Why Marketers need to constantly be ahead of the curve - that makes new tech like AR unavoidable writes, Clifford Gross, CEO, Lucyd
For marketers, part of staying ahead of the game is successfully adopting - and implementing - technologies of the future before the competition. And starting in 2018, one of the biggest innovations that shows promise to be a complete game changer for marketers is Augmented Reality (AR).
While AR glasses and headsets have been under development for quite some time, only recently have brands, marketing teams, and CMOs recognized its potential value and began to implement tactics to reach consumers more effectively.
Whether it’s providing consumers a more immersive product experience, offering them on-demand information about products they’re shopping for, or reaching consumers at just the right places and moments, here are three key reasons why AR has the potential to completely alter the marketing landscape in 2018 and beyond.
Offering a Deeper Product Experience
With the advent and proliferation of digital channels and smartphone technology, consumer expectations are higher than ever as it relates to their shopping experience. Online shoppers now want more information than ever before ordering a product or service over the internet, and retail shoppers can now access a plethora of information and reviews on their smartphone while in-store. Marketers must now contend with providing even more immersive product experiences to consumers as technology continually raises the bar.
The good news is that AR glasses, headsets, and applications have the potential to help brands, retailers, and e-commerce companies give consumers an even deeper look at their products throughout all stages of the buyer’s journey. Major furniture retailer Ikea, for example, allows users with AR glasses to view how certain pieces of furniture would potentially look in their living room as they decide what to buy. Or footwear brand Converse, who utilizes AR to let users view how different shoes would look on their feet while shopping. As AR tech marches forward, marketers will have the opportunity to showcase their products to consumers in a more rich environment than ever before.
Solving for Asymmetric Information
One of the major hurdles that marketers and retailers have faced - virtually since the beginning of time - is the dilemma of Asymmetric Information. On a basic level, the problem of Asymmetric Information is the fact that in any transaction, both the buyer and the seller have access to different levels of information. Take clothing for example. The retailer knows where their shirts were made, how much they cost to manufacture, and what they need to charge to turn a profit. The consumer, on the other hand, doesn’t have access to this information and is therefore uncertain what constitutes a “fair” price and therefore might be reluctant to pay what the seller is asking.
AR technology has the potential to change all that. Smart marketers will be able to use AR to provide the right amount of transparency and helpful information to users in real-time, to make them feel like they have all the information they need to make an informed buying decision. Consumers shopping on the lot for a used car, for instance, could instantly be provided with a plethora of information via AR glasses about a specific car they’re physically looking at and are thinking about buying. Whereas before they might be uncertain about factors like mileage and maintenance history, the AR headset could instantly access this information and display it to the user so that they feel more confident in their decision. As AR continues to alleviate the issue of Asymmetric Information, marketers can potentially convert more leads into sales than ever before.
Marketing on Location in Real Time
Traditional marketing channels like TV, radio, and Search Optimization all have the same inherent problem - they might be reaching the right consumers, but likely not at the best place or time. Smartphone and mobile technology have allowed marketers to address this issue somewhat, with tactics such as location-based push notification ads, promotions, or e-mail marketing. But with the plethora of messaging, social media, and other advertising notifications, it still remains difficult for marketers to “cut through the noise” and reach people at exactly the right places, times, and messaging that will drive consumers to act.
But with AR, marketers can now reach consumers on the spot, in real time, with the exact information they need to drive purchasing behavior. A restaurant brand, for example, could display the directions to the nearest location to their physical location right around mealtime. They might even integrate information from their social media feeds about past dining behaviors to display the most appealing menu items to that individual. Brands like Heineken and Oreo are already experimenting with - and implementing - AR marketing tactics to reach people in-store or while they’re consuming the product to drive home the right message at the right place and time.
The bottom line is that marketers are only witnessing the tip of the iceberg of AR’s potential to be a true game changer. AR is already helping established brands provide shoppers with more immersive product experiences than ever before, and solving for Asymmetric Information to empower the consumer. And once CMOs and marketing teams begin to harness the power of AR to reach consumers in real-time, on-location, brands will be empowered to expand their reach, drive awareness, and increase bottom-line sales .
We at Platinum Edge Media have a full line of AR apps waiting for you and your company. Let us help you employ the latest cutting edge technologies to engage your customers with your brand. It's easy to get started. www.PlatinumEdgeMedia.com