Guest Column: Creating the right ‘Experience Economy’
In an 'Experience Economy', information is distributed through stories of product or service, which is then 'experienced' by the end-users, says events consultant Tanaz Basrur
Experiential marketing is not about just sampling, live events, PR stunts, field marketing or indeed the big thing. These are simply the outcomes of experiential marketing. To understand what experiential marketing really is, we need to understand its history and what it delivers.
All marketing is about the ‘delivery of information’ – be that a message, a piece of news or a sales offer, and how you go about telling that story. Today, it is about how we choose to deliver that information, which is key to our communication, and how our audiences choose to accept that information that creates brand and company growth besides that much desired trust.
Today, information is distributed via a variety of mediums for which brands pay high revenues due to the high cost involved in production. TV, radio and other media delivers information to mass audiences. Much like a fireworks display, this is a mass activity that is big, bold and happens for a short period of time and then ends. As we live in a world dominated by mass-customisation, cheap, personalised production catering to small niches, experiential marketing begins to thrive.
What differentiates the different mediums is how we deliver that information to people in what has been coined as ‘The Experience Economy’.
Any experience must orchestrate memorable events for their customers and that memory itself becomes the product – the experience. In an age of commoditisation, where most products and services are undifferentiated, consumers shift their focus from product and service attributes to the experience obtained while using the product or service.
Hence, experiential marketing was born out of “evolution” and a shift in consumer focus and need. In an ‘Experience Economy’, information is distributed through stories; every product or service you are selling has a story and is of course then ‘experienced’ by the end-users. Experiential marketing tells these stories using both visual and verbal elements.
Therefore, experiential marketing is a powerful communication channel used in delivering information to a core audience through a memorable experience.
A recent piece of research suggests field marketing as the most successful way to appease customers. Better still, the study identifies a combination of sampling with elements of experiential as the most effective method of field marketing.
Experiential activities with free sample create a 90 per cent increase in brand awareness, coupled with 91 per cent increased likelihood to purchase. Sampling is also proven to greatly impact word of mouth promotion, with each person directly participating in the campaign spreading the message to four other people.
In India, we are experienced in creating the very best sampling strategies and logistics. Through various research studies we have been able to compile some great insights from brand leaders, who described sampling as ‘a key factor‘ that ‘directly drives uptake from the stores’, ‘provides an avenue to get good consumer feedback’, and ‘critical to establish an emotional link with brand’.
A further idea that I strongly support is the integration of experiential with the rest of the marketing mix. We marketers realise the impact an experiential campaign can have. Indeed, experiential marketing has a great impact on a brand’s perception.
Let us see how a product’s experience can enhance a consumer’s buying decision. Experiential marketing is proven to be the best way to create two-way interactions and emotional connectivity, allowing consumers to experience the brand, build trust, drive purchase and recommend to friends.
With the concept of integration, brands realise that consumers want more added value, but the ability to integrate experiential campaigns with the rest of the mix should be left to experiential specialists, who have the expert awareness, experience and skills to execute your experiential marketing strategy from the outset and maximise your RoI.
Tanaz Basrur is a wedding planner and events consultant. She has 33 years of work experience behind her in the corporate world, the service, media and entertainment industries.
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E4M Our strategy is to target younger audiences through Sports: Rajiv Dubey, Dabur
The Head of Media at Dabur India spoke exclusively to exchange4media on the World Cup, associating with Indian Idol, the company’s digital spending and much more
With quirky campaigns, memes and moment marketing, timed with the ongoing World Cup and particularly the India-Pakistan matches, Dabur India has got considerable consumer attention for its popular brands – Red Paste, Cool King Hair Oil, Chyawanprash, Dabur Vita and the recently launched Bae Fresh Gel toothpaste.
The 140-year-old company is going big on key sporting events, World Television Premiere (WTP) movies and reality shows. It is now gearing up to become the title sponsor of popular talent show ‘Indian Idol’ on Sony TV for the first time, shared Rajiv Dubey, who leads the media strategy at Dabur.
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ShareSwapan Seth's new book 'COOL' is out
The book is a reflection of the author's 'eclectic taste across categories'
Advertising professional and art collector Swapan Seth has announced the launch of his new book COOL. The book is described as "a ready reckoner to the hip and the happening, of the known and the very unknown."
The book is a reflection of the author's "eclectic taste across categories: from boltholes to exotic hideaways."
COOL has been published by Simon & Schuster India and is available on Amazon.
Seth is an ad veteran with a long and illustrious career in the industry. He became the youngest-ever Creative Director at Clarion at age 24. He was VP at 26 at Trikaya Grey. Two years later, he started his agency Equus.
