Chapter 7 Flashcards
What is experiential marketing?
It’s a creation of multisensory, interactive environment by a sports property or sponsor designed to add value to a consumer’s experience in the short term and strengthen relationships in the long term.”
What are 3 most important aspects about experiential marketing?
- Sensory experience (Stimulating senses via experiences can intensify feelings of pleasure or arousal while consuming sports) – the sound of formula 1 during the race
- Interaction (Actively involved with a brand rather than passively receiving messages)
- Relationship (Creating memorable experiences can positively impact brand associations stored in memory long after experience or event is over)
Why experiential marketing is important in sports & events?
- Brand is the sum of customer opinions and experiences
- Connect the customers to the symbolic meanings of the brand
- Sports are high on symbolic meaning
- Experiences can deepen bond with fans &/or sponsors
What are the drivers in the growth of experiential marketing?
- Engage customers and other stakeholders
- Differentiate brand from competitors
They are the reasons for: - Media clutter
- Desire to build emotional connections
- Need to achieve brand differentiation
What are the Strategies of Sports Properties and Sponsors for Experiential Marketing?
- Achieve brand differentiation
- Provide benefits through exclusivity
- Offer rewards to key customers
- Motivate product evaluation and trial
Why differentiating your brand is important?
- Brand parity: competing brands are similar
- Need to break through media clutter- need to stand out!
What is an innovative way to deliver the message?
- Reach audience
- Audience will pay attention
- Audience will engage with brand
Give an example how to achieve differentiation in sports.
- Gatorade - Mobile locker room experience, it includes experiential marketing (the audience can see how the locker room of their favorite team looks like) and athletes (that may be present during the tour)
What kind of benefits does experiential marketing provides?
Experiential Marketing Provides Benefits through Exclusivity
* Increase customer value - Reduce sacrifices & Increase benefits
* Delivering exclusivity - Special group of limited size (cost/Lexus/on playing field); High importance
* Offering exclusivity – Tangible & Intangible
What are the types of Experiences in Experiential Marketing Design?
- Sense experiences (Target sight, sound, touch, taste, or smell).
- Think experiences (Appeal through surprise, intrigue, and provocation).
- Feel experiences (Appeal to emotions connected to attitude toward an object).
- Act experiences (Target bodily experiences, lifestyles, and interactions).
- Relate experiences (Appeal to desire to be perceived positively by others).
How is experience delivered?
Experience is delivered by participating in the event and connecting with physical environment.
What types of participation do you know?
There are 2 types of participation:
* Passive participation eg walking through an exhibit
* Active participation: testing equipment
How can you connect with physical environment during the event?
You can connect with physical environment in 2 ways:
* Absorption, e.g. Kentucky Derby- in the stands!
* Immersion, e.g. Kentucky Derby on the rails!
What other aspects are important in experiential marketing?
Convenience and access to the event, like:
* Entry to the venue from parking or public transportation areas
* Width of walkways and hallways that lead to seating areas
* Number and location of restrooms
* Locations of foodservice vendors
* Traffic flow entering and exiting foodservice locations
What are other experiential marketing tactics that can create additional revenue streams?
- Branded events: e.g. team convention, event
- Value-added benefits: e.g. as team parties, locker room tours, and meetings with team executives
- Tiered rewards: levels of customer commitment (spending) are rewarded with a package of benefits
- Client hospitality: boxes
- Resource for sponsors (networks): corporate partners can aid in retaining sponsors and attracting new ones. group encourages sponsor companies to network with each other to explore possible business opportunities.
