How you can maximize your ROI using Virtual Reality
Virtual reality is the future of logical progressions for content consumption on the Internet.
However, its functionality proposes that the devices are used in a more personal way, so brands must strive to run very effective campaigns and achieve that differentiating factor that will make them remembered. Therefore, nowadays, when selling the concept for a VR campaign to a client, it should be mainly focused on engagement levels and time savings. This technology offers levels of user participation that do not exist in traditional media. We live in a world revolutionized by social media, which brings a lot of distraction by having too much content at the same time, creating very short attention spans. Most of the efforts made by digital marketing teams today, practically seek to show themselves in small windows for very limited times.
ROI VR: Opportunities are dwindling to capture attention and deliver messages effectively.
Traditional 2D content, no matter how strategic or integrative it is for the user, must be viewed from a distance and only offers a limited level of ROI engagement. When someone is introduced to a VR experience, they are fully immersed, which means the ROI engagement is at the highest level possible. Their attention is 100% focused on the content, so you have the full ability to deliver the message perfectly, drawing them into a story with a first-person perspective. If this experience turns out to be a good one, you can guarantee that you will continue to keep their attention for as long as you want. The challenge for all brands that want to use Virtual Reality, in addition to creating content that really engages the consumer, is to know how to ensure that this work will actually create empathy and drive viewers to take action. The first thing the organization must define if it wants to get ROI with this campaign is its purpose in creating this VR experience. For example, changing the public’s perception of the brand, creating awareness, getting more customers, etc. Below we will describe four excellent ways in which you can focus your ROI:
1 – Improve brand awareness among the existing audience
When a brand’s consumers are characterized by adapting to trends and being present in different technological platforms, a virtual reality campaign will undoubtedly have a positive impact on positioning. Another circumstance indicated to opt for VR to present a campaign is to have a complex message, which must be explained graphically to be as concise as possible. If it is about innovation and new processes, it will be more appropriate to use this medium. If you already know your audience well, you have a new project to present as a brand and you want to generate as much interest as possible in a revolutionary way, you have all the points in your favor to provide them with this experience. Receptivity will be extremely high.
2 – Strengthen existing relationships
You may have a defined audience and a community created, but we know that only a percentage of them are really placed at high engagement levels. You can’t forget about this group that has shown their loyalty. When you have a virtual reality campaign, the audience must voluntarily opt-in to be part of this experience, that’s why we are looking for the loyal users in this case. We believe that when someone wants a one-on-one view into a VR presentation by an organization, that person is ready to initiate a closer emotional connection with that brand. Virtual reality experiences can be so vivid that they can create long-lasting memories, so it’s up to the creative team to give the content an emotional approach to achieve this special bond with the user.
3 – To make yourself known to new audiences
You may have a well-defined and established audience, but you may not have finished making your brand known in all the places where your ideal consumer is located. Virtual reality is still at an early stage and has very appealing features, so when it is activated and distributed well, it can have the potential to get good reviews and an extensive amount of word-of-mouth publicity among the public. One practice that has been used by brands that have already dared to run VR campaigns is to create a 360-degree version both for viewing with the device and for publishing with the new Facebook Spherical Video feature. In this way, the reach will be much greater and will be complemented on online platforms and there will be more opportunity to reach new audiences.
4 – Create personal connections with new audiences
In this case, VR is ideal. Taking advantage of the fact that it is just starting to catch on with the public, there are many people who are eager to have that experience for the first time. Creating a VR video provides brands with the opportunity to create engagement with both new and existing audiences. Best of all, it’s in-person and intimate. Many companies have created tours to different locations where their target audience is usually present to present their campaigns. Many traditional media cannot match the closeness that can be established by activating a VR experience.
Should virtual reality become a new common tool in marketing?
Let’s talk a bit about end goals and KPIs. Virtual reality has the power to achieve various organizational goals. As with all emerging media, the more companies get involved, the more metrics will be published to study the actions of the desired consumer. From brand consideration, familiarity, purchase, loyalty to a long list of indicators, virtual reality is demonstrating the potential it has to impact the perceptions of many individuals, making them capable of making conversions. The goal is to work with brands that are always forward-thinking and innovative, because that is the most appropriate way to tell stories that make a positive social change.
Create “irresistible” content in VR.
If you’ve ever had a virtual reality experience, you know the power it has to create instant emotions. As we said before, the two most important elements to optimize are engagement and immersion time, so the content must be of a quality that engages the user and brings out positive emotions aligned to the brand message.
