The difference between profit and loss during these times
Covid-19 is and continues to be an unprecedented global event, bringing healthcare systems and the global economy to its knees. According to Worldometer, there are 946,000 confirmed cases and 48,000 deaths as of 2nd April, 2020. The unemployment rate is likely to hit 20% if no quick and decisive action is taken.
With countries imposing lockdowns and many consumers quarantined at home, companies are finding it difficult to execute sales and marketing efforts.
Meetups, conferences, and meetings are either delayed or canceled altogether as clients practice social distancing and are looking to cut costs.
If this situation persists (which is likely) many businesses will collapse and unemployment levels will skyrocket.
Companies that do not have a digital presence are now forced to adapt. However, going digital is not enough. To survive and even thrive after Covid-19, I would argue that companies need to tap on VR marketing today.
Here are 3 reasons why VR marketing has become a necessity rather than a “nice to have” in these uncertain times.
The Next Best Alternative To Face-to-Face
It was initially predicted that the economic impact of Virtual Reality (VR) and Augmented Reality (AR) will reach $29.5 billion by the end of this year.
This signals an increased willingness of consumers to embrace a new way of consuming content or playing games. Whether it is for gameplay or content consumption, VR makes the simulation closer to real-life.
So why not bring this experience to sales and marketing as well?
For expensive purchases such as buying a house or buying a car, most consumers need to be physically present to find out whether the house or car they are buying is exactly what they are looking for.
What pictures and videos lack in conveying is made up for by VR. Or at least, it is the next best alternative right now. Potential buyers can have a 360 degrees view of each room in the house in its exact same dimensions.
VR Marketing Is Now Affordable
“I thought using VR is very costly and the user experience is not that good yes?”
This statement was true- 5 to 10 years ago. With an estimated 171 million VR users in 2018, the physical infrastructure is relatively developed. Companies that want to implement VR marketing have a sizeable audience to market to now.
A 3D 360 camera used to film VR content costs between $300 to $1,000 on average, with top tier cameras costing $10,000. Here are some good examples of how businesses are implementing VR marketing into their campaigns.
As VR technology becomes more developed, the cost of VR marketing will be lower. This will lead to more companies turning to VR marketing, making it a crowded space.
Which brings us to the final point.
Gaining An Edge- Now and In The Future
Many are saying that this period of quarantine will change the future of work as we know it. Companies and employees now know that working remotely from home is possible. Once the pandemic subsides, more employees will want to work from home for a better work-life balance.
This is a great opportunity for companies to get started on VR marketing. With more people staying at home, the demand for content has been greater than ever.
Companies that push engaging VR content to users will have an edge over their competitors who are still using traditional forms of marketing.
Furthermore, as mentioned earlier, VR marketing will become a crowded space as it becomes more developed. Getting into VR marketing today will give your company a head start over your competitors.
There are always opportunities to be found in times of crisis. Implementing VR marketing may just be the edge needed to take your business to the next level. It may even mean the difference between making a profit or loss during this pandemic.