Gone are the ages when the seller controlled everything.

The 4Cs are fast rewriting the history of marketing, putting the customer in charge of everything.

So, it’s either you learn to value your customer or your business is at risk of losing sales.

What am I saying?

As a marketer or product developer, you need to embrace the 4Cs of marketing in order to thrive in this time and age.

You need to view the customer as an important asset.

You need to put the end-user first as you come second.

Therefore, if you are yet to embrace the 4Cs of marketing, keep in mind that time is running out – and you’re missing on sales.

The world of investment is fraught with different types of tools for making money including Ponzi scheme and Pyramid Scheme.

Often the two terms are used as synonyms of each other and used to describe fraudulent investment schemes aimed at making some quick money.

These are some popular instruments used by scheming fraudsters to swindle money and make quick gains at the expense of unsuspecting investors.

They are both sustained by continuous money flow, and a collapse happens when this source dries up.

Another point of similarity for both is that in both cases only the person who created the scheme is guilty of fraudulent service.

Though, both Ponzi scheme and pyramid scheme share some similarities and are often used interchangeably, there are some striking points of difference as well.

Perhaps one of the most important points of difference between the two is that while some pyramid schemes are legal, the Ponzi scheme is always illegitimate and an outright fraud.

Ponzi Scheme vs Pyramid Scheme

So, here are the differences between Ponzi and Pyramid Schemes:

1. Product Offering

This is one of the most cardinal differences between one versus another.

Most times, the foundation of a Ponzi scheme is based on a fraudulent investment idea.

In reality, there is absolutely no base or foundation for these schemes and investors contribute on the expectation of very high returns.

The schemer who started the Ponzi essentially uses the money collected from new investors to pay older investors.

There is a single head monitoring this entire money shuffle and keeping a tab on who needs to be paid and whom to take it from.

They become masters of this type of fund transfers and the returns that they promise does not include any real profit.

It is predominantly the movement of money from one account to another.

The pyramid scheme, on the other hand, often has a basic product to offer, and the creator of this scheme creates an opportunity for new investors who earn returns.

If the scheme is genuine, investors can earn via the sale of retail products as well as a commission for getting new investors into the scheme.

It is needless to mention that in case the pyramid is not a genuine one and the schemer has offered a fake product, it essentially uses getting new recruits as the primary bait to attract investors.

Therefore, those at the bottom of the pyramid, help those above them to earn a certain percentage of their sales.

2. Level of Transparency

Between a Ponzi and pyramid scheme, the pyramid scheme is undoubtedly far more explicit versus the Ponzi version.

Right from the beginning, the investor knows that they are paying money to get the opportunity to earn it via recruiting others.

They know it very clearly that the only way to increase their returns is by recruiting more and more people.

In comparison, the Ponzi scheme is one big lie from the beginning.

The very nature of this scheme makes it important to mask the money transfer.

Invariably, this is done by creating a fake legitimate business front, but no business happens on that front.

3. Level of Involvement

The Pyramid scheme invariably needs the participants to work actively towards selling more and more products and also add participants to the scheme for better returns.

Whenever an investor is entering a pyramid scheme, they fully understand this precondition, and in some cases, they even undertake training to learn how to sell this product.

In contrast to this, the investor’s role in a Ponzi scheme is almost non-existent.

All they have to do is just invest and wait for the returns.

The Ponzi owner generally takes a management fee to handle all the related management.

4. Legal Validity

Another factor that clearly distinguishes a ponzi scheme versus pyramid scheme is no doubt the legal aspect of it.

A ponzi is decidedly an illegitimate creation, and there is absolutely no scope of any part of it being legal.

It is absolute deception based on a house of lies.

The pyramid scheme, in contrast, has some element of legal veracity.

At least some companies use a legitimate version of this pyramid to further their firm’s legal validity, and there is absolutely nothing untrue about it.

5. Extent of Deception

In a comparison of Ponzi Scheme Vs Pyramid Scheme, the level of fraud is no doubt much greater in the case of a Ponzi.

The investor gets involved in this type of scheme thinking they are going to earn great returns on the basis of some great investment strategy that the owner of the scheme incorporates.

The investment strategy invariably is the best kept secret of the Ponzi scheme.

In that comparison, the Pyramid scheme is pretty direct in approach.

Investors get into it knowing well that the only way to sustain and clock gains is by recruiting more people and clocking more sales.

The day either or both dry up, their source of sustenance also becomes questionable.

6. Payment Structure

Though both in case of Ponzi Scheme and Pyramid Scheme, the investors are compensated by means of money flow from new investors, those associated with a Ponzi are blissfully unaware of it.

In contrast to this, in a pyramid scheme, the investor knows very well that their earnings are directly dependent on getting fresh investors to the scheme.

