A Necessary Evil?
With all the hype built around these new marketing technologies to enhance customer experience, businesses must ask themselves HOW WILL THIS TECHNOLOGY FIT INTO MY BUSINESS OBJECTIVES?
We have seen outstanding examples of augmented and virtual reality ranging from the Marriott “Teleporter Booths” that give users a 4-D travel experience and Sephora’s “Beauty Tool” that uses facial recognition to apply various make-up palettes. Companies like this are literally breaking down the four walls that confine the customer shopping experience and it tends to create lots of exciting hype. In fact, Goldman Sachs, late last year, estimated this market to be worth “$1.6 billion by the year 2025”.
Sounds enticing, right?
As enticing as it may be, in a recent New York Times article, “Virtual Reality Leads Marketers down a Tricky Path”, not only is developing an augmented or virtual reality experience expensive (price ranges typically range from $10,000 - $100,000) and timely, but you run the risk of “a tepid audience reaction” – in the case of Alibaba’s lonely virtual store and whatever this is:
Whatever your decision is, we always recommend the following steps:
1. Truly consider where your business might integrate an augmented or virtual reality
2. Do you have the resources to complete this project (time, money and skills)?
3. Will it be overly sales“y” or will it genuinely add to the customer experience?
4. Do you have the resources to support it beyond production (PR, Social, In-store, etc.)?
We would love to hear your thoughts on how your business may integrate an augmented or virtual reality experience!
To see the previous installment of “The Future of Advertising”, check out our thoughts on the Internet of Things.