How to Create Your Place in the XR Landscape in 2021?

If you are trying to break into the booming XR space, you need to do more than follow the crowd. One way to get yourself noticed in the world of technology is to build products that solve real problems. You need a unique perspective that will allow you to innovate and differentiate your offering from your competitors.

In conversation with Dinesh Punni (Founder & CEO of Immersive Insiders), for our upcoming podcast (Humans of XR) episode, we unravelled insights about starting small, thinking about problem-solving first, and the unlimited possibilities of growth and expansion in the XR ecosystem.

Look at the key players and how they rank

According to Visual Capitalist, XR is expected to grow to a market size of more than $209 billion in the next four years. That's an 800% increase from their 2018 forecast of $27 billion.

If you want to be prominent in the XR space, first understand how the industry works. Look at who has the most influence--individuals with a lot of weight in the scene, whether they are longtime industry leaders or new ventures.

What are the differences in their tactics and strategies?

Which tactics and strategies are most effective?

Which people are winning and losing?

How can you break into the space and win?

Learn to dominate the niche space before entering the massive market. Identify a niche and brand yourself, along with getting your product ready.

The key to success in the XR space is to identify the players with genuine traction. These are the people who will be sourcing the right partners, marketing the right products and driving the right shares through social media.

Ensure your XR idea is solving a real problem or an unmet need

The hardest part about building an XR business is identifying the suitable medium. When looking for the right platform, focus on user experience (UX) rather than functionality. UX is still evolving, but it offers a more seamless user experience than a purely functional product when done well.

Engage directly with potential customers and partners. Pick a suitable digital medium and engagingly articulate your value proposition.

A wide variety of platforms are available today- from social networks to stand-alone apps. Each app has its user experience quirks that need to be effectively recognized and understood.

Those with experience in the industry understand that the best content is actionable. Actionable content appeals to human psychology because it addresses a commonly encountered problem. Unmet needs appeal to our curiosity and can be more challenging to capture because they lie outside our daily routine.

Assess your resources and potential

Get into the XR industry faster by doing market research and understanding the issues and challenges of getting into an industry. It doesn't take a lot of money to get into an industry, but it does take a lot of time, especially if you aren't putting forth your best effort.

Implement marketing strategies and tactics for limiting or eliminating competition as quickly as possible.

Start with your market footprint:

Is your product widely used?

Are there competitors?

Is your solution easily deployable?

If the answer to any of these is no, it is best to pivot to a different area of endeavour. Or, if you're already a well-known brand with a strong following, try something new. Build a community around your offerings and attract new customers through social media incentives, contests, or special deals.

Is your new venture scalable, and can you deliver on it?

There are two fundamental ways of increasing your exposure: by spreading your wings and professional investment in your brand. When you spread your wings, you get more users and more opportunities to build trust and credibility.

Decide what type of product you want, where to sell it, how to get people to use it and how to market it. Then find someone who can help you scale, partner with them and help manage the business side of things.

Find out where your customer base is, build there and market it well. Work with the niche audience you have now. Work on building a community before trying to scale.

You need to decide which of these two methods will be best for your startup. Either option will take time and energy, but if you take the time to get it right, it will pay huge dividends in the end.

Enabling the Future of XR

Always be willing to learn and explore new ideas. It may not make sense now, but it might in the future if you believe in yourself and your product.

Our mixed reality platform is our step towards unleashing unlimited possibilities. We are gearing up to democratize the future of XR with the resources to transform the way we watch, learn and play.

As drivers and enablers, we are committed to leading the XR revolution at the forefront of technological innovation!

Stay Tuned for Episode 3 of our #HumansofXR Podcast series, where we discuss how to create your place and move ahead in the AR/VR industry by leveraging the enormous potential of these immersive technologies. 

Sign up for the JioGlass Developers program and grab the opportunity to shape the future of innovation around the nation. Be a part of the XR revolution with JioGlass.

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