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Should your business be spending money on virtual reality OR on augmented reality?

There’s a lot of hype surround the concepts of augmented reality and virtual reality marketing. So what’s the difference, and which one should you be spending money on?

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There’s a lot of hype surrounding the concepts of augmented reality and virtual reality marketing. Even as recently as South by Southwest, people were clamoring for a view of the latest virtual reality technology.

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However, hype doesn’t help you understand how it will help your business. That’s why the fine folks at eConsultancy put together a comparison of the two formats. The winner? Well, it depends.

Non-answers are no fun. However, the article does offer key facts to help you answer the question as it pertains to your business. So, let’s dive in!

Augmented reality

Augmented reality enhances your view of the real world using computer-generated information. For example, IKEA knows that after taking 2 profanity-laced hours to put together one of their nightstands, consumers want to know it will look just right in the corner of their living room, so they built an app for that. Other augmented reality apps, like Yelp’s Monocle, superimpose information and reviews about your surroundings onto your surroundings.

If you’re in the business of eCommerce space, this type of marketing tool is invaluable for your consumers. It’s also a boon for businesses that can collect and utilize lots of data, such as web communities and social media sites.

Augmented reality marketing has a few other logistical benefits. For one, many campaigns can integrate into an app format.

With everybody glued to their smartphones, you can tap into a captive audience. Plus, 84 percent of that audience uses their phones at the point of decision. Score!

Second, augmented reality marketing is a bit older, which means there are more best practice resources, like this one from Catchoom, to help you get started. This can come in handy if you’re working an early-stage startup where you have to wear many hats.

Virtual reality

Virtual reality creates a new reality through computer-generated sensory experiences. It also creates demand for some sweet new head gear.

vr sony gif

Because it can create these experiences, it’s a great tool for businesses trying to sell something that a consumer can’t fully experience before they buy it.

While you could test-drive a Volvo, your experience with their VR test-drive can be even more enriching! Most importantly, many businesses use virtual reality marketing to create an experience for their current or potential customers. Qantas Airlines helps airplane travelers survive long-distance flights using virtual reality simulations. Marriott allows you to travel to exotic destinations from the comfort of the hotel bed. Any business selling an experience as a way to augment or sell their service will eventually be invested in virtual reality marketing.

I say eventually because, for the moment, virtual reality marketing costs a lot of money. The camera equipment needed to produce 3D content can cost over 10,000 dollars, according to Wired. Plus, being the burgeoning trend that it is, consumers and businesses are just beginning to adopt the technology.

As much as we all love the challenge of navigating uncharted territory, the journey into virtual reality marketing is a costly one.

If you’re a startup looking to dip into these marketing channels, your best bet for the moment seems to be augmented reality. Still, as price becomes less of an obstacle for virtual reality marketing, you’ll have to carefully consider which technology better communicates the values of your product and your brand.

#VRvsAugmented

Born in Boston and raised in California, Connor arrived in Texas for college and was (lovingly) ensnared by southern hospitality and copious helpings of queso. As an SEO professional, he lives and breathes online marketing and its impact on businesses. His loves include disc-related sports, a pint of a top-notch craft beer, historical non-fiction novels, and Austin's live music scene.

Real Estate Marketing

Top reasons people unsubscribe from emails

(MARKETING NEWS) Sometimes promotional emails can cause us to purge our inboxes due to over-inundation. New data examines specific reasons customers unsubscribe from mailing listings.

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mailblast email marketing unsubscribe

I recently registered my work email with a company that shall not be named in an effort to receive a 20% off coupon. While I received the coupon, I also found myself receiving somewhere around 10 emails per week from this company. But after a few weeks, I had no choice but to unsubscribe from this email listing. Though it did give me the option to minimize email settings, the overwhelming amount I already received was such a turn off that I unsubscribed completely.

This has happened time and again with countless other mail listings, and I know that I’m not the only one burdened with email after email. Apparently this is such a common occurrence that eMarketer was able to conduct a survey that complied the top reasons why people tend to unsubscribe from email lists.

The major reasons were broken down into 13 categories.

The additional reasons were as follows: 21% report that the emails were not relevant to them; 19% received too many emails from a specific company; 19% complained that the emails were always trying to sell something; 17%t stated the content of the emails were boring, repetitive, and not interesting to them.

Additionally, 16% unsubscribed because they do not have the time to read the emails; 13% stated they receive the same ads and promotions in the email that they receive in print mail (through direct mail, print magazines, newspapers, etc.)

Furthermore, 11% stated that some emails can be too focused on the company’s needs and not enough on the customer’s needs; 10% felt that certain emails seemed geared towards other people’s needs and not their own. Another 10% did not like the appearance of certain emails, stating that they were too cluttered and sloppy.

An additional 10% didn’t trust the email to provide all of the information necessary to make purchasing decisions. Finally, 1% claimed “other” reasoning as the main cause.

Fully 7.0% unsubscribed from certain email listings because they said emails did not look good on their smartphones. This is important for marketers to keep in the back of their minds.

Assess your email marketing strategy to ensure you’re fitting the needs of consumers, not just your own personal preferences. Data doesn’t lie.

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Real Estate Marketing

The rise of Buy Now, Pay Later (BNPL) systems

(REAL ESTATE MARKETING) The emerging success of “buy now, pay later” (BNPL) systems in the pandemic world has breathed fresh life into consumer confidence.

