Category: Chapter 6: Understand Consumer and Business Markets

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Marketing Through Experiences: Music Festivals as a Marketing Tool

Current disengagement and uncertainty with indirect, mass media marketing is leading towards many companies incorporating event marketing and experience-based marketing as part of their strategy. This is especially pertinent to companies who want to capture the millennial and Gen Z audiences, as these demographics have proven to respond better to experiential marketing over traditional marketing techniques. One big example of this can be seen with music festivals and concerts, as recent studies have shown that billions of dollars are spent annually by brands on advertising their products at music festivals.

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Staying Relevant Amidst an Ever Changing Market

For marketers, there is one important question that is constantly on their minds: how do we stay relevant?Relevancy is paramount to a company’s success. If an organization is no longer relevant, it is no longer on the forefront of consumer’s minds. In today’s competitive business environment, customers can only realistically choose between so many options.

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Building Brand Loyalty: Not to Be Overlooked

In modern marketing strategy, a large focus is placed on acquiring new customers. In fact, a recent research survey showed that 72% of small businesses planned to use the majority of their marketing budget to try to attract new customers as opposed to marketing new benefits and products to their existing customers1. However, expanding a company’s customer base does not always equate to business growth. Recent studies have shown that building loyalty with existing customers is equally important, as existing customers tend to be more profitable.