We’re stepping into a brave new world. The digital universe is expanding to gobble up the reality around us. This is the world of VR marketing, and it’s going to be transformational.
Virtual reality marketing and augmented reality(AR) marketing are the new frontier in the fusion of the digital and physical space. This is about employing the increasingly powerful computing technology inherent in our modern lives to deliver a marketing experience that goes beyond the possibilities of this simple, physical reality.
We’ve been doing such a good job with actual reality though. Now this fancy digital technology comes along and tells us it can create new worlds? What’s a brand to do! Well we take our responsibility as a leading digital marketing agency in Malaysia seriously, so here’s our guide on why, what, and how of VR marketing.
What’s the difference between VR and AR marketing?
Virtual reality is about building new, richly immersive digital worlds. Augmented reality is about enhancing the world around us with digital opportunity.
VR marketing is the quest to provide a customer experience that wraps up the audience and transports them to a fresh, exciting digital space. All those crazy videos of people falling off chairs while enjoying the thrills of a roller coaster? That’s the strange pleasure of virtual reality. In marketing terms it’s about building an experiential digital marketing opportunity that immerses the customer in your offer.
AR on the other hand is about enhancing the world around us with digital possibilities. This is taking our reality and adding to it through a digital lens, that’s everything from annotating menus in restaurants to unleashing the phenomenal craze of monster hunting through the hit sensation of Pokemon Go! AR is about providing added digital layers of experience and insight that can enhance your customer experience.
Is VR marketing really the next big thing?
The global VR market was valued at an estimated US$2.02 billion in 2016. Sounds like big business right? That market is set to explode over the next five years, with estimates of market value reaching US$26.89 billion by 2022.
Framing that huge growth is a booming consumer segment eager for the thrills of virtual reality. VR headsets shipped to the tune of 13.7 million in 2017, with predictions that will grow to 81.2 million units shipped globally by 2021.
Augmented reality paints another picture, but one that highlights an even more powerful story. Dedicated AR systems have had patchy starts on the global market, with Snapchat Spectacles and Google Glass, offering high profile cases of failure. It’s not the opportunity they offered that let them down though, but the delivery. Ultimately the power of augmented reality is unlocked by a device as inevitable in our modern lives as death and taxes – the (not so) humble smartphone.
Smartphones are already offering a widely adopted digital lens that augments the reality around us. Just take a look at the likes of Google Translate, a translation app that augments reality with translations in over 100 languages, and which enjoys over 200+ million daily users. With Malaysia predicted to be home to over 22 million smartphones by 2020, that’s a significant opportunity to blend the digital and the physical world through smart marketing that resonates with your audience.
What does all this VR and AR marketing mean for my brand?
This brave new frontier isn’t something we should be worried about, it’s a possibility we should be excited about embracing. Virtual reality offers huge potential for the right brands. The important point here is working out whether you’re the kind of brand who can benefit.
There’s always a risk with exciting new technologies and brave new marketing opportunities that everyone gets caught up in the rush. The truth is if you’re in the right sector, VR marketing offers a truly magical way to connect with your audience. Entertainment, luxury retail, hospitality and travel, these are all examples of sectors which sit in the golden spot of opportunity when it comes to VR and AR, but they are not alone.
Imagine yourself enjoying an immersive hotel experience, taking in the view from a luxury treetop resort or experiencing the thrills of a theme park from thousands of miles away? Just a gimmick you say? UK travel brand Thomas Cook implemented a ‘travel before you travel’ VR campaign that resulted in a 190% increase in sales of their targeted package. That is by no means a standalone example of VR marketing success.
It’s important to note that VR and AR aren’t just restricted to high-end experiences. The seamless integration with the capabilities of everyday smartphones means that the excitement of these marketing opportunities is more accessible than ever before.
Virtual reality isn’t just some strange fiction speculated about in news reports or used as a plot construct in movies. VR marketing is a reality today, and that reality offers a staggering virtual opportunity for your brand.
