A new study by the Event Marketing Institute reveals that nine out of ten consumers become repeat customers after attending brand events. The results of this second annual EventTrack study show that experiential marketing can yield ongoing brand loyalty after initial conversions. Participants, sponsors and creators were surveyed to document the results of marketing at live events.
Although marketers have used events for a long time to drive sales, there is now research that verifies experiential marketing as an important strategy for increasing long-term customers of both B2C and B2B companies.
The startling key findings of this study show that 88 percent of participants who buy once become regular customers. In addition, 70 percent of attendees leave event experiences with a more favorable opinion of the brand, company, and/or product displayed. Plus, 95 percent of consumers said that being an event participant made them more inclined to purchase products being promoted.
EMI President Kerry Smith believes, ‘This data suggests that marketers who add engagement elements to their live programs and can track future sales activity can begin to document the lifetime value of a converted customer. This could change the conversation around event performance from being about short-term impact to being more about longer-term ROI.’
Overall, the study has reinforced that event and experiential marketing continues to be a highly effective way to educate customers, raise awareness and increase sales. It seems as though many marketers have already begun to pay attention, as a greater number of brands have raised spending on ‘marketing events’ and are thinking about their efforts more strategically.
Have you considered increasing your experiential marketing efforts? Does this new study reinforce or change your thinking about promoting your product and/or service at live events?