Individual essay Experimental marketing Assignment Sample
Executive summary
The Experimental marketing activities is totally depended over the brand engagement activities. Here in this essay, there exist two main section and they consider critical analysis of experimental communication in marketing and in the second part there exist practical implementation of the strategy. In the discussion the comparison between the traditional and experimental marketing are considered. The consumer decision making process are also include in this section. The company Elon Musk is considered here for the practical perspective of the research.
Introduction
Experiential marketing is a kind of strategy which generates customers and involves them within a project or product. Generally, experiential marketing not only enables buying materials but also enables the consumers to feel or experience the brand. Experiential marketing not only enables the engagement of consumers.it also increases customer engagement. The main aim of this study is to define engagement which is personalised and positive touchpoint creation and analysis of a recent brand. It is a process of selecting and satisfying the consumer needs which helps the company to add value to the consumers and audiences(Batat,2019). Mainly, it engages the consumers and the company in two-way communications which creates a different personality for a specific brand. Generally, it is a kind of strategy that influences the consumers to develop and enhance a specific brand.
In the following essay, the definition of experiential marketing has been mentioned. Different theories and tools for this kind of marketing have also been discussed. Objectives in this kind of marketing have been mentioned as well. In this study, the rocket launch by Elon Musk has been mentioned and a critical analysis of this brand has been elaborated as well. Lastly, a conclusion has been added regarding the matter.
Section 1: Analysis of “Experimental marketing theory”
Experiential marketing is a strategy of marketing that inspires the consumers to feel the product before the launch of that specific product in the market globally. It is also known as engagement marketing, loyalty marketing. The companies which want the new consumers to be involved in the company use this strategy to know the new consumers deeply. It helps to build an emotional connection between consumers and companies to improve the profit and enhance the customer base of the company (Ferreira and Sousa, 2020). It also helps the new consumers to stay loyal to the company for a lifetime.
The main factors of this kind of marketing areas:
Target consumers:
In this case, the company elaborates the product to the consumers and divides those consumers into various parts to understand the consumer needs and improve the brand image of the specific product.
Awareness:
A company posts advertisements on various news portals or social media platforms to promote the product (Abadi, Nursyamsi and Syamsuddin, 2020). The main aim of it is to make the consumers aware of the product and build a strategy to sell this product and brand the product before its launch of it.
There are various benefits of this kind of marketing to implement this successfully in its product development and it can completely change the future of that specific brand. The major benefits are such as;
Reach:
Promoting the product is very important to make the consumers aware of the product and it helps to increase the sales of the product before the launch of it.
Loyalty:
A company always wants to build trust between them and consumers so that the consumers feel involved and trusted towards the product.
Growth of the customers:
Companies always prefers to modify the existing product in a new way to improve the consumer’s satisfaction and it helps the company to engage the consumers within the product.
Framework of Experiential marketing theories
Experiential marketing engages consumers into the product which helps the product to get enhanced and it adds value and price to the product and the company uses it in the marketing of the product. There are basic theories in this kind of marketing such as;
Learning:
By using experiential marketing the brand essentially becomes active in activating this specific learning style, therefore it is very important to take some time to create a truly memorable product that can transform a positive impression of the brand in the heads of consumers.
Reciprocity:
A company should always be cautious about the product they are building which adds value to the customer. This kind of marketing focuses mainly on various chains like feedback, social engagement and many more and by this, the consumers feel very imposed or involved.
Framing:
In this kind of marketing the company exploits the stand of the customers which helps them to engage within the product. However, the consumers can sometimes feel that it is a waste then it is very hard to stop them for the companies.
Social engagement:
The company mainly focuses on various influencers and customers to promote the product. A company builds a platform that states the engagement of the consumers (Batat, 2019). The consumers feel engaged and involved by these initiatives taken by the company.
Buffer effect:
Consumers are the most important part of any new product and they are the main highlighting product of the new venture. A company selects a brand ambassador for the launch of the product and it makes sure the consumers are at ease and comfortable using the specific product.
The foot in the door theory:
Mainly focuses on influencing the consumers to purchase that specific product and the main aim of that strategy is to influence those consumers to buy that product. Sometimes a company provides a trial policy to the new consumers as a reward for using the brand and it helps to increase the purchase of the product in future (Skandalis, Byrom and Banister, 2019).
Context:
A company increases the likelihood of the product which will improve the brand image amongst the consumers and influences them to engage and involve in the product.
