The purpose of this study is to provide comprehensive review of experiential marketing with focus on its effects and industrial applications. We report that experiential marketing has effect on brand, consumers and the market. Experiential marketing provides a lively brand experience that give consumers the chance to engage with the brand. It promotes brand experience effects more in the Generation Y than in Generation X. Experiential marketing focuses on customer experiences. The future would be about customer relationship management (CRM), due to the fact that CRM strategy helps the company to know more about the customers. Markets are changing faster than marketing. Experiential marketing has beneficial impact on the marketing mix. Experiential marketing finds application in different businesses or industries such as hospitality and tourism, retail, health care, airline, automotive, real estate, banking, FMCG and others, in emerging markets, because it motivates customers to make faster and more positive purchasing decisions. In Nigeria, experiential marketing has become so vital to brands to cut through the media clutter.