4 reasons why your company should invest in VR
There is no question that VR and 360 content will continue to grow, and brands not embracing it soon will risk being left behind. But what benefits does VR essentially bring to companies? Why should brands invest in VR?
Increase brand awareness
In How Brands Grow, professor Byron Sharp says, “The dominant way that advertising works is by refreshing and building memory structures. These structures improve the chance of a brand being recalled and/or noticed in buying situations; this in turn increases the chance of a brand being bought.”
VR is a great way for brands to break through the communications clutter. So if your brand has a story, it can be transformed into a virtual brand experience, which will have more impact than brand communication alone. Your customers will be fully immersed and engaged. Through VR, you can emotionally engage your audience and foster brand recall.
Strengthen consumer relationships
Virtual reality is a perfect storytelling medium enabling an entirely new interpretation and expression of the brand. If you are looking for a way to underline your company values and vision with your customers, VR is the perfect solution. VR helps to build deeper levels of human connection, compassion and cultural empathy through a one-of-a-kind experience that is unforgettable.
Touchstone Research put it in numbers. Brands that invest in VR are more likely to go viral. 81% of consumers who use VR tell their friends about it. On YouTube, 360 video has a 28.81% higher view rate than a fixed video. Click-thru rate for VR reaches 4.51%, compared to 0.56% CTR for fixed video.
Take prototyping to the next level
In production, decision making process is crucial, and Virtual Prototyping (VP) brings several advantages. It helps to quickly test out your ideas and get user feedback on a design that you have not yet developed.
Prototyping in VR enables designers to try more options before turning to production. Hence, it leads to increased quality, cost reduction and increased customer satisfaction. How? While your 2D designs might look great on paper, nothing compares to giving clients a virtual tour. Only in VR, clients can experience a polished and interactive visual representation of the final product, see the real scale and materials used.
Collect data efficiently
Let’s say your company wants to improve ease of shopping and test customers preferences in a shop. VR in-store experience can be specifically designed to determine product arrangement that is most effective at getting shoppers to purchase your products and give you specific data regarding customer behavior. HMD’s gyroscopic sensor data can also be used to reconstruct “heat maps” of everywhere a user looks while in VR. Through different setups, you are able to test how changes in the real store would influence your sales.
The best part? Every brand can make use of VR, but in order to stand out of the mediocre content, brands have to be careful how they design their experience and connect with the clients. Companies can benefit from VR at different sales process stages: product visualisation, real-time experience, e-commerce journey or prototype presentation. What is more, VR has the power to revolutionize shopping behaviour.
If you want to know how all this can achieved, drop by our working space to chat over a cup of coffee.