Photo by Austin Distel on Unsplash
Interest in virtual reality has been growing in recent years. The tech has improved significantly, and both the hardware and software have become more affordable. This is leading to a boom in the industry. According to one report, the VR industry was valued at $21.83 billion in 2021. It is expected to grow to $87 billion by 2030.
Most people focus on entertainment when they talk about virtual reality, but there is so much more potential. Sure, you can play games or engage with virtual worlds, but it is growing as a technology for social interaction. It also has great potential as a tool for learning and in the world of design.
With VR becoming more accessible and becoming more popular, businesses are picking up on the potential to benefit from this technology. For many brands, the idea of advertising in VR is attractive. However, VR marketing is still in its infancy. With this post, we would like to cover some of the ways VR can be used for marketing.
The Virtual Test
One of the things that can make virtual reality so powerful is the ability to create experiences that are both realistic and immersive. For some brands, that makes VR the perfect medium for bringing customers closer to the products they sell.
Going to test a product in person is not always easy. With a VR system that allows customers to try before they buy, brands could move potential customers closer to a sale. As an example, a virtual test drive for a car could be a step toward getting a customer to come to the dealership to see the vehicle in person. It could also work with touring a virtual model of a home before it is built or for testing any number of products.
We are already starting to see early versions of this using augmented reality. Some brands have developed apps that allow buyers to do things like virtually try on clothes before they order them. There are also apps that use AR to help customers check out the look of furniture in the home or to see different paint colors on their walls.
Creating Branded Experiences
Virtual reality will also have an impact on the future of brand experience marketing campaigns. In-person events will always have a role in experiential marketing, but VR could offer a way to create digital experiences that do more.
One way to use this tech for brand marketing would be to hold VR events for customers. Brands could hold social events where customers and brand representatives come together to share the experience. Brands could also create branded games for people to play or use VR as a storytelling tool.
The great thing about VR for experience marketing is that you don’t have the limitations of in-person events. Brands could hold social events for people from around the world at the same time. They could create experiences that would not be possible in a physical space.
Placing Ads in VR Content
Brands wouldn’t even have to create their own VR environments to benefit from advertising with this technology. As more people start using VR, there will be more opportunities to monetize the attention of users. Some companies are going to use this as an opportunity to put ads in VR environments.
For example, let’s say you have a VR game that takes place in a city. It wouldn’t be hard for the programmers to put advertising space in the world of that game. Brands could then pay to put their advertising in the game. It could act as an additional revenue stream for the game developer while also being a useful marketing opportunity for brands.
Another option might be something like the ad-supported games we see on smartphones. Developers could choose to offer the game for free and make money from advertising. Marketers could even develop VR ads that would play naturally with the game content.
Teaching Customers About Products
Virtual reality could be a tool to teach customers about using products. If a product takes time or experience to learn how to use, VR tools could be a good option for teaching people before they get the product. In the case of products that might be hazardous for inexperienced users, VR lessons could be a way to cut down on accidents.
VR teaching tools could be good for marketing because they will teach consumers about more ways to use the brand’s products. Along with that, learning about the product in a virtual space will encourage customers to buy the real thing. It can also be a way to give customers the confidence they need to buy the product.
A growing number of customers will spend more time engaging with virtual spaces. As this audience grows, the marketing opportunities will be hard for brands to ignore. In just a few years, branded VR experiences and ads in virtual worlds will be a common part of the marketing landscape.