Luxury has traditionally been sold through experience, selling the idea that buying an insanely expensive product will improve the lives of an already discerning target audience.
The target audience of Luxury brands are very discerning and passive. They don't respond to aggressive advertisements like pop-ups or banner ads, nor do they spend time gossiping on social media. This means that luxury brands face two problems in their digital marketing campaign: Brand exposure and advertising placement.
One emerging media that is excellent for luxury brands to not only show off the experience of their product, but also do so without potential customers even needing to leave their home, is VR, or virtual reality, video.
How Can Virtual Reality Video Boost A Luxury Brand's Digital Strategy?
1.) Price: When it comes to VR headsets, the premium ones, like Oculus, can cost up to $250. Therefore, virtual reality campaigns for luxury brands indicate exclusivity and prestige because price is a defining factor between regular customers and an informed audience.
2.) Content: Unlike the flops of other mediums using VR, like the 3DTV, current VR technology is already being used and has meaningful content developed for it. VR is an open environment that content creators and distribution are embracing.
3.) Immersion: VR's immersion is emotional and encompassing. Your target audience is swept into the story.
4.) Continuing to Grow: VR development continues to be well funded. It is well on its way to being past the hype phase of digital trends and a viable, sustainable business that marketers, especially thos of luxury brands, should utilize to capture their target audience.