Therefore, in many ways, they are prepared for a collapse when the warm circles dry up, or they face difficulty in getting new recruits for the scheme.

Collapse Timeline -In terms of longevity, the Ponzi Scheme undoubtedly lasts much longer than an average pyramid scheme.

Of course, you have some examples of pyramid schemes too that last more than a decade, but in general, a Ponzi finds it much easier to keep getting fresh investors.

In the case of Madoff, we saw the scheme last almost for 30 years.

A typical pyramid scheme generally collapses much earlier, predominantly because of the warm circles getting exhausted.

Therefore, in comparison to the Ponzi Scheme vs Pyramid Scheme, the legal veracity of select pyramid schemes perhaps highlights difference between the two in the most striking manner.

The other factor that makes the difference between the two very clear is the transparency angle.

While the participant in a pyramid scheme knows perfectly well that the returns are always dependent on the new recruits, the level of deception is much greater in a Ponzi scheme.

The hapless investors, in this case, tend to believe that they are earning profits while all that is happening is a mere transfer of funds from one to another.

In a Ponzi scheme, investors don’t have to make money through referring the new investors to the scheme.

They are usually promised to receive a fixed amount of interest every month.

They can also request to liquidate the investment capital and get out of the program.

If they are lucky enough to do it before the scheme collapse, they can receive the capital and walk away.

If not, then they won’t see a cent of their money.

Usually, investors lose all the money they have invested when a Ponzi scheme collapses.

Many of them sometimes lose millions.

But when a Pyramid scheme collapses, the members just lose the money they had invested to advertise and recruit, and also the membership fee they have paid.

The up levels have already made a lot of money and covered their expenses.

Only the lower level members lose the membership fee because usually they don’t have enough time to make some money and recover when they have spent in the program.

In general, pyramid and Ponzi schemes are very different from each other.

Ponzi schemes are a lot riskier and are always illegal while some pyramid schemes can be legal and legitimate.

Something that you have to consider not to get scammed by the Ponzi schemes is that you should avoid investing and participating in any program that looks too good to be true.

A fixed monthly return that looks like a win/win investment for you and a win/loss business for the company, most probably is a scam.

Businesses today face a major challenge.

The average consumer attention span has decreased rapidly.

Hence, they need to figure out how to gain consumers attention again.

Before, marketers spent millions on traditional advertising.

A few years later, a lot of things changed.

One of the major changes is the shift towards a mobile-centered world.

As a result, businesses are investing heavily in mobile advertising strategies.

However, problems arose when too many advertisers tried to appeal to consumers.

There is too much clutter that it is difficult to stand out.

Therefore, it is essential that businesses create brand preference.

Essentially, this is where consumers become loyal to a brand.

One of the best ways to do this is through experiential marketing.

With this, marketing goes beyond appealing to consumers through their mobile screens.

Instead, businesses can create highly immersive and memorable experiences for their consumers.

However, experiential marketing still lacks a standard definition.

Let’s explore what experiential marketing means.

So, What Is Experiential Marketing?

Experiential marketing is a new fancy term in the e-commerce world.

However, the idea has already existed in different forms.

Before this, it was known as live marketing or event marketing.

Experiential marketing can exist different forms.

It doesn’t necessarily have to be tied to an event.

However, an event can be a larger part of the experiential marketing campaign.

In essence, it aims to create a closer bond between the consumer and the brand.

When implementing experiential marketing, there is no standard approach to it.

Instead, businesses must add their personal touch.

In a marketing campaign, the main goal is to stir positive emotions in people.

Therefore, customers they engage with are more likely to have a higher brand preference.

Furthermore, businesses should define the goal of their marketing campaign.

Hence, establishing parameters to measure the campaign’s effectiveness are important.

One of the most common ways to do this is by measuring the social expressions you receive.

For example, you can offer a discount for customers that post a “check-in” post on their social media platform.

Also, you can check how many Instagram or Facebook posts were created using your event hashtag.

Experts project that experiential marketing has immense power.

However, measuring conversions is difficult with experiential marketing.

This is because it may not happen until much later.

Despite that, experiential marketing can boost the customer lifetime value.

In other words, customers are encouraged to support a business in the long-term.

Should You Try Experiential Marketing?

To answer this, you must first identify your business goals, timeline and resources.

Furthermore, you must be prepared to integrate experiential marketing with other marketing channels.

By doing this, you create several touch points for customers to interact with your brand.

We will discuss more about this further into this article.

Above all, experiential marketing helps to humanize your business.

People get to experience your brand firsthand.

You get to showcase the qualities of your offerings in person.

Never underestimate the power of one on one marketing.

What Are the Benefits of Using Experiential Marketing?

1. Offers an authentic experience
2. Integration across social media platforms
3. Millennials love it
4. Helps convey values and mission
5. Allows micro-targeting
6. Provide valuable analytics

Let’s explore six benefits of using experiential marketing.

