BY: PETER MACHALEK, Intellitix Director of Brand Partnerships
Experiential spending is expected to increase by up to 50% in the next three to five years, according to a new report from marketing agency Freeman.
“The role of brand experience continues to increase in scope and importance, as audience expectations evolve,” says Chris Cavanaugh, Freeman’s executive vice president and chief marketing officer said. “Steep competition, changing demographics and more sophisticated audiences mean now, more than ever, marketers need new approaches. The right brand experiences have the power to evolve brands, build relationships and inspire action. Our new research helps us understand brand experience as a medium of the future.”
Here are some of the key findings from the study:
- 9 in 10 marketers agree brand experience delivers more compelling engagement
- 59% of CMOs recognize brand experience create ongoing relationships with consumers
- Companies that deliver more than 20 events per year are more likely to take advantage of technological tools, such as interactive touch screens, location mapping, virtual reality, and gamification
- 1 in 4 marketers harness all five senses during brand experiences
With experiential budgets projected to increase, Freeman offers some tips for organizations to ensure they’re investing wisely. The four-step plan tells marketers to: (1) Develop a strategy that outlines how brand experiences will impact business goals; (2) Perform audience research in order to create experiences that deliver; (3) Develop a portfolio plan that reviews business objectives and marketing goals; and (4) Invest in measurement to prove the value of what they’re doing.
More than 1,000 marketers from North America, Asia, and Western Europe participated in the study which was conducted by SSI. Click here to download the full report.