Extended reality (XR) is an exciting technology that is rapidly evolving. It encapsulates the spectrum from virtual reality (VR) to augmented reality (AR) and can be implemented across a diverse set of business verticals to improve customer retention, collaboration across geographies, and provide engaging data visualizations. Despite its versatility and potential, XR is still a novel technology. But it’s precisely this novelty that makes XR a compelling platform to leverage for business value. In this blog post, we focus on how XR can be leveraged in marketing and sales.
XR in Marketing
Most marketing strategies are designed to attract consumers to a business’s products and services—often through the four Ps: product, price, place, and promotion. XR can be used in marketing to create novel content that enhances the customer experience and provides access to more customers for a good or service.
Consider how VR can help convey the four Ps within the context of a real estate application:
Product: A VR application can help real estate agents better plan pricing and promotions for a property by augmenting data visualization for features of the property—for instance, the specification for flooring.
Price: The application can help end users better understand pricing for a property by showcasing interior features for users to virtually browse without requiring them to make a trip to the property—for instance, a custom kitchen setup.
Place: The application can show virtual scenery around the property to provide the end user with a fuller experience of the property location—for instance, the scenery from a balcony.
Promotion: The application can promote complementary additions to the property that are not currently installed—for instance, an entertainment system.
The business’s virtual platform enables faster feedback and sales cycles since the user can experience many home interiors without needing to travel to the physical locations. In general, XR enhanced marketing strategies can bring the product to the user through a new perspective compared to common digital, website-based promotions.
XR in Sales
While marketing strategies are designed to attract and retain customers, the sales process and function are critically important to ensure transactions take place between the business and customer. Marketing may get a potential customer through the door of a store, but sales is needed to close out that customer. Therefore, XR can be utilized to influence a prospect to make a purchase by leading a potential customer through the purchase process. In the context of the home improvement market, extended reality addresses the buyer’s journey with the following:
Awareness: An AR application can be used to scan and suggest similar home hardware and furniture. For instance, the AR application could suggest more smart light bulbs and switches to conserve energy. Similarly, the application can suggest standing desks for improved ergonomics. These recommendations help the prospect increase awareness of potential higher quality home hardware and furniture.
Consideration: When the prospect becomes interested in potential home hardware and furniture, AR can be leveraged to display different options for a type of product. A desk can be augmented in a room to ensure it fits. In addition, different models of the desk can be shown in the augmented model to ensure it fits with other furniture in the room.
Decision: Augmenting different options for a product type can better show the prospect why the business’s product is a more compelling option. By animating augmented models, AR can be used to highlight the ease of use for an adjustable desk or the average savings associated with smart lighting.
Utilizing XR in sales can be a great way to generate interest in a product. Once a buyer is aware of the product and the pain points it addresses, XR can be utilized to demonstrate how the product addresses the pain points. As a result, the buyer better understands the value of the promoted product and will be more inclined to purchase it.
Utilize XR to Lead the Market
XR presents exciting ways to engage with customers and end-users. By utilizing XR now, businesses can position themselves to be leaders in this rapidly evolving landscape. We have discussed how XR can be leveraged for profit in marketing and sales; however, there are also solutions for leveraging XR in remote collaboration, real estate, training, and entertainment verticals, and many others. If you’d like to talk through how XR can be applied to your business in a practical and revenue-driving way, please reach us at firstname.lastname@example.org.