Virtual reality (VR) has been around for a while now, but the technology is still in its infancy. While virtual reality headsets are becoming more popular and affordable, there’s still much to be done before it becomes mainstream. According to research done by Greenlight Insights, 78% of people today are familiar with virtual reality, although the full potential of the technology is yet to be established.
VR is expected to become a USD 150 billion industry by 2025 and many companies are already exploring the opportunities such technology can offer in the fields of marketing, branding, and user experience (UX). In this article, we’ll learn how virtual reality marketing is taking shape and how it can impact user behaviour. We’ll also dive into how VR will change the way we navigate our world together with business models.
Virtual Reality Marketing and Brand Experience
Virtual Reality is the computerized simulation of reality experienced through the use of a head-mounted display and other special-purpose devices. Virtual reality is different from augmented reality, which uses real-life images to supplement a person’s view of the world.
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Brand experience is a cognitive process that occurs when consumers form an emotional connection with a brand. It involves three elements: awareness, liking, and attachment. Brand experience is the result of consumer interactions with brands and consumers’ perceptions and attitudes toward brands are shaped by their experiences with the brand in both positive and negative ways.
Virtual reality can help elevate your customers’ brand experience. VR offers the opportunity to create immersive experiences that give a clear idea of how a product is used even when the product is not yet used in real life.. As well as promoting existing products, VR can also be used to showcase development. This will help to get customers invested in what you are creating – as well as give you a source of feedback.
Most importantly, VR changes the dynamics between brands and consumers. Rather than using ad blockers or click ads away as quickly as possible, people actively seek out VR brand experiences. Here, your consumers come to you, rather than you needing to attract them.
For instance, with VR an electric car dealership could take prospective customers on a test drive without actually using the car. VR allows people to get a sense of the product without having to actually use the product in real life. Similar approaches could be applied to real estate. Short-form videos will give people a sense of what it would be like to live in their potential new home before the building is complete.
Augmented reality marketing: try before you buy
Augmented Reality (AR) is a technology that allows customers to see their products in the real world. It uses computer software, graphics, and sensors to create an environment that integrates digital information into the physical world. In short, augmented reality is a digital overlay that can be placed on the real world. The technology has been used in many different ways, including for marketing purposes. With more innovative uses for AR being discovered, it’s easy to see how this technology could soon become an important part of the marketing mix.Many companies are now using AR to market their products – IKEA, Timberland, Sephora being among the largest ones. There are a few types of AR marketing, including AR billboards and AR magazines. The most common type is augmented reality advertising, where you add virtual elements to your business in order to make it look more appealing. These types of strategies have the power to attract people’s attention in a much more effective way compared to traditional advertising. HubSpot shows that attention rates can increase by up to 20% when AR is employed in advertising and click-through rates can grow up to 33%.
These results have much to do with the fact that AR is still new and consumers are curious about such experiences. As more companies adopt AR in their marketing, people are likely to get used to the combination of the real and virtual world. Augmented reality is still far from mainstream, howeverAR continues to have much potential in improving user experience.
There are some downsides associated with augmented reality marketing that should be considered before investing in this technology. While augmented reality can be a useful tool for your business, you have to make sure that it’s not too much of a distraction that takes away from the brand experience rather than improving it.
Secondly, by combining a branded experience with the physical environment, the control over what a user sees remains limited by nature. It can be hard to predict how filters and overlaid images will be used and what type of situations will be associated with your brand. To avoid unpleasant surprises, research is an essential part of developing powerful augmented reality marketing strategies.
Innovation as a driver of sales
Virtual reality and augmented reality are great ways to increase the effectiveness of your brand experience. These technologies are new and still in their infancy, so there are many different options available to explore. VR is a powerful tool that can be used in many different ways by businesses and organizations. It allows companies to provide an immersive customer experience, which increases the likelihood that their customers will continue to interact with them in the future.
Many companies have already used these tools to great success in order to increase brand awareness, sales, and drive more traffic to their sites. Still, there are many opportunities that have yet to be fully explored.Are you looking for innovative ways to improve your branding? Talk to us! Get in touch today to discuss your digital project with us and find out how we can help.