Efficacy of Virtual Tours: 360 Photo Industry Research Round-up
Return on investment (ROI) is an important thing to consider when pursuing any marketing activity, and 360 photos and virtual tours are no different.
Luckily, there has been a number of studies conducted by independent organizations and industry bodies to determine the effectiveness of the medium for businesses.
Here is our round-up of 360 findings!
Virtual Tour Statistics Round-Up
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Statistics from Google
In 2015, Google commissioned an independent study of the effectiveness of virtual tours. This study found:
"Virtual Tours Help Double Interest In Business"
Also found in the study was that among people surveyed, 67% want more businesses to have virtual tours. Of the remainder, 26% were indifferent, and 7% stated that more virtual tours were unnecessary. This means that people actively appreciate virtual tours when they land on company websites.
Those who view a listing with a virtual tour are twice as likely to be interested in booking a reservation there. And among 18-34 year-olds in particular, prospects are 130% more likely to book based on a tour.
Statistics for Real Estate
The National Association of Realtors is another group that has a vested interest in determining if virtual tours are helping or hurting their member's businesses. Their annual reports are always great sources of research into the subject. Some recent findings include:
- More than half of U.S. adults who use the internet have taken a virtual tour
- 54% of buyers will not look at a property unless it has virtual images
- 50% Found virtual tours very useful in making their decision
This finding backs up an additional finding from a Realtor.com study, that found listings with a virtual tour get 87% more views than those without virtual tours. In addition, Property Week found that virtual tours reduce the number of wasted viewings by 40% which means they are responsible for increasing the likelihood of visitors closing a sale while navigating on a given website. Lastly, Planet Home's 'Trend Study' concluded that 75% of potential customers and visitors consider a virtual tour to be a major decision-making tool before proceeding to purchase. It's clear that virtual tours are becoming a vital part of marketing both businesses and homes.
Statistics for Hotels, Travel, and Automotive Businesses
Outside of real estate, virtual tours and 360 content is thriving. Hotels are one such industry that has found great success by including them on their websites. According to research from TIG Global and Omni Hotels, a virtual tour on a hotel website increases bookings and look-to-book conversion rates by as much as 16 to 67%. That's a massive increase in captured revenue from website traffic that would previously be gone to a competitor.
Other industries are also taking note of the success of 360 content. Social Bakers recently studied which industries are making the most use of 360 content. They found that outside of Real Estate, 63% of travel company pages posted at least one 360 video or photo in 2016. The automotive industry wasn't far behind with 54% of company pages publishing 360-degree posts.
To put this in perspective, the fashion and beauty industry pages had the lowest adoption rate, as only 10% published at least one 360-degree post. Social Bakers also found that 360-degree photos were far more engaging on Facebook rather than typical photos.
Lastly, we'll finish our roundup with a statistic from the now defunct Panomatics, it cites that is relevant for all types of businesses:
"Virtual tours keep people looking at a website 5 to 10 times longer"
360 photos and virtual tours are sources of deep engagement, especially when combined with hotspots and meaningful content. We hope you'll dive in and give 360 photos a try for your business! Remember, if you want this article as a PDF, download it here.
