As VR technology continues to improve, the cost savings that you can achieve with VR are becoming clear. These savings are beyond just the traditional marketing research budget and also include production development, global testing efficiencies, speed and risk management.
- Virtual Prototyping
New signage, marketing displays and packaging all cost money to develop. The alternative to creating costly physical prototypes to test their effectiveness and noticeability is to use virtual reality. It’s possible to test multiple different concepts at a fraction of the cost.
- Borderless Innovation
Using virtual reality, you can quickly test in multiple markets. Explorer online VR allows quick testing and turnaround of results. This is much more efficient than a retail build out of a section to test.
- Minimize Risk
It can be very costly in terms of labor, manufacturing and sales if a new product fails in store or a display concept doesn’t deliver. By testing those same concepts virtually, teams can understand what shoppers will experience without creating anything in the physical world. Changes can be made, other concepts can be tested or starting over are all options without making huge investments.
- Save on Travel
Travel can be a large part of company budgets. Virtual 3D reduces the need for in-person store testing. Internal teams can collaborate on VR initiatives remotely which works well during reduced time in office. Selling in concepts to retail partners can all be done remotely.
- Get to Market Faster
Virtual simulations allow insights teams to make decisions quickly without sacrificing quality insights. Fielding a virtual study can be done in less time with respondents performing shopping exercises from the comfort of their home on their computer. This behavioral data, when combined with attitudinal insights form online surveys performed after the shopping exercise, provides a fast and accurate way to gauge how shoppers will react to a concept.
Investing in virtual reality is a great way to drive cost savings within your research budget and across your organization.