As the world is constantly moving and developing, consumer trends are also gradually changing. Businesses are starting to make efforts to find creative marketing methods to attract consumers’ attention if they do not want to be left behind. The effective development of experiential marketing has brought users real and authentic product experiences. In particular, the development of technology has contributed to creating creative, interesting, and highly attractive experiential marketing campaigns for customers. Below are some types of technology that have been applied in experiential marketing and brought about amazing results.
Application of 4.0 technology in business
VR (Virtual Reality) in experiential marketing
VR is a technology that immerses users in virtual, three-dimensional interactive experiences to simulate real-life experiences. Virtual reality marketing is an experiential marketing strategy that incorporates VR technology into a business’s marketing strategies.
VR Technology in Experiential Marketing
VR Technology in Experiential Marketing
Organizations and businesses can use VR to increase engagement and enhance audience emotions through digital experiences. Furthermore, when using VR, businesses can demonstrate and promote products, connecting with users in a natural way to better engage their brand. For example, instead of consumers reading content on the screen, they can interact with a virtual character and learn about the product in detail.
Below are some successful applications of virtual reality (VR) technology from leading businesses and corporations in the world:
Volvo: Virtual Reality Driving Experience
Test driving a car can be a daunting and inconvenient experience, especially if you don’t have a dealership near you. Volvo has used VR technology to create an experience called “Drive Me,” which allows users to test drive a new Volvo. It’s a great way to take a virtual adventure, experiencing 360-degrees of the car. Users can also check out the interior of the car themselves using the Google Cardboard app.
Topshop: VR Catwalk Show
Topshop created a unique VR shopping experience called “Topshop Digital Catwalk”. Working with Inition UK and the Oculus Rift VR headset, Topshop gave its users the chance to take a virtual seat and experience the fashion show in real time, as well as watch the models and celebrities attending the event.
Topshop: VR catwalk show – effective experiential marketing
Topshop: VR catwalk show – effective experiential marketing
This was a great and effective way for Topshop to showcase their latest fashion collection in a unique and engaging way, reaching a wider audience to engage with the experience.
All Nippon Airways: Business Class Tour
All Nippon Airways (ANA) used VR technology to give customers a virtual tour of its new business class. Users were able to explore the new cabin and learn more about its unique features and spaciousness through VR headsets. They could close the cabin doors, change the lighting, and even try ordering food. The Room is a fun and useful campaign for any customer who wants to learn more about ANA and its new services.
Through the above examples, you can see some of the benefits that VR technology brings to businesses to improve the effectiveness of experiential marketing. However, VR technology is still a relatively new part and comes with challenges for businesses. Marketers may have difficulty navigating the VR software development process or controlling marketing budgets effectively, as VR requires a huge investment.
AR (Augmented Reality) in experiential marketing
AR is a technology that integrates information and images from the real environment into a digital environment. Where users will have multi-dimensional interactive experiences, from augmented reality games to virtual shopping and repair instructions. Normally, AR technology will be experienced through mobile devices, smart devices such as phones, tablets, …
AR Technology in Experiential Marketing
AR Technology in Experiential Marketing
Here are some effective applications of AR technology in experiential marketing :
Ikea: 3D models of furniture in real scale
Ikea’s design lab has recently started using AR technology to create new experiences that entice consumers to buy. The Ikea Place app allows users to visualize how a piece of furniture will look in their home at scale, and they can also order the item directly from the app.
Now, the all-new Ikea Studio app, which uses the LiDAR sensor in the iPhone, allows users to capture entire 3D room plans and design them. However, this new version is primarily available on iOS devices.
Benefit Cosmetics: Using Gamification to Launch a New Product
During the Covid lockdown in the UK, stores were mostly closed and turned to new marketing methods. And, Benefit Cosmetics turned to gamified AR technology to launch its “Magnet Extreme Lengthening Mascara”.
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Benefit Cosmetics uses AR technology in experiential marketing
Benefit Cosmetics uses AR technology in experiential marketing
Customers can use their mobile devices to access the game and collect Benefit Cosmetics coupons or digital information in their real-world space. Once collected, customers will be directed to the Benefit Cosmetics online store to make a purchase.
This unique outreach campaign helped the business achieve the following desirable results:
Conversion rate up to 50%
CTR (Click Through Rate) is 39.4%
Average game time is 2 minutes 22 seconds.
L’Oréal Paris: Makeup Test
Makeup Genius app allows customers to experiment with different makeup styles. Moreover, users can try on products even at home on mobile devices and desktops. This way, users can choose and shop for makeup products online quickly and most suitable, without having to go to the store to try on the products directly.
Haptic Technology in Experiential Marketing
Haptic is a term related to creating physical sensations and responses in humans. Accordingly, Haptic technology can create feelings such as vibration, thrill, etc. for users. Haptic technology is widely used in many fields, including mobile devices, video games, virtual reality, augmented reality and many other applications. It brings more interactive and vivid experiences to users, creating a better connection between people and technology.
