On a daily basis companies and brands of all sizes are releasing new virtual reality experiences. These new experiences are helping build brand awareness, loyalty, and drive conversions. But not all CMOs and CEOs are convinced that VR is the right move for them. Below, we’ve highlighted five compelling reasons why a business should consider creating a VR experience.
1. Industry Growth
Today’s virtual reality climate is similar to how mobile was several years ago. Everyone knew the mobile industry would be huge and predictions were proven correct. This is the space virtual reality occupies. The VR industry is growing rapidly. Goldman Sachs predicts a $80 billion market for VR and augmented reality by 2025.
2. Brand Adoption
Since virtual reality returned to the public sphere in 2014, major brands across industries have adopted the technology. Last year, Forbes reported that 75 percent of the world’s most valuable brands have a VR or AR experience. Virtual reality adoption, however, doesn’t stop with large brands. Smaller companies and brands have recognized how powerful VR is and folded it into their marketing matrix. These are brands like Visit Houston, which recently launched a VR experience to drive tourism by immersing prospective visitors in their city.
3. Consumer Headsets
An initial concern for some brands considering a VR experience is scalability. How would they get their VR experience into their customers’ hands? The good news is that a large swath of people already a powerful virtual reality device—in their pockets. Easily accessible VR headsets like the Samsung Gear VR and Google Cardboard work with smartphones. And according to Pew Center, 68 percent of U.S. adults own a smartphone.
4. Engagement
We live in a busy, cluttered world. This is why businesses work tirelessly to capture potential customers’ attention. Virtual reality is the perfect medium to do this. When someone slides on a virtual reality headset, they’re transported into an experience. They can’t look away. They can’t check their phones. They’re captured. YouVisit has found the average viewer spends more than 10 minutes interacting with our VR experiences. This is an eternity when compared to other mediums.
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.
5. Likeability
Over half of consumers say they’re more likely to purchase from a brand that sponsors a VR experience, according to a new study by Greenlight VR. The company’s report surveyed 1,300 consumers in the U.S. to capture the findings. Two other noteworthy findings from the survey were that 71 percent of respondents said a sponsored VR experience is reflective of a forward-thinking brand and that 62 percent of respondents said VR results in feeling engaged with a brand.
Gordon Meyer (@GordonMeyerjr) is Director of Marketing for YouVisit