Colour psychology:
There is no specific colour to promote any product however a company makes a survey about choosing the colour and it helps the product to attract new consumers and helps the campaign to achieve the preferred target.
Consumer decision making tools in Experiential marketing
Experiential marketing is a strategy that enhances the product and influences the consumers to purchase the specific product and the company gets benefitted. Various tools can improve this kind of marketing such as;
Digital content:
Digitalisation is very important for any company to promote the product in recent times. A brand hires some event marketers who design content that gets published digitally and it helps the company to provide information about the products to the consumers through email and Facebook and many more. Going digital helps a company to achieve its sales target and achieve the profit the company wants.
Automation of lead generation:
The company creates face time with its customers via lead generation by which the company implements a process avoiding obstacles. By implementing this, a company gathers the seamless information of consumers which helps the company to reach them. Brand sometimes allows QR codes to generate its lead in an automotive way (Shafiee, Haghighizade, and Rahimzadeh, 2019). This process is very helpful for the companies which work on research communication.
Going live:
A consumer and his or her curiosity about some specific product creates a trend about the new product. That is why a company sometimes chooses to go live for the promotion of its products and it helps to increase the visibility of the product. A company goes live by using Instagram or Facebook or many more to inform the consumers about the product and it helps the company in the product marketing.
Gamification:
Brands always find innovative ways of involving or engaging consumers within the product. Gaming is one of the main tools which helps the company to do that. A company increases its event participation by gaming and it helps the company to attract more consumers to purchase that specific product. A brand can attract a large number of crowds by gamification which helps the company in customer engagement and involvement.
Tracking:
Tracking is very important for any brand in experiential marketing and social media is a very important part to implement this strategy in experiential marketing. A brand and its experience to reach the people help the company to implement this (Haumer, Kolo and Reiners, 2020). Social media helps to track the consumers or customers for the brand which enhances and promotes the product and helps in its marketing.
Flexibility:
A brand is always flexible about its products and its consumers’ attraction and it helps the company to influence more consumers into the product and it helps in marketing of the products.
Critical evaluation of Experiential marketing objectives
Experiential marketing is an enhancement tool for a brand that helps the brand to engage customers or consumers and adds value to the product. There are various objectives in this kind of marketing such as;
Positive brand associations:
One of the main objectives of this kind of marketing is building a strong platform for the specific brand in a specific region or city or locality. It helps the brand to build a good relationship between customers and the brand. The brand provides a very positive image about the product and it helps the brand to create long-term and profitable relationships. Planning is very important to maximise the potential of the product. Poor planning plays a major role of unsuccessful of a brand and it builds a negative image of the product and the brand loses its consumers (Österle, Kuhnand and Henseler, 2018). Using this strategy, a brand runs its campaign to make a successful effect within the product.
Campaigning:
A brand mainly fastens the relationships with the clients and consumers by using this strategy. A brand utilises maximum tools to fully utilise the product by using social media which helps the consumers to get engaged about the company and the brand. Experiential marketing campaigns build a very strong relationship with the clients and consumers which helps the brand to implement this in the future. It is very beneficial for the brand to build a sustainable connection between the brand and the product.
Reach:
A brand always targets to make new consumers and generate its sales by converting more people into customers (Vaajoensuu,2018). A company achieves this to build a successful campaign for the brand and increase its sales. This policy is very useful to the brands which target engagement and campaigning to deliver the return for the investment the company made for the product.
Section 2: Creation of Consumer engagement with brand through experimental marketing
The rocket launch by Elon Musk
Elon Musk is an American scientist who runs an aerospace production company and transportation services in California, United States of America. The company was founded in 2002 by Elon Musk targeting the goal of reducing costs of space transportation to enable people to go to Mars. The company has produced Falcon9, Falcon vehicles and spacecraft and many more. SpaceX first provided funds for the rockets to orbit around the earth. It was the first private company to do these kinds of jobs in the world and the company also sent astronauts in the rocket for orbiting around the earth. SpaceX has enabled Falcon9 rockets over a hundred times (SpaceX, 2022). The company has also created an internet service named Starlink to provide internet service to the citizens of the United States of America. The company has also developed Starship to launch spaceflight for the space programme. Starship is one of the main supporting vehicles for the Falcon9 and Dragon fleet.
