Companies are struggling with determining what paths they should take in their marketing campaigns. Today’s consumers are less effected by advertisements, they have become immune to commercials and no longer read newspapers or magazines. There are theories and marketing techniques that have been developed in order to determine; how to attract new customers, how to create brand loyalty, how to influence consumer to consumer relations, and what is the best way to market to the “new age” consumer. This paper evaluates a form of marketing, that has potentially solved these issues, known as experience marketing.
Experience Marketing has been defined in many different ways. Authors Gentile, Spiller and Noci define it as “a set of interactions between …show more content…
Red Bull used extreme sports events to attract new customers. Disney has built a dynasty by marketing their theme parks as living their movies in reality. So why has experience marketing been so successful for business. There are five key points that influenced the growing success of experience marketing; globalization and consumerism, access to information, consumer to consumer communication, the new consumer, and the consequences. (Basco, 2015)
Globalization and consumerism have created many different options when it comes to purchasing products, if one were to search the internet for a specific product they would probably find a number of different versions of that product that all did the same thing. So companies are having to find ways to separate themselves from competitors. Experience marketing is thought to accomplish this because it provides consumers with a pleasurable experience when buying the product. Access to information, has allowed consumers to learn a lot about products before purchasing them. (Basco, …show more content…
So companies have to do more than simply inform consumers about the product, they have to create a desire for the product through a different channel. Experience Marketing is thought to provide that other channel, because it intends to create a desire for purchasing the product not just using it. With the rise of social media consumer to consumer relations has played a bigger part in the consumer buying process. The average consumer is less and less affected by what companies say in their advertisement’s, consumers are more influenced by what other consumers say. Experience Marketing can take advantage of this by providing an emotional experience to potential consumers and those consumers sharing that experience with their friends. (Basco, 2015)
The “new age” consumer is probably the biggest reason for experience marketing. Studies have shown that millennials or generation Y are more influenced by experiences than physical products, meaning that they would rather pay for a memorable experience than a product, like a new car or computer. Thus making experience marketing a good fit for today’s generation. Lastly there very few other directions in marketing that have shown the type of success the experience marketing has, so there are more consequences in not adapting to the marketing and implementing experiences into the marketing mix. (Basoc,
Experience Marketing has been defined in many different ways. Authors Gentile, Spiller and Noci define it as “a set of interactions between …show more content…
Red Bull used extreme sports events to attract new customers. Disney has built a dynasty by marketing their theme parks as living their movies in reality. So why has experience marketing been so successful for business. There are five key points that influenced the growing success of experience marketing; globalization and consumerism, access to information, consumer to consumer communication, the new consumer, and the consequences. (Basco, 2015)
Globalization and consumerism have created many different options when it comes to purchasing products, if one were to search the internet for a specific product they would probably find a number of different versions of that product that all did the same thing. So companies are having to find ways to separate themselves from competitors. Experience marketing is thought to accomplish this because it provides consumers with a pleasurable experience when buying the product. Access to information, has allowed consumers to learn a lot about products before purchasing them. (Basco, …show more content…
So companies have to do more than simply inform consumers about the product, they have to create a desire for the product through a different channel. Experience Marketing is thought to provide that other channel, because it intends to create a desire for purchasing the product not just using it. With the rise of social media consumer to consumer relations has played a bigger part in the consumer buying process. The average consumer is less and less affected by what companies say in their advertisement’s, consumers are more influenced by what other consumers say. Experience Marketing can take advantage of this by providing an emotional experience to potential consumers and those consumers sharing that experience with their friends. (Basco, 2015)
The “new age” consumer is probably the biggest reason for experience marketing. Studies have shown that millennials or generation Y are more influenced by experiences than physical products, meaning that they would rather pay for a memorable experience than a product, like a new car or computer. Thus making experience marketing a good fit for today’s generation. Lastly there very few other directions in marketing that have shown the type of success the experience marketing has, so there are more consequences in not adapting to the marketing and implementing experiences into the marketing mix. (Basoc,