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Every day, businesses and brands of all sizes release fresh virtual reality activities. These novel experiences are promoting brand recognition, foster customer loyalty, and increasing sales. But not all CEOs and CMOs believe that utilizing VR is the best course of action for their company. Five convincing reasons why a company ought to think about developing a VR experience are outlined below.
1. Business Expansion:
The state of virtual reality now is comparable to that of mobile technology a few years ago. The mobile sector was expected to be enormous, and predictions turned out to be accurate. This is the area occupied by virtual reality. VR business is expanding quickly. By 2025, VR and augmented reality will have a market worth $80 billion, according to Goldman Sachs.
2. Brand Adoption:
Major businesses from several industries have embraced virtual reality since its resurgence in the public eye in 2014. According to a Forbes article from the previous year, 75% of the most valuable brands in the world provide VR or AR experiences. But only major companies are adopting virtual reality. Smaller businesses and brands have included VR in their marketing strategies after realizing its potential. These include companies like Visit Houston, which recently unveiled a virtual reality (VR) experience designed to immerse potential tourists in their area and promote tourism.
3. Personal Headphones:
Scalability is a primary worry for some brands considering a VR experience. What method would they use to deliver their VR experience to customers? The good news is that a significant portion of the population already carries a potent virtual reality device in their pockets. Smartphones are compatible with readily available VR gear like the Samsung Gear VR and Google Cardboard. And 68 percent of American adults, as reported by the Pew Center, own a smartphone.
Our world is hectic and congested. For this reason, businesses put forth great effort to get the attention of prospective clients. For this, virtual reality is the ideal platform. A person enters an experience when they put on a virtual reality headset. They are unable to turn away. They are unable to use their phones. They are arrested. According to YouVisit, the typical viewer engages with our VR experiences for more than 10 minutes on average. When contrasted with other media, this is an eternity. Another key point is that while consumers need a virtual reality headset to view some content, brands can place this content on Facebook and YouTube as 360-degree videos. This will drive even more engagement.
According to a new study by Greenlight VR, more than half of consumers say they are more inclined to make a purchase from a company that sponsors a VR experience. To get the data for the report, the company polled 1,300 American consumers. Two other interesting conclusions from the poll were that 62 percent of respondents said VR makes them feel more involved with a company and that 71 percent of respondents thought a sponsored VR experience is symbolic of a forward-thinking brand.
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