Application of experiential marketing in the revival strategies of traditional food markets : the case of mercado de San Miguel

The present study investigates the appliance of Experiential Marketing (EM) in the revival strategies for traditional food markets on the example of Mercado de San Miguel, a traditional food market in Madrid, Spain. Having placed an increased focus on the delivered customer experience the case company avoided the decline stage and achieved a pre-downturn performance. The present study is an in-depth single holistic case study, which utilizes qualitative research. The investigation included a literature review on organizational lifecycle and the reasons leading to the decline stage; possible strategies to avoid it; strategic differentiation; shift from traditional marketing approach to experiential marketing; aspects of the evolution of customer experience; and strategic experiential modules. Further, a qualitative research, carried out by creating interviews, was performed in order to investigate possible differentiators for the traditional food markets and customer experience as a possible key strategic differentiator; and to determine what strategic experiential modules that can be used in the chosen industry. The research showed that customer experience can be a key strategic differentiator for the traditional food markets since it provides the company with a competitive advantage; and that different dimensions of experiential marketing should be applied in order to achieve holistic experience. The implications of the study focus on the recommendations that can help traditional food markets to avoid decline stage through developing a differentiated strategy which uses customer experience as a main strategic differentiator.