The more unforgettable the user experience, the greater your return on investment could be. Here are some examples of how certain brands and industries have applied this formula:
Coca-Cola
A speaker from Barcelona named Guido Rosales, presented VR content for this legendary brand here in Spain. The core of the marketing strategy was to create feelings of happiness. It is no secret to anyone that in the 1950s, Coca-Cola created its Santa Claus campaign to modernize its image. We also all know that when we see this Christmas scene, we feel happy. We’ve gone so far as to link the red of his suit with the Coca-Cola image created since that time, which is a perfect insight to be leveraged. That’s when they decided to create a virtual sleigh ride, where users can sit in a real sleigh, put on a pair of Oculus Rift goggles and ride along with Santa Claus as he goes through the night delivering his presents. The experience only lasts a few minutes, but it gives the user something to remember for a long time, with a positive differentiating factor that could never have been achieved with traditional means.
https://www.youtube.com/watch?v=bTbfPALVQgs
Travel and tourism
Let’s move from focusing on one brand, to an entire industry. Especially one that is jumping into the world of virtual reality with a lot of commitment. There are several of your companies that are using content and apps integrated with 360 video and Google Cardboard devices to show tourists the destinations they want to travel to. To give an example, major companies Thomas Cook and Failte Ireland use these avenues to provide the user with dolphin swims, cliff climbing, exploring historic castles where many travelers would have trouble entering, as well as protected environmental parks and other limited access areas.
Music and art
In this industry characterized by its creative level, PsychFi Lab created a musical experience with Google Cardboard called #HackthePlanet that showcased an original song with tunes by Simon Boswell (composer for the movie Hackers). This app takes the user on a psychedelic ride that plays in sequence to the track. The app was launched at MCM Comic Con London 2015, was synchronized with a live musical performance and the audience was invited to enjoy the experience in a shared way. The event was documented, achieving a world record among events of this category, receiving a huge amount of positive reviews in the press. Now, we want to present three other cases in a more practical way. We will evaluate some large companies that have executed VR campaigns and published their ROI results in detail.
https://www.youtube.com/watch?v=kGnJ_t359Ak
Marriott
The hotel company created a marketing strategy, which aimed to transport the user completely to a traveling destination. Unlike the examples given above, this time the participant had the opportunity to feel the temperature and consistency of the weather while being able to see exactly what was going on around them. This experience took place in a cabin set up to become the desired location. The goal of this campaign was to gain credibility with younger travelers who have not yet visited certain types of destinations. Now let’s see what their ROI was like: This cabin was introduced in 2014, a very good year for the company. In the last quarter of 2014, Marriott’s revenue was approximately $3.6 billion, while at the end of 2013 they achieved $3.2 billion. That’s a very strong 12.5% in just one year for a company of this size.
Coca-Cola
We talk about Coca-Cola again, but this time with a slightly different approach. With this second example of this brand, we can learn that marketing services through VR is the key in this era to gain good ROI and create a bond between the customer and the company. Their campaign was based on creating a scenario for the Brazil 2014 World Cup, where participants entered a replica of a locker room where they put on Oculus Rift goggles and went out onto the field to play a match. The idea was to make the user have fun and introduce them to the brand in the process without interrupting or disturbing them. Let’s see how their ROI turned out: The public ended up saying that “thanks to Coca-Cola” they had the opportunity to experience something similar. The brand was able to increase brand affinity among World Cup fans twice as much as its competitor, Pepsi. During the tournament, reach in terms of brand presence grew 884% and continued at 8% after the World Cup ended.
Merrell
Quite similar to the previous success story, Merrell created a marketing campaign to give people the experience of hiking while wearing Merrell shoes. The company provided the public with their best climbing boots and they could go through an adventure in a rock valley visualized on an Oculus Rift device. Let’s see how their ROI turned out: Merrell won the 2015 BizBash award for “Best Use of Technology at an Event.” It also generated a lot of press buzz and this campaign which was called “Trailscape” was named as possibly the most creative campaign of that year, with very positive reviews in Adweek, Business Insider and other reputable portals. This was exactly the result they were looking for.
We are in the season for experimentation
Virtual reality is only in its first years of growth, so there are not many rules and references yet. The process of experimentation and data analysis can lead to both improving the relationship with the current audience and adding new people to the community. This is a golden opportunity worth taking a chance on. We are at a point where we need to surprise our consumers in new ways. The ROI you will achieve with the use of VR has a great chance of being immediate and positive, thanks to the stage this technology is at. The trick is to get there before everyone else to make a memorable and emotional impression.
