How you can maximize your ROI using Virtual Reality

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 be used in a more personal way,

Therefore, brands must strive to execute very effective campaigns and achieve that differentiating factor that will make them remembered.

That’s why, nowadays, when selling the concept for a VR campaign to a client,

should be primarily 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 networks,

that bring a lot of distraction by having too much content at the same time, creating very short attention spans.

Most of the efforts undertaken 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.

roi in virtual reality marketing

roi in virtual reality marketing virtual glasses

Traditional 2D content, no matter how strategic or integrative it is for the user,

must be viewed from a distance and offers only a limited level of ROI engagement.

When someone is introduced to a VR experience, they are fully immersed,

which means that the ROI engagement is at the highest possible level.

Your attention is 100% focused on the content, so you have the complete ability to deliver the message perfectly,

by 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 lead viewers to take action.

The first thing the organization must define if it wants to obtain 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.

We will now 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 be 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,

to be explained graphically in order to be as concise as possible.

If this is about innovation and new processes, the better 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 can have a defined audience and a community created,

but we know that only a percentage are really at the high levels of engagement.

You can’t forget this group who have 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 loyal users in this case.

We believe that when someone wants an individual view in a VR presentation by an organization,

this 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,

It is therefore up to the creative team to give an emotional approach to the content and thus achieve this special bond with the user.

3 – To make yourself known to new audiences

You can 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.

Virtual reality is still at an early stage and has very striking features,

so when it is activated and distributed well, it can have the potential to get good reviews.

and extensive word-of-mouth advertising among the public.

A 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,

to publish it with the new Facebook Spherical Video functionality.

In this way, the reach will be much greater, complemented by 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 beginning to catch on with the public,

there are many people who are eager to have that experience for the first time.

Creating a virtual reality video provides brands with the opportunity to create engagement with new audiences,

as existing.

Best of all, it’s in person and in an intimate way.

Many companies have created tours among different places 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 final objectives and KPIs.

Virtual reality has the power to achieve a number of organizational goals.

As with all emerging media, the more companies get involved,

more metrics will be published to study the actions of the desired consumer.

From brand consideration, familiarity, purchases, loyalty to a long list of indicators,

virtual reality is demonstrating its potential to impact the perceptions of many individuals,

n being able to make conversions.

The goal is to work with brands that have a thinking and identity always oriented towards the future and innovation,

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 mentioned above, the two most important elements to be optimized are engagement

and immersion time, so the content must be of a quality that engages the user.

and bring out positive emotions aligned to the brand message.

roi in virtual reality 360° video marketing

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, 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’s no secret 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 have come to the point of linking the red of his suit with the image of Coca-Cola created since that time,

which is a perfect insight to be exploited.

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 walk around with Santa Claus as he goes about his nightly gift delivery.

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 media.

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 virtual reality world 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, the major companies Thomas Cook and Failte Ireland use these routes to offer the user swimming with dolphins, climbing cliffs, exploring historic castles where many travelers would have trouble getting in,

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 music experience with Google Cardboard called.

#HackthePlanet which showcased an original song with tunes by Simon Boswell (composer for the movie Hackers).

This application takes the user on a psychedelic ride that plays in sequence to the track.

The app was launched at MCM Comic Con London 2015, it was synchronized with a live music performance

and the audience was invited to enjoy the experience in a shared way.

The event was documented, setting a world record for events in this category,

receiving an enormous amount of positive reviews in the press.

Now, we would like to present three other cases in a more practical way.

Let’s 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 travel destination.

Unlike the examples given above,

On this occasion 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 him.

This experience took place in a cabin conditioned to become the desired place.

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 your return on investment was like:

This cabin was introduced in 2014, a very good year for the company.

In the last quarter of 2014, Marriott’s revenues were 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 at this time to gain good ROI and create a bond between the customer and the company.

Its campaign was based on creating a stage 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 game.

The idea was to make the user have fun and introduce them to the brand in the process without interrupting or annoying them.

Let’s take a look at how your ROI turned out:

The audience ended by 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, brand reach grew 884% and continued to grow by 8% after the World Cup ended.

Merrell

Quite similar to the previous success story,

Merrell created a marketing campaign to make people live 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 your return on investment turned out:

Merrell won the 2015 BizBash award for “Best Use of Technology at an Event.”

It has also generated a lot of buzz in the press and this campaign that was called “Trailscape”.

was named as possibly the most creative 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 must surprise our consumers in new ways.

The ROI you will achieve with the use of VR has a good chance of being immediate and positive,

thanks to the stage that this technology is at.

The trick is to arrive before everyone else to make a memorable and emotional impression.