You will also learn more from real-life examples of experiential marketing campaigns.

1. Offers an Authentic Experience

Businesses must understand their target market wants.

Consumers today want to see authenticity in a brand experience.

Experiential marketing allows brands to achieve this.

By engaging in experiential marketing, this effectively creates a two-way dialogue.

In fact, it humanizes the interaction between the consumer and the brand.

You get to showcase your business beyond their mobile screens.

Businesses must realize that consumers today are very different.

In the past, consumers were easily persuaded to buy something.

Today, consumers want you to give them a good reason why they should buy from you.

Taking this into account, experiential marketing is a good platform for businesses to persuade their target market.

In fact, consumers can learn more about your brand personality and values.

The platform that experiential marketing provides for businesses is important.

It becomes a platform for businesses to create and strengthen brand preference.

Above all, experiential marketing gives consumers the freedom to engage with a brand.

Real Life Example: Lean Cuisine #Weighthis

Lean Cuisine is a brand that sells frozen entrees and dinners in the United States.

Previously, their advertising strategies largely revolved around weight loss.

Then, they took on the challenge to appeal to consumers differently using experiential marketing.

The marketing campaign took place at the New York Grand Central Station.

Here, brand representatives invited women to ‘weigh in’.

Instead of weighing themselves, the scales were small boards.

Women were asked how they wanted to be weighed.

Instead of using their real body weight, women gave different measures of what they wanted to be weighed by.

For instance, some of them wanted to be weighed for their contributions as a single mother.

If you want to see what other women wrote, check out the video of the inspiring campaign below.

Unlike many other marketing campaigns, Lean Cuisine never interrupted the participants.

In other words, none of them interacted with the brand’s product offering.

Instead, the experiential marketing conveyed an important brand message.

Although Lean Cuisine creates food a healthy lifestyle, there are other things that matter more than the numbers on the scale.

Experiential marketing enabled this message to be conveyed effectively to these women without blatant product promoting.

Many people were inspired and voluntarily participated in the campaign.

As a result, Lean Cuisine gained over 204 million total impressions.

If done right, experiential marketing can increase brand preference drastically.

2. Integration Across Social Media Platforms

If you are a business owner, there is a high chance that you have utilized social media marketing strategies.

Admittedly, social media is a powerful tool.

Can you imagine the impact when you combine social media with experiential marketing?

When offline marketing meets online marketing, your message bears a greater impact.

In other words, you create several touch points for your consumers to interact with your brand.

So, the experiential marketing experience does not have to end at an offline event.

Businesses commonly use hashtags to associate their events with social media postings.

As people are naturally inclined to share photos of themselves, businesses can take advantage of this.

Create a fun environment for people at your event.

It is highly likely that they will snap and share their favorite moments there.

Then, they will share it on their social media platforms.

At the same time, you gain social media recognition from their friends and followers.

Ultimately, you need to gain positive news about your company.

For example, a personal trainer is trying to sell his workout and diet plan.

Naturally, his target group will be people who are health enthusiasts.

He can also target people who want to lose weight.

Naturally, he will post about it on his social media platforms.

Although so, he can gain more recognition by using experiential marketing.

So, he can showcase the effectiveness of his diet plan by getting someone to try it out.

Document the process closely.

Once the person completes the diet plan, post a video on social media platforms.

By utilizing video-based platforms such as YouTube, it is most likely to go viral.

This demonstrates how the power of social media can be further strengthened with experiential marketing.

3. Millennials Love It

While it seems like a sweeping statement, millennials love experiences.

They like searching for upcoming festivals, concerts or any events that they can attend.

This is driven by their need to experience new and exciting things.

If anything, millennials are an important group for advertisers to target.

Currently, millennials have a purchasing power around $1 billion.

As they advance in their careers, this figure is expected to increase.

The challenge for advertisers is to figure out how to market to millennial effectively.

Today, millennials lack trust in traditional advertising methods.

So, if you are using television advertising or radio advertisements, you can forget about appealing to them.

This is because millennial perceive these methods as annoying and low-quality.

Instead, millennials want a two-way communication with brands.

This is why you will observe a preference for social media platforms among millennials.

They are also highly likely to purchase a product if they had a good experience at a brand’s event.

Real Life Example: Delta Launchpad Events and Vice Media:

If you think you need high-tech machines to set up an experiential marketing event, think again.

Delta Airlines is a prime example of a business that did experiential marketing right.

The business is interested in appealing to a younger demographic of travelers.

Hence, they partnered with Vice Media for an experiential marketing campaign.

As a result, they hosted a series of entrepreneurial events in several cities.

Each of the cities had its own focus topic.

In this event, entrepreneurs learned more about how to find success in film, music and food.

