Most marketers would agree that they’ve never faced as many challenges as they do today. Amazon, direct-to-consumer brands, and shifts in consumer behavior are making it more difficult for CPG brands to break through or retain market share. Of the 3,000 new product launches each year, analysts found that only about 15% succeed. Today, products are not just competing for space on the shelf, they’re competing for space virtually everywhere.
It’s not just brands that are shut out by increasing competition. Consumers are overwhelmed by the sheer number of choices presented to them. Behavioral experts found that when consumers are presented with too many options, they experience “choice overload” and are unable to make decisions - they simply shut down - and that’s bad news for marketers.
Brands That Create Personal Connections Win
Does this mean that brands should launch fewer products? Not at all! Consumers like - and want – variety. However, the way marketers present their products plays a critical role in helping consumers to streamline their choices and understand their preferences. Experiential marketing offers the opportunity to create personal connections with consumers and start real-life conversations about the brand. In fact, 65% of consumers said live events helped them have a better understanding of a product or service, vastly outpacing digital efforts and TV ads as a way of learning about a brand. And, when consumers feel more connected to a brand, they’re more likely to buy and remain loyal.
Redefining Brand Experience
Experiential marketing has come a long way. Once viewed as a sampling tactic, experiential activations have evolved to become an integral part of a brand’s marketing strategy. Today, marketers are leaning into experiential strategies to launch new brands or generate excitement about existing products, educate and engage sales teams, optimize social and influencer partnerships, and amplify public relations efforts. Marketers understand the importance of delivering the right message, at the right time, to the right consumer, and smart experiential strategies achieve those goals.
Building Brand Love
In a sea of choices, consumers feel compelled to choose brands they personally identify with. Food, beverages, and personal care products are no longer just products they buy, brands are an expression of the consumer’s self-image, aspirations, values, and lifestyle. Inspira creates experiential activations that build brand love through immersive brand storytelling that emotionally resonates with consumers.
Whether we’re creating surprise-and-delight moments, like making it snow in Arizona, or helping an emerging brand like Chameleon Cold Brew Coffee spread the word about its sustainability efforts, Inspira knows that when people experience well-told stories, they are more likely to identify with the brand and feel compelled to share about it. Contact us today to discover how our strategic approach to experiential marketing can help your brand form long-lasting consumer relationships.
Sources: Shopkick What Top CPG Brands Have to Teach Us About Successful Product Launches 2017, Kellogg Insight When Consumers Are Most Likely to Feel Overwhelmed by Their Options October 2017, EventTrack Experiential Marketing Content Benchmarking Report