He writes for publications such as The Economic Times, Hindustan Times and India Today. This is his second book and he has previously published THIS IS ALL I HAVE TO SAY.
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Disney Star signs 9 sponsors for Asia Cup PAK
Charged by Thums Up, Nerolac Paint+, Amazon Pay, Jindal Panther, My11Circle, MRF, Samsung Galaxy Z Flip5, Wild Stone and Thums Up come on board
e4m Staff Disney Star has signed nine broadcast and digital streaming sponsors for the upcoming Asia Cup.
Charged by Thums Up, Nerolac Paint+, Amazon Pay, Jindal Panther, My11Circle, MRF, Samsung Galaxy Z Flip5, Wild Stone and Thums Up have come on board for the upcoming tournament.
As reported earlier by exchange4media, Disney Star has sought Rs 26 crore for the co-presenting sponsorship on TV and Rs 30 crore for Disney+ Hotstar.
According to industry sources, the associate sponsorship on Star Sports has been priced at Rs 19.66 crore, whereas for the ‘powered by’ sponsorship on Disney+ Hotstar, the broadcaster is seeking Rs 18 crore.
As per the information available with exchange4media, Disney+ Hotstar has three sponsorship tiers-- co-presenting (Rs 30 crore), powered by (Rs 18 crore) and associate sponsorship (Rs 12 crore). The broadcaster is offering an estimated reach of 120-140 million for co-presenting sponsors, 90-100 million for powered by and 60-70 million for associate sponsorship.
A spot buy for 10 seconds has been priced at Rs 25 lakh for the India vs Pakistan matches, while for the non-India matches, the ad rate for 10 second is Rs 2.3 lakh. The India matches plus the final for ODIs has been priced at Rs 17 lakh per 10 seconds.
Asia Cup is scheduled to be held from 30 August, 2023, to September 17, 2023.
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Sorted 360 wins creative & social media mandate of Reliance Mall
The agency will manage offline and online campaigns for Reliance Mall
Sorted 360, an integrated creative and social media agency, has won the mandate to providing brand solutions for Reliance Malls across India.
“Sorted 360 is set to enhance Reliance Malls' market presence with their unparalleled creative prowess and strategic thinking,” read a press release.
“Sorted 360's commitment to pushing the boundaries of creative communication aligns perfectly with Reliance Malls' ethos. With a pan-India presence spanning across 19 cities and growing, Reliance Malls has consistently captivated customers by offering an array of Reliance brands and third-party fashion & lifestyle brands. The mall has established an unparalleled connection with its patrons through superior quality, a remarkable value proposition, and an unmatched shopping experience,” it read further.
"We are thrilled to welcome Sorted 360 as our trusted partner in advancing our brand presence across the nation," said the Head of Marketing at Relaice Malls. "Their proven expertise in retail, shopping center management, and innovative creative strategies make them the perfect fit for our vision."
"Partnering with Reliance Malls is a testament to our commitment to shaping extraordinary brand experiences," remarked Prerana Anatharam, Co-founder of Sorted 360. "We are excited to leverage our strategic and creative acumen to further elevate Reliance Malls as the epitome of convenience, choice, and excellence."
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KlugKlug onboards Hemang Mehta as Country Manager for Indias
Mehta was most recently Head of Agency Relationships at Network 18 Media & Investments
KlugKlug has appointed Hemang Mehta as its Country Manager for India.
Mehta will play a pivotal role in driving KlugKlug's growth and expansion within the Indian market and be responsible for Sales & GTM Strategy
Prior to that, he has also represented organisations like Exponential (now VDX.tv), India Today Digital and Rediff.com. His expertise spans various domains including digital media sales, mobile marketing, media planning, and buying, social media marketing, and more.
Hemang Mehta expressed his enthusiasm about joining KlugKlug, saying, "I am thrilled to be a part of KlugKlug, a forward-thinking platform that is reshaping the influencer marketing landscape. As much as I look forward to collaborating with the exuberant team at KlugKlug, I am super excited to interact with the brands to deliver powerful data-backed Influencer solutions that will guarantee business outcomes."
Commenting on the appointment, Kalyan Kumar, Co-Founder and CEO of KlugKlug, stated, "We are excited to welcome Hemang Mehta to our team as the Country Manager for India. His extensive experience in digital media sales and marketing will be instrumental in driving our efforts to provide influencer marketing solutions to our clients. We believe Hemang's leadership will be key in scaling our operations and expanding our reach within the Indian market."
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