Delta’s decision to partner with Vice successfully created events with an authentic experience.

Many of those who attended the events were of a younger demographic.

As a result, Delta gained brand exposure and brand preference.

Ultimately, experiential marketing also highlights the importance of strategic partnerships.

4. Helps Convey Brand Values and Mission

Consumers are more likely to have a brand preference when they have shared values with a brand.

As marketers are accustomed with traditional advertising methods, this is not an easy task.

This is because businesses must convey brand values, mission and goals.

Traditional advertising couldn’t fully convey this message.

Some businesses even attempted to do this using social media advertising.

Although social media advertising can accomplish this to some extent, businesses still face the challenge of capturing consumers attention in the long-term.

By engaging in experiential marketing, your target audience will be ready to absorb your brand message.

Conveying your key beliefs is easier through words and experiences.

Ultimately, it comes down to being able to create unique experiences for your target market.

This makes them more likely to believe the message you are conveying.

Real Life Example: Red Bull Stratos Project

Many of Red Bull activities can be classified as experiential marketing.

They engage in many extreme sports events and Formula One activities.

Red Bull is a well-known contender in experiential marketing.

In fact, many of their events have their own social media channels.

One of the many events they created as part of experiential marketing is the Red Bull Stratos Project.

In this event, Red Bull collaborated with Austrian skydiver Felix Baumgartner.

They successfully broke the 52-year-old record for skydiving.

The audience was engaged in this event as they were able to view the event through a live stream.

If you want to see the remarkable feat, check out the video below:

Through this event, Red Bull fully embraced its identity as a brand which constantly pushes the limits.

It also successfully associated itself with a high level of action and excitement.

As an energy drink brand, these values are perfectly portrayed through their experiential marketing campaign.

5. Allows Micro-Targeting

One of the biggest mistakes you can make as a business owner is expecting your target market to find you beforehand.

If anything, you are the one that needs to meet them where they are.

Ask yourself.

What is your biggest marketing goal?

If you want to attract millennials, go to the places that they frequently hang out.

Similarly, you should go to places where your customers are to appeal to them.

Collaborating with event organizers can also be highly beneficial for your business.

This is because they keep detailed data about their past attendees.

Using this data, you can target the population you would like to reach.

They can advise you on how you can reach them.

Undoubtedly, experiential marketing is a powerful tool.

Paired with data that allows you to micro-target your audience, you are one step closer to success.

Let’s take a look at how Samsung executed their experiential marketing campaign.

Real life example: Samsung

Samsung was one the sponsors for the 2012 Olympics.

They took the opportunity to create several experiential marketing campaigns across London.

So, they set up their ‘Samsung Studios’ in areas where there are a lot of people.

The campaign aims to promote the new Galaxy S3 and Galaxy Note.

In these studios, visitors can play the Samsung’s Olympic Games app.

Besides, they can have their photo taken using the Galaxy S3.

To add a personal touch, Samsung turned these photos into personalized badges.

Interestingly, there were no products sold at these pop-up stores.

Visitors only engaged directly with the all-new Samsung models.

As a result, nine out of ten visitors claimed that they were more likely to consider buying a Samsung phone.

6. Provide Valuable Analytics

On one hand, experiential marketing can provide a highly interactive and fun experience for consumers.

For business owners, it provides them several key analytics.

The common parameters used to measure these events are the total attendance, Facebook likes and social media interactions.

Other quantitative measures include the number of samples given away, newsletter signups and website views.

These statistics are vital.

They are necessary for improvements in future marketing campaigns.

In fact, these data can help you to turn event goers into active customers.

Ultimately, the analytics help you to produce results.

More importantly, analytics help your business to establish benchmarks.

Over the years, you will engage in different marketing campaigns.

This analytics will provide you with a basis to compare the performance of your campaigns over time.

Hence, investing in data tracking tools is highly beneficial for your business.

You can easily identify the high and low points of a marketing campaign.

From this, you can decide where to allocate your marketing allocation better.

By not having analytics, you may risk investing in underperforming campaigns.

Moreover, analytics also contribute to increased brand value.

This is because it provides a strong analytical framework for you to identify more business opportunities.

Although it can be a tedious task at times, the added benefit it brings can make a big difference.

It can be the difference between a good company and a great one.

Start Considering Experiential Marketing

Regardless of the size of your business, you should seriously consider experiential marketing.

Don’t let the fancy term intimidate you.

Experiential marketing is not just for big brands.

Admittedly, big brands do have more resources at their disposal.

However, any brand that wants higher brand preference should aim to create a personalized experience for their consumers.

Experiential marketing highlights the importance of word-of-mouth and an authentic experience.

Your goal should be to provide value to consumers through the experience.

Hence, it will still be impactful regardless of the scale.

If you haven’t included experiential marketing as one of your marketing strategies, consider it today.