Haptic Technology in Experiential Marketing
Haptic Technology in Experiential Marketing
In a tactile experiment by Showtime
The minute-long trailer for the Season 4 premiere of Homeland used Haptic technology in an experiential marketing campaign to create the vibrational sensation of a simulated bomb explosion. When viewers watched the trailer, their mobile devices were triggered to vibrate, creating the sensation of a bomb going off in their hands.
Thus, by capturing technology trends, businesses can pioneer in applying new technologies, creating differentiation and increasing competitiveness in the market. This helps businesses attract customers, predict market trends, create unique experiential marketing campaigns and increase sales. Furthermore, technology trends allow businesses to quickly adjust, change and respond to new requirements, creating a flexible business environment and ensuring to maintain their position in an ever-evolving market.
Risk management is a term commonly used in the management process of enterprises. It is considered a line of defense for enterprises, playing an extremely country email data important role in detecting and preventing errors and incidents. According to the report of the International Federation of Accountants (IFAC), errors and mistakes in risk management can cause losses of up to 10% of a business’s total revenue. This shows that risk management is an important factor to ensure the stability and success of the enterprise.
Risk management
Risk management
What is risk management?
Risk management is the process of identifying, assessing and mitigating the impact of risks. It is the process by which a business identifies potential risks or threats, and takes steps to eliminate or reduce the likelihood of the risk occurring or causing harm.
Risk management is the process of identifying, assessing and minimizing the impact of risks.
Risk management is the process of identifying, assessing and minimizing the impact of risks.
There are many types of risks that businesses face, such as financial risks, safety risks, reputational risks, and many others. By developing a strategy to manage these risks, businesses can ensure that they are prepared for any situation.
Why do businesses need risk management?
Organizations with good risk management tend to perform better, according to a report from the Project Management Institute (PMI).
First, it helps to reduce waste in business operations and investments. By implementing risk management, businesses can have an overview of their operations and eliminate unnecessary redundancies and disadvantages. This helps to minimize unnecessary costs. According to a study by PwC (PricewaterhouseCoopers) in 2020, organizations without an effective risk management system can suffer financial losses of up to 3.5% of annual revenue.
Second, enterprise risk management
helps increase investment and business efficiency. The risk management department has become a powerful “assistant” for enterprises, helping to forecast and assess in advance the risks that may occur during the business process. This increases the success rate of projects.
Organizations with good risk management tend to perform better.
Organizations with good risk management tend to perform better.
Third, risk management plays an important ba leads role in the overall management of the enterprise. By identifying risks and establishing indicators, enterprises can monitor the situation and evaluate whether the risk management measures being implemented are effective. This helps enterprises determine the best priorities and monitor activities.
Finally, risk management in business is a necessary strategy to convince investors. Before investing, investors often carefully consider and evaluate possible risks. Therefore, when a business has identified and measured possible risks in advance, and has a direction to deal with them, this will be a strong point to encourage investors to easily make decisions about investing.
Risk analysis process
Risk management is an important part of any business or marketing plan. Developing a risk management plan and process can help ensure the safety and success of your business plans. The risk management process varies from business to business, but typically includes the following four basic steps:
Identify the risks
Risk identification is the process of identifying all internal or external factors that may arise during the implementation of the plan, adversely affecting the implementation process or the results of the plan. Internal factors can be lack of resources, leakage of business information, etc. External factors can be changes in government policies, market changes, etc.
Risk identification is the process of identifying factors that can adversely affect a business.
Risk identification is the process of identifying factors that can adversely affect a business.
Assess the risks
The second step is to assess the identified risks. Risk assessment involves establishing the probability and consequences of each risk. It then compares the magnitude of each risk and ranks them according to their magnitude and consequences. This helps the business identify and clearly define which risks are the most dangerous, thereby focusing on preventing and avoiding risks with high consequences. In this process, the business may sometimes have to make a trade-off by accepting a smaller but manageable risk, in order to avoid or minimize a risk with higher consequences.
Dealing with Risks
The third step in the risk management process is to address the assessed risks. This requires the business to identify the measures or processes that need to be implemented to minimize or eliminate the risks to the extent feasible.
At this stage, the business can assign key staff to specific areas or work groups, to ensure that there is someone responsible and has the expertise to handle risks quickly and accurately. These staff will be tasked with implementing specific measures to minimize the impact of risks or prevent their occurrence.
Review and monitor risks
The final step is to review and monitor the risks that have been identified and treated. This includes monitoring the risk management process and ensuring that all steps are being taken correctly. This step also helps ensure that existing risk mitigation measures are still effective.
Review and monitor identified and addressed risks
Review and monitor identified and addressed risks
According to a study by Aon Corporation, unfortunate incidents and risks can cause losses of up to 5-10% of a business’s annual income. This shows that businesses need to seriously invest in risk management activities. Risk management plays an important role in protecting businesses from potential losses, while ensuring the stability and success of the business.
