A sneaker manufacturer promotes its newest styles with a launch event allowing consumers to compete against a famous sports star for prizes. An online retailer rewards customers by turning an airport baggage carousel into a giant prize wheel that grants travelers whatever prize their luggage lands on. Promotions like these are great examples of “experiential marketing” – a form of advertising that helps consumers experience a brand.
Experiential marketing allows consumers to become active participants. These creative and engaging programs build brand awareness, but experiential marketing can also directly drive your bottom-line results.
A 2014 study by the Event Marketing Institute (EMI) found that 74% of consumers who participate in an experiential event say they take away a more positive opinion of the company, brand, product or service that’s being promoted. Additionally, 96% of consumers say that participating in an event made them more likely to purchase the relevant product or service it promoted. All of that can add up to increased sales – or, for banks and credit unions, engaged leads and account openings.
Savvy community financial institutions actively participate in events within the communities where they operate. Whether it’s a store opening or a street fair, an event offers CFIs the opportunity to engage existing and potential customers, market new products and services, and raise awareness of their brand. Event participation delivers internal benefits for CFIs as well; service reps look forward to events as a way to channel their energy, engage in hands-on training, and build relationships.
However, many challenges face CFIs that seek to engage in experiential marketing. First, many may not know how to stage their participation in an event, or what type of activity might be most effective in generating new accounts. They may craft an engaging activity but have no way to gather leads from consumers who participate in the experience. Finally, since most CFIs have lean marketing budgets, it’s imperative to demonstrate ROI in terms of new account acquisition or increased branch traffic.
How can your CFI stage an experiential marketing promotion if you don’t have the marketing budget of a big brand (or a big national bank)? Roll out the Kasasa® Rewards Rush truck!
Kasasa’s eye-catching, co-branded truck helps promote your financial institution, build community excitement around Kasasa Rewards, and spur acquisition. The immersive-experience truck – with glass money wind-tunnel booths – incorporates the perfect balance of: technology, with customers registering on tablets; information sharing, as attendees learn about the benefits of Kasasa accounts; and fun, since participants literally “grab” rewards out of the air. Always a show-stealer, the money booth not only gives guests a chance to cash in on some immediate rewards, but also leverages the excitement to help you follow up with prospective accountholders who took a turn in the booth. Each participant receives an emailed video of their time in the whirlwind after the event – strategically branded with your financial institution’s logo and contact information and featuring an invitation to your location.
The best experiential marketing promotions leverage fun and a certain “wow” factor to build brand identity and drive new business. People who have a positive event experience not only talk about it to others: they remember who sponsored the event. According to the EMI study, 2 of 3 participants will mention the sponsor when they’re spreading the word about the fun they had.
You can get the power of experiential marketing rolling for your financial institution by incorporating the Kasasa Rewards Rush in your marketing plans.