Experiential Marketing: Emerging Issues and Suggestions

Abstract

Due to the rising of personal incomes and living standards, consumers are more focused on their personal style and taste. Consumption patterns are also changed from the past “agricultural economy†to â€industrial economy,†then to “ service economy,†and now to “experiential economy.†Therefore, the concept of experiential marketing is getting more important. In an uncertain economic climate, budget conscious marketers may be tempted to neglect the long-term health of their brand. As a consequence, only the most robust and resilient brands will survive. Key to their success will be willingness to embrace the reciprocal nature of the relationships they build and develop with consumers. These are the brands with the confidence to establish a conversation. They focus on shared interests to build an empathetic understanding, and they appreciate the importance of a genuine two-way dialogue. Most importantly, these brands see the value of experiential activities as the means to connect with audiences in a more direct and empowering way. This paper studies the various benefits and issues in experiential marketing. Also, suggestions are drawn therefrom.
Keywords: Experiential marketing, events, Issues, Suggestions.