What is Experimental Marketing and What are its Benefits?
Every successful business implements marketing strategies to efficiently achieve their goals and ensure long-term sustainability. We can say that marketing strategies are the backbone of every prosperous business. However, when reaching out to the people, digital marketing, email, and print media had their satisfactory share of being at the top.
Today, many business owners believe digital marketing is enough to survive in today’s competitive market, but some people disagree with this. You might be in search of the best digital marketing company near you on Google to promote your business online. However, Entrepreneurs and marketers notice that a paradigm shift has happened. In addition to that customer experience has surpassed traditional and digital marketing.
If you want to take your marketing game to a whole new level, then you need to be different from others. To capture the attention and hearts of your customers, your business needs a strategy. In addition to that, a marketing campaign will also be needed that will leave them in amazement and help them to remember your brand for a long period. However, your brand should focus on building emotional connections. Through experimental marketing, you can achieve this.
What is Experimental Marketing?
Experimental Marketing is a type of marketing in which real-life experiences will be provided to customers or prospects. However, it will also raise awareness, build understanding and increase sales of products or services.
These experiences could be offline which includes live events, trade shows, and demo days. However, online webinars and conferences could also be a part of these experiences. In recent years, more and more opportunities for Experimental Marketing have emerged. However, the credit for all of these opportunities should go to Virtual Reality and Augmented Reality.
According to Experiential Trends, 67% of consumers don’t come out for inexpensive or free virtual events. However, 75% of B2C marketers think that in-person events are important for their success.
Types of Experimental Marketing campaigns:
There are 4 types of Experimental Marketing:
It is the creative use of unconventional or novel methods. Marketers use this promotional technique to boost sales or attract interest in a business or brand.
It refers to a campaign, event, or interaction. However, your brand generates awareness and establishes long-lasting connections with your target audience through brand activation.
It is a strategy in which the audience interacts with a brand or product face-to-face through live and virtual promotional events. In addition to that, the audience engages with a meeting solutions platform via chat boxes, pools, social networking, and discussion features.
In retail installations, smart placement of products in retail stores is done and it aims at their promotion.
Importance of Experimental Marketing:
Experimental marketing is important because it connects businesses with customers. It gives a much needed alternative approach and provides customers with what they want. In addition to that, it allows brands to make a long-lasting expression and also strengthens brand recognition and loyalty of customers.
6 Benefits of Experimental Marketing:
There are many benefits of Experimental Marketing. Some of them are listed below:
Brand Awareness will build and sales will increase:
Businesses do marketing to increase brand awareness of their business. They wish that more customers will know about their brand. You can say that this could be done through traditional and digital marketing but these strategies do not provide the experience that experimental marketing gives to their customers.
Through this strategy, you can let your customers know about what products you are selling. By implementing this strategy you can also explain what problems your product could solve. Once you have established brand awareness in front of your audience, then you could easily receive loyalty in the process. In addition to that, it eventually brings more sales. You will be able to generate more sales without spending a single dollar on any sales tool or by implementing any marketing technique such as influencer marketing.
Brand loyalty will increase:
This marketing strategy will give the identical goal as loyalty marketing. If this strategy is implemented correctly, then it will establish the brand loyalty of customers.
You do not require loyalty programs or rewards for getting brand loyalty. You can implement this strategy by showing what your business represents. If there will be any national, political, or social issue, for which you want to show your support, you can show it by organizing an event that acts as your marketing campaign.
When customers know what you stand for and what you believe in, this often increases brand loyalty. It makes customers know that they’re doing business with the right people.
Brand Loyalty will increase when your customers know what you believe in and what you stand for. This will make your customers realize that they are doing business with the right people.
Positive image of your business will build:
When customers love and value your experimental marketing, it will leave a good impression on your company. It puts your customers in a good attitude if it’s done correctly. In addition to that, they are inquisitive, impatient, and happy and boost customer engagement. Always make sure to make their first experience good with your brand because it will help to establish a positive image of your business.
ROI will efficiently acquire:
Experimental marketing brings people toward businesses, raises awareness, generates leads, increases sales and promotes brand loyalty, and contributes to the growth of the business. ROI is very important for every organization. However, we can say that the benefits of experimental marketing are secure to invest in when it’s required.
Generates sales and leads:
According to Event Track experimental marketing can generate leads and sales. In addition to that, surveys conducted by 79% of companies said that events of experimental marketing help them to increase sales. However, a survey of 74% of consumers said that customers are more likely to buy the products and services of a company after an event of experimental marketing.
These experimental marketing events are ideal for generating leads as well. 55% of companies said that their goal for doing experimental marketing events was to generate leads. In addition to that, 41% said that they use these events to expand their prospect databases.
In a market that is crowded, experimental marketing could set your brand aside. Nearly, every brand is doing digital marketing, but many brands do not pay attention to experimental marketing. You can make your brand ingenious by including experimental marketing in your marketing strategy.
Experimental marketing might be a distinctive way to get closer to your market. However, it will engage people with your brand as well. Even though the campaign might be expensive and ROI on these things generally overpass expectations. If it’s done correctly, your campaign would be lifted by the press and people would take pictures of it on social media. In addition to that, it will also increase brand awareness of your brand, customer loyalty, and sales.
Nowadays, businesses only focus on Digital Marketing. They are wondering how many types of digital marketing we should implement to promote our business. All businesses should consider Experimental Marketing because it will establish brand awareness of their business and generate leads and sales for their businesses.
Also Read: Digital Marketing & Branding – What to Choose & Why?