It seems like only a few years ago when the idea of actual virtual reality was the stuff of science fiction movies. Of course, there were some niche products here and there, but VR tech was generally considered high tech and prohibitively expensive.
But nowadays, virtual reality and augmented reality are much more viable, and the growth of this VR/AR market has been phenomenal. Expert projections for 2019 have the VR market for hardware and software growing to $12.1 billion, and that’s double from last year’s market. It’s estimated that its growth can reach up to $40 billion.
Of course, it may seem like this isn’t terribly relevant news for your business if you’re not participating directly in the VR/AR market. Yet even then, this technology can still help your business as it can be used for your marketing.
You may be doubtful about the realistic use of VR marketing due to your wariness about the costs. But just like for the PC, the mobile phone, and the LED TVs, prices have dropped for the hardware. It not as expensive as it was when the first VT products came out.
Because of the comparative cheapness of the hardware, consumer interest in these items has increased. So now you can develop a VR/AR app that’s related to the products and services you offer, and you’ll have plenty of consumers to pitch to.
Creative Ways of Using VR/AR
Many notable business organizations have made use of this technology to promote their brand and their business. The most famous examples include:
VR stories. It’s well known that even iconic print brands like the New York Times have found it difficult to maintain their status in the digital age. Subscriptions to actual newspapers have alarmingly dropped and their readerships have serious fallen. So, of course, the NY Times has adapted to the new reality by having online editions.
Of course, to maintain their iconic status they have to take the lead in the industry, and they’ve done very well with that by releasing VR news reports and stories. Now they have an app that lets you use the Samsung Gear VR or the Daydream View to experience 360-degree reality. Now you don’t have to read about Iraqi forces fighting against ISIS, or even watch news reports on TV. Instead, you can use the VR app so that it seems like you’re alongside the Iraqi troops.
VR music videos. Artists have long used music videos to promote their singles and albums. But Bjork has been just as experimental with here videos as she is with her music. She has enabled VR users to be transported into her music videos, and this has certainly boosted her album sales.
Trying things out. What would a piece of furniture actually look like when it’s in your living room? Now you don’t have to imagine thanks to the Ikea AR app, which lets you to actually see for yourself. The app lets you pick among the Ikea products and then you can use your smartphone camera to point at the space where you want to place the furniture.
The possibilities are almost endless, and it’s a new horizon for marketing. Now you’re not limited by text, images, or even videos. With VR/AR, marketing is now a much different reality.