DALLAS: One in three chief marketers around the world expect to allocate between a fifth (21%) and half of their budget to brand experience marketing over the next three to five years, a new survey has revealed.
That is one of the key findings of a poll of around 1,000 CMOs and brand managers in North America, Europe and Asia conducted by Freeman, an experiential marketing agency, and data solutions provider SSI.
According to Freeman, a company which has an interest in promoting experiential marketing, more than nine in ten respondents agree that brand experiences deliver more compelling brand engagements.
What's more, the survey found 59% of CMOs recognise brand experience for its ability to create ongoing relationships with key audiences.
Consequently, around half (51%) say they would spend more than a fifth of their budget on experiential marketing in the next three to five years, compared to just a third (31%) at present, Campaign reported.
Chris Cavanaugh, EVP and Chief Marketing Officer at Freeman, said that audience expectations are evolving, which is making brand experience grow in scope and importance.
"Steep competition, changing demographics and more sophisticated audiences mean now, more than ever, marketers need new approaches," he said. "The right brand experiences have the power to evolve brands, build relationships and inspire action."
However, the survey results suggest that many marketers are not embracing new technologies, as recommended by Cavanaugh – or at least not in Europe and North America.
Currently, the top three tactics brands use to drive brand experience are their website (58%), social media (57%) and email marketing (51%), yet few outside of Asia make use of immersive technologies to deliver personalised experiences.
The survey found 42% of marketers in Asia are using sensory interaction as a means of creating personalised experiences compared to 28% in North America and just 13% in Western Europe.
Similarly, about a third (31%) of Asian marketers make use of virtual reality compared to just 7% in North America and 9% in Western Europe.
And there is a divide regarding gamification too, which is used by 22% of marketers in Asia, but only 7% to 9% elsewhere.
Data sourced from Freeman; additional content by WARC staff