As a production house or a creative advertisement agency, you are responsible for introducing the next big hit, encouraging clients to step outside the box in order to generate higher impressions and create new leads.
Often, it is difficult to tell your client, “this is what you need”. To be convincing, you’ll need to provide them numbers–the right statistics to show them the investment is worth it and give your clients a better insight on why VR.
General trends in the Virtual Reality Industry
How large is the market? How fast is it growing?
According to a recent study, the global AR and VR market is forecasted to reach a market size of 209.2 billion U.S. dollars.
Critics fear the failure of adoption, however with new innovations that make VR more accessible, we no longer see this as an issue. In reality, consumers are spending more and more on augmented reality and virtual reality.
There’s also convincing evidence that VR is valuable for consumers:
- Twice the number of viewers watched the 360° video to completion compared to non 360° video
- Over 1 billion people will regularly access VR and AR content by 2020
Marketers and advertisers fear the adoption of VR. However, with web-based VR distribution, more immersive content, and cheaper headsets, we only see the adoption of VR escalating. These statistics tell a compelling story: VR is not a gimmick, rather it’s a growing and profitable market.
How do 360° VR Ads compare to flat banner ads?
- Click-Through-Rate increased 300% from a regular photo to a 360° photo
- Viewability increased 14%
- Video Completion Rate increased 46%
In a campaign with Universal Studios, we saw a 1300% increase in click-through-rate on mobile, and a 300% increase in CTR on desktop.
Another campaign with Travel Thailand reconfirmed the outstanding results, with a 933% increase in click-through-rate on mobile and desktop.
Advertising Metrics to Track / KPIs
After pitching 360° VR to your client, these are the Key Performance Indicators that your clients will want to measure the success of their campaign.
- Total Plays: We count the number of views your 360° VR receives. This is an indicator of user engagement–if they wish to watch the video. Compare this number of engagements of previous campaigns
- Percentage Completion: We have seen that users watch and interact with 360° VR content longer than 2D videos. However, you will be able to learn this for yourself when tracking the percentage completion rates for the campaign. You will also gain insight on where users drop off at different parts of your video.
- Video Heatmap: Our insights provide users with a video heat map that allows clients to learn where customers are focusing on in the video campaign. This gives a great insight into what “catches” the user’s eye and is vital information when moving forward with future campaigns.
- Click-Through-Rates (CTR): Use this common KPI to understand how your campaign is performing. It’s a great indicator of the direct actions users are taking on your 360° VR content.
- Impressions: Calculate how many people you are reaching and compare this to the total plays to gain insight on the conversion and identify possible pain points.
These KPIs are available under insights on your video dashboard.
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