18 Sep Power To The People: Why Virtual Reality Is Good For Business
The difficulty in business has long been the “distance” between brand and consumer.
Though each group maintains opposing positions they are diametrically aligned with one another: consumers have problems and businesses/brands provide solutions. The issue lies with in the general consumer market, who are now wary of advertisers’ attempts to sell them things they may not actually need.
Instead of providing a service to their constituency, many business have instead opted for bottom line growth. The truth, however, is that the business and consumer relationship remain symbiotic, and the world benefits tremendously from this relationship.
Thankfully, emerging technologies are helping to suture consumer wounding from past brand transgression.
The gap between business and consumers was once bridged by traditional advertisements – print campaigns, commercials and product placements that used 2 dimensional images to code a message of promise to their intended audiences.
Today, Virtual and Augmented Reality technologies are virtually and literally eliminating that gap, putting the power back in the consumer’s hands through experiential advertising. Brands no longer need to rely solely on clever tag lines and perfect pictures to sway opinions and drive sales because experiences deliver an opportunity for the consumer to arrive at their own conclusions, generate authentic emotional reactions, and ultimately to shift behavior change.
While experiences will still be specifically curated to produce a desired feeling or result, transparency remains an important component of experiential advertising. At the end of the day, it’s still the consumers that chooses how to feel about or react to a given experience.
There is an additional opportunity for brands to serve their communities to a degree well beyond a simple product or service: by giving their communities moments and memories through experience.
The more brands and businesses can capitalize on the opportunity to improve the lives of their consumers beyond conventional means, the more the entire ecosystem benefits. By adding more value to a customer’s life, they not only improve the likelihood of purchase but also the relationship and potential loyalty between brand and customer.
By using Virtual Reality brands and business have the opportunity not only to show people what their product or service is, but to give people a meaningful experience of how it fits into their life.
Consumers may be hesitant to try new things – spending precious resources on chance items is risky – but through the use of VR companies can deliver a “try before you buy” moment. This ultimately builds consumer trust, increases conversion and reduces the number of unsatisfied customers.
Virtual and Augmented technologies can also be used to train employees. Organizations can harness the power of experiential learning to create more knowledgeable and better trained team members who are more capable and prepared to serve their clientele, resulting in happier customers, bigger bottom lines, and reduced employee turnover.
As more and more of the world recognizes and adopts a digital existence the opportunity to bring the experience of a brick and mortar shopping experience into people’s homes is tremendous.
Soon, Virtual Reality will give brands the opportunity to bring their in-store magic into the comfort home, providing consumers with an intimate purchasing experience like no other.
Ultimately, the challenges consumers face will never go away, they will only evolve. And as long as those issues persist there will be businesses to solve them.
They may appear to be on opposite sides of the aisle, but consumers and companies have a vested interest in one another. Virtual Reality is only making it a more enjoyable, transparent, and profitable relationship for the two.