If things go according to the plans by Elon Musk, then he will launch rockets once every week in 2022 and the rockets will be able to deliver the ⅔ of the earth’s arbitration. The Falcon9 rocket has flown to the orbits more than 140 times since it was built. Recently, Elon Musk has tweeted that the rocket Falcon9 has completed 111 successful missions and it is the highest by any rocket in the history of space programmes. He has also tweeted about planning to fly 52 more rockets for the earth’s arbitration and beating the record of 31 last year. SpaceX has already launched 9 rockets in January which has hinted that the company is planning to follow his words to send a rocket in every week. The launch in February was delayed due to the bad weather forecast of America and it has forced the mission to postpone it for some time now.
Critical analysis of this brand
Last year the whole world saw multiple companies building a space flight for humans however, Mr Musk excelled in this field of transportation of space and created an enthralling future for the kids and built security for the people’s life. Mr Musk has stated that the main purpose of this project is to solve the problems of the earth with the minimum resources and focus on the sublunary difficulties of the world. He also stated that the main reason for building rockets for implementing humans on Mars (SpaceX, 2022). A lot of people think that travelling to space is hard, however, Elon Musk has made it easier for the citizens to travel to Mars.
The cost of SpaceX is the best in this field and it is a rocket that has cost more than twice the concentration and upgrades of Saturn V and it is fully a reusable system that costs less than 10% of the Saturn V. it is very important to build a reusable system which is very friendly for the betterment of the environment. SpaceX has decreased the cost of the rockets to less than 30 million US$. Mr Musk has also stated the next venture will cost pretty less and his assumption is less than 10 million US$. The main attribute of this ability is boosting air travel commercially. SpaceX has completed flight tests to reach space and future development is also underway. Mr Musk has also assured that he is very confident that the process will get implemented at a very cheap price from next year.
SpaceX ranks first in this competitive field to send people into space and build an exciting future for the country and its youth and environmental sustainability. However, there is fierce competition for SpaceX in this specific field such as; United Launch Alliance, Blue Origin, BAE Systems and Triumph Group (Oxford Analytica, 2021). The rating of SpaceX is the highest in this field and it has been an attractive point for the citizens of the country, US. SpaceX has already built a raptor which will require 33 heavy booster engines. This problem is the major problem that is harming SpaceX and the company is working on it as stated by Elon Musk.
Conclusion
Experiential marketing is a kind of strategy which generates new customers and involves those customers within a project or product. Generally, experiential marketing not only enables buying materials but also enables the consumers to feel involved within the brand. It is a strategy of choosing and satisfying the consumer requirements and it helps the company to add value to the consumers and audiences. It can be concluded that experiential marketing and its theories have been discussed. Then, various tools and objectives for these kinds of marketing have been elaborated. As an example, the rocket launch by Elon Musk has been taken and a critical analysis of this project has been mentioned where various competitors and scale of its business operations have been demonstrated.
References
Abadi, R.R., Nursyamsi, I. and Syamsuddin, A.R., 2020. Effect of Customer Value and Experiential Marketing on Customer Loyalty with Customer Satisfaction as Intervening Variable (Case Study on Gojek Makassar Consumers). The Asian Journal of Technology Management, 13(1), pp.82-97.
Batat, W., 2019. Experiential marketing: Consumer behavior, customer experience and the 7Es. Routledge.
Ferreira, J. and Sousa, B., 2020. Experiential marketing as leverage for growth of creative tourism: a co-creative process. In Advances in tourism, technology and smart systems (pp. 567-577). Springer, Singapore.
Haumer, F., Kolo, C. and Reiners, S., 2020. The impact of augmented reality experiential marketing on brand equity and buying intention. Journal of Brand Strategy, 8(4), pp.368-387.
Österle, B., Kuhn, M.M. and Henseler, J., 2018. Brand worlds: Introducing experiential marketing to B2B branding. Industrial marketing management, 72, pp.71-98.
Oxford Analytica, 2021. NASA picks SpaceX to land its lunar astronauts. Emerald Expert Briefings, (oxan-es).
Shafiee, M.M., Haghighizade, R. and Rahimzadeh, S., 2019. The effect of experiential marketing on brand equity: study of a home appliances manufacturing group. International Journal of Business Innovation and Research, 20(2), pp.233-252.
Skandalis, A., Byrom, J. and Banister, E., 2019. Experiential marketing and the changing nature of extraordinary experiences in post-postmodern consumer culture. Journal of Business Research, 97, pp.43-50.
spacex.com, 2022. SpaceX. [online] SpaceX. Available at: <https://www.spacex.com/> [Accessed 9 March 2022].
Vaajoensuu, M., 2018. Building brand equity through experiential marketing. Programa de grado Negocios Internacionales, Arcada University, Pensilvania Estados Unidos, p.26.
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