Marketing in Society UMKDN7-15-1 Lectorial 6 - Innovation PDF

Presentation by Sarah Marketing in Society UMKDN7-15-1 Openshaw Senior Lecturer Lectorial 6 – Innovation Semester 1 2024-25 Objectives Recap the Innovation topics Discuss the sociocultural shift from products and servic...

Presentation by Sarah Marketing in Society UMKDN7-15-1 Openshaw Senior Lecturer Lectorial 6 – Innovation Semester 1 2024-25 Objectives Recap the Innovation topics Discuss the sociocultural shift from products and services to experiences and the growth of the ‘Experience Economy’ Introduce some definitions of ‘Experiential Marketing’ Provide some examples of experiential marketing activity Explore the link between brand relationships and experiences Explain the 11 ‘Experiential Pillars’ Undertake a case study activity to apply the 11 pillars to a brand Reminder: Category C – Innovation  The growth and effectiveness of influencer marketing  How brands are using Artificial Intelligence (AI)  The benefits of using video in marketing  The impact of ‘experiential marketing’ (XM) on brand perception  How brands are using Augmented Reality (AR) and Virtual Reality (VR) Or define your own topic! Sociocultural Shift Products Services Experiences The ‘Experience Economy’ “One of the most profound trends … has been the corporate sectors’ embracing of the desirability of using the concept of ‘experiences’ for the purpose of marketing and branding. This has occurred because of the readily observed rise of demand for experiences rather than products, and the power of events and other ‘experiences’ to emotionally connect with consumers, while traditional methods of marketing have declined in impact.” (Adapted from Getz and Page, 2016, p.224) ‘Experiential Marketing’ “Experiential marketing is the process of identifying and satisfying customer needs and aspirations profitably, engaging them through authentic twoway communications that bring brand personalities to life and add value to the target audience.” (Smilanksy, 2017, p.24) ‘Experiential Marketing’ “In its simplest form, experiential marketing is nothing more than a highly evolved form of corporate storytelling. But while the premise appears simple—combine a brand message, elements of interactivity, a targeted audience, and deliver it in a live setting to create a defined outcome—successful experiences are both art and science. Embracing experiential marketing requires a new way of thinking about marketing, creativity, and the role of media in the overall mix.” (Smith and Hanover, 2016) Example – House of Vans Example – Coca Cola Example - Oreo Example - Rhode Brand Relationship Drivers (Smith and Hanover, 2016) Brand Experiences Experiences create emotions that drive people to respond to each other [or a brand] and feel a certain way (an ‘affective’ response) Irrespective of the target audience, the intention is always to use an experience to distribute a message or content that incites an emotion and/or results in an action (a ‘behavioural’ response) This process is called ‘Experience Transfer’ and encompasses two parts: 1. Transfer During Learning – The act of providing the content and messaging to a target audience 2. Transfer of Learning – When a target audience absorbs the new learning into what they already know and leave an experience with a new perspective and knowledge base on a (Adapted from Smith and Hanover, subject or topic (or brand) 2016) 11 Experiential Pillars (Smith and Hanover, 2016) Case Study – Hoegaarden: First Spring (World Advertising Research Centre, 2024) Hoegaarden: First Spring – Effectiveness and MonthlyImpacts GMV (Gross Merchandise Volume) increased by 46% 412% year-on-year increase on WeChat search (campaign duration), 4 x higher than the set target More than 78m total media impressions in seven days across major platforms (Weibo, Red, Weixin, Douyin) Total media reach achieved more than 670m, accounting for half of the population of China! (World Advertising Research Centre, 2024) References Getz, D. and Page, S.J. (2016) Events Studies: Theory, Research and Policy for Planned Events. 3rd ed. : Routledge. Smilanksy, S. (2017) Experiential Marketing: A Practical Guide to Interactive Experiences. : Kogan Page. Smith, K. and Hanover, D. (2017) Experiential Marketing. : Wiley. Zhu, Y. (2024) Hoegaarden: First Spring [online]. World Advertising Research Centre [Accessed 7 October 2024]. Any questions?