New research reveals three out of four brands plan to reposition this year
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Three out of four brands plan to reposition this year, according to a white paper published by global experience design company, Imagination.
The survey of 375 marketing executives reveals the two chief drivers behind their strategic initiatives this year are to grow market share and increase brand value – with more than half (54%) planning to do so through experiential marketing initiatives.
“Experiential marketing has been proven to be an effective tool for bridging the gap between brands and their customers,” said Sascha Uzzell, Managing Director, Imagination New York and Houston. “By providing a hands-on experience, customers are able to see the brand in action, and the brand is able to demonstrate its capabilities in a tangible way. This kind of marketing enables customers to form an emotional connection with the brand, which can lead to increased loyalty and advocacy. Our research and experience have shown that experiential marketing is one of the most effective ways to establish credibility, communicate a vision, and bring customers closer to the brand. It’s not just about talking about what the brand can do; it’s about showing customers what the brand can do for them.”
The current turbulent economic climate and geo-political crisis, coupled with rapid technological, social, and environmental change, means brands are finding themselves in very uncertain times. Well-established boundaries are breaking down as new, out-of-category entrants reset expectations, such as Tesla in automotive, Amazon in IT, and Shein in retail. For established brands, carrying on as usual risks losing relevance, market share, and future growth.
Imagination’s research shows brands understand this and are beginning to make meaningful changes, with three-quarters of the marketers saying they plan to reposition in response to societal and technological change, while another 68% plan to launch a new product and 65% to launch a new service.
This also applies to business-to-business (B2B) brands with senior marketers from enterprise technology companies being the most likely to be planning a brand repositioning in the coming year.
The findings reveal a correlation between time spent with a brand and favorability; by its nature, experiential marketing enjoys significantly higher levels of time spent with a brand over above-the-line or social media. It highlights the importance of creating emotional connections with audiences, and the reason why active participation is more likely to influence customer perception than passive exposure to messages.
41% of the respondents revealed not having used experiential because they feel it can’t be measured, which emphasizes a common misconception Imagination often encounters, the report said. The white paper outlines the established standardized industry metrics that brands can use to measure the effectiveness of experiential activity, including engaged minutes, leads generated, social shares, and more.
Other key findings include:
● 78% use impact on brand perception as a measure of success
● 68% find communicating a complex narrative an obstacle to success, while 78% of marketers surveyed recognize the power of experiential to change behaviors.
● 78% have used experiential or events/exhibitions and see their value
Imagination has established itself as a go-to agency for brands looking to make a bold impact, with a long track record of success for clients such as Ford, Visa, Mastercard and the NFL.
Imagination surveyed 375 marketing executives that all held senior positions in firms with more than $1 billion in annual revenue across four verticals.