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Credit card being held out to our point of view, part of a buy now pay later system.

Within the last few years, a new payment option has slowly been rolling out across websites for consumers in the form of “buy now, pay later.” This system gives consumers the ability to split a payment up across a longer period of time and in small increments, and also tends to skip on interest or other standard monetary fees. In essence, this makes them a new style of layaway plan for modern day, and proponents of ‘buy now, pay later’ systems are stating this is one of the best chances to revitalize a worldwide marketplace rocked by the COVID pandemic.

On the European side of things, Klarna has an evaluation of $10 billion, which firmly cements it as the most valuable privately owned fintech firm in the country (and fourth overall globally). Australia’s Afterpay is another big player with its own substantial platform, while the United States based Affirm is looking to start its own IPO in the $5-$10 billion range. Of course, Paypal has long been in this market, and other companies – including Visa – are working with their own offerings.

Put another way: It’s big business. Big, big business. Forbes estimates as much as $24 billion annually. That’s definitely something. There are millions of users globally for these apps, with millions of purchases annually, and more are growing by the day.

Traditionally, consumers were relegated to using credit cards to facilitate purchases that they needed additional time, giving them the ability to obtain funds while retaining their ability to bring home goods and services. This comes with interest so that merchants and vendors have an incentive – they still make a sale, gather money over time, and get a little extra on top.

By contrast, ‘buy now, pay later’ systems are geared differently, aiming instead to address a growing digital market where sales are primarily online (or steadily getting there). Consumers may window shop even on websites, and ultimately abandon their carts when the purchase screen finally appears. This is where BNPL shines – it suddenly gives these shoppers a way to still move forward while lessening the initial monetary blow and giving them a way out of dreaded interest. Especially in these uncertain times, this has become a lifesaver for customers and vendors alike. The former gains the ability to purchase more with few penalties (if any), and the latter sees greater conversion and increased sales.

Meanwhile, the BNPL merchant is able to charge a higher percentage commission to the vendors – more so than credit cards even – to net themselves their own piece of the pie. Even with BNPL’s higher merchant fees of 4-6% in revenue compared to credit card companies, the pure numbers emphatically prove that this system is beneficial to everyone. As pointed out by Fintechtris, “Even though higher fees are being paid, retailers are able to take advantage of: an increase in shopping cart size (up to 30%), decrease in abandonment at checkout (down up to 25%), and repeat customers (up to 20% more). In particular, Affirm, Afterpay, and Klarna (some of the largest BNPL fintech companies) saw average order value (AVO) rise 85%, 30%, and 45% respectively.”

Further, BNPL users have a variety of reasons for choosing this method over credit cards, including avoiding interest, the ability to borrow without a credit check, and being able to go outside of an existing budget without straying into troubled territory.

BNPL graph: growth is being driven by people who can't or don't want to use credit cards

Image source: PaymentsSource

Perhaps even more interesting is that BNPL companies are suffering lower delinquency rates compared to credit cards, with problematic payments at around 1.1% compared to 5.7% elsewhere. BNPL – with its lack of punitive measures – seems to attract all kinds of customers; it’s not just for those that might represent risk.

There is still something to be said about the dangers of overborrowing, with the possibility of charges sneaking up on someone. It should also be noted that avoiding using a credit card means that someone might build their credit history more slowly and sluggishly, and this could have negative ramifications long term.

Everyone is looking for ways to improve their cash flow right now, and as such, evaluating each and every option out there is vitally important. We might even see an accelerated push toward a cashless society following the pandemic. BNPL is still in some early stages, but it’s likely to see increased acceptance and usage as we continually push toward online sales.

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Real Estate Marketing

Retargeting: are you really getting the most bang for your buck?

(MARKETING) Retargeting cookies can eat up more budget than you would expect, but these simple code solutions will help cut that cost down.

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Retargeting ad graph

Up to 80% of visitors to your site will leave within seconds. Are you wasting time and money retargeting this demographic — one that has shown no interest in your services or products? If so, you may be able to save a substantial amount of your retargeting budget by adding a simple script to your website’s code.

Retargeting is a massive part of any marketing endeavor, but it has its downsides—chief among which is that retargeting cookies are indiscriminate and thus are often applied to clientele who aren’t spending enough time on your home page to warrant the attention. This in turn leads to overspending on underwhelming conversion results.

One solution, proposed by Kevin Ho of Wishpond, involves adding a simple script that delays retargeting cookies for the first 45 seconds (or so) to your website’s overarching code. In doing so, your cookies will not be wasted on anyone who bounces from your site within moments of arriving at it.

Of course, your site may have nuanced clientele which require you to adjust the parameters around the retargeting delay code. Given the relative simplicity of JavaScript and HTML coding, you should be able to change the amount of time for which cookies are restricted with ease.

Variations of the retargeting delay code itself can be found on sites such as GitHub and SlideShare. Once you’ve edited the code to accommodate your needs, you can paste it directly into your website’s home page file to prevent people who leave your site within your specified timeframe from receiving retargeting emails or ads.

Using a this code has a couple of huge advantages. Since the code itself is open-source and easy to modify, you don’t need to outsource to a web developer or spend extra cash trying to implement your delayed retargeting cookies. On the flip side, you could easily (and cheaply) commission a custom version of the code should the open-source version not work with your site.

Either way, cultivating and installing a retargeting delay on your website is quick, painless, and about as cost-effective as a marketing strategy can be.

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