Market analysis, marketing research and financial strategy

Guide the creative and strategic development of a highly-innovative virtual reality experience

Client profile

LOCATION

Canada

CLIENT

Studio creating immersive experiences

TARGET MARKET

United States

LOCATION

Canada

CLIENT

Studio creating immersive experiences

TARGET MARKET

United States

Challenge

A studio creating immersive experiences was developing an interactive multi-sensory presentation using virtual reality. They were looking to validate the market potential and build a viable financial model to ensure profitability and long-term success. They also needed help to optimize the experience following its launch.

The project was highly innovative, particularly in terms of the technology involved, which allowed 90 visitors to simultaneously engage in the same virtual reality experience. The degree of innovation used presented several strategic, operational and guest experience challenges.

Mandate

Validate the market potential, build a viable financial model to ensure long-term success, and help clients optimize the experience once launched.

Solutions

— Market analysis of comparable immersive experiences in Canada and the United States.
— Market research in four countries to assess market potential and suggest adjustments to the experience.
— Development of a financial model based on a touring exhibition model to demonstrate the project’s value creation potential.
— Ethnographic research and individual interviews conducted with visitors to assess their evaluation of the experience and identify areas for improvement to optimize the visitor experience.

Results

— Using market and consumer data, we confirmed the market potential for both the theme and the execution of the project. Based on these results, the client was able to get the investment they needed to move forward with it.
— We built an interactive business model that demonstrated the profitability of the project and allowed the client to adjust it based on future business hypotheses.
— We were able to identify five areas of improvement to enhance the visitor experience and ensure that the project succeeds in future markets.