In Summary:
Prepare For Impact

WE NEED TO DEMONSTRATE THE VALUE OF LIVE EXPERIENCES BEFORE IT’S TOO LATE

The role that experience marketing plays in the marketing mix, as well as the business and commercial impact it can have, is an often hotly debated topic. Do live experiences really drive business results? In light of Gartner’s Annual CMO Spend Survey which revealed that 2024 average budgets have fallen by 15%, as CMOs pursue growth in the ‘era of less’, this topic is front and centre once again.

In response to this debate, we recently launched a new report – Prepare For Impact – which explores the current landscape of B2B experience marketing and features recommended actions for experience marketers. It is clear that in order to survive and thrive we need to rethink how we prove the value of this marketing tactic and demonstrate real impact before investment is funnelled elsewhere and the world of experiences as we know it ceases to exist. 

The robust two-stage research study, combining qualitative and quantitative research, uncovered rich insights about the industry as well as intriguing food for thought about what the future might hold.

OUR 5 KEY FINDINGS

C-SUITES AND MARKETERS ARE SPEAKING DIFFERENT LANGUAGES

The research showed a clear disconnect between c-suites and marketers when it comes to their perception of experience marketing, its purpose and what success looks like. From the fundamentals of language to the role experience-led marketing activity could – and should – play within the broader marketing mix, there’s a gap that needs bridging in the boardroom. Because when times are tough, business leaders have to make tough decisions. And if the value of experience marketing is not demonstrated, the risk is that it becomes deprioritised as a marketing tactic and budgets shrink.

CONNECTED, EXPERIENCE-LED CAMPAIGNS ARE THE FUTURE

Events are more than a moment in time. B2B buyer journeys have become more competitive and are getting longer. Campaigns that are built around a live experience that is designed for key moments in the B2B sales journey are more effective than one-off executions. Reimagining an experience as a campaign will lift this activity out of the tactical space and into a more strategic realm that will open up new opportunities for creativity and impactful experience design that helps solve business challenges.

THE KEY TO DEEPER B2B RELATIONSHIPS IS HUMAN-CENTRED DESIGN

The attendee experience and creation of communities are the top considerations for future experiences. Getting these right is essential for B2B marketers who rely on building relationships to help close deals. In a climate where word of mouth recommendations are providing vital reassurance for B2B buyers, the communities created are becoming a catalyst for business decision making.

PREDICTIVE MARKETING, POWERED BY AI, WILL BE THE NEXT FRONTIER

People expect tailored content in every aspect of their lives, from Netflix recommendations to Spotify Daylists. Their experience with brands in their professional lives should be no different. We need to do a better job of leveraging technology, including AI, to collect attendee data and use these audience insights to serve up relevant recommendations to attendees.

AUDIENCE PARTICIPATION, BRAND SENTIMENT AND BUSINESS IMPACT METRICS ALL MATTER

While metrics that demonstrate the impact on the bottom line are vital, they are only part of the picture. As an industry, proving the impact of experience marketing has always been a challenge when compared to digital, which has a clear set of standardised metrics for success. GPJ’s advice? Before launching into planning any experience, pause and ask yourself: of all that could be measured, what are we measuring and why? Because what we measure affects what we do.

While the future looks bright for experience marketing, work is needed to elevate it from being seen as a tactic to an essential ingredient within the wider marketing mix; getting this right is dependent on garnering cross-team alignment on the approach to measurement and evaluation.