Here at ROTU we've come across many companies and entrepreneurs asking us if VR is feasible for them, and what are the main issues to keep in mind, so here are some tips:
First of all, VR has to fit your brand or product - don't try to force jumping on the VR bandwagon if it doesn't make sense. Many businesses will still benefit most from traditional linear media like a short film, interview, or commercial. Trying to fit that same experience into VR doesn't make sense. However, if you want to deliver a 360-degree narrative, or a virtual hands-on product demo, then you can really leverage the technology.
Immersive storytelling is not film - just remember that classical narrative will not work since there is no frame, so, pulling focus, grades, and so forth, doesn't really work. Live action is not ideal since there are great limitations to stereoscopic cameras as well as 360-degree ball camera rigs, such as being stuck with your footage, lighting, and camera position. Motion capture is the better way to go.
Cater to the needs of VR storytelling - camera movement in VR is easy to overdo and can result in nausea for the player. VR allows you to look all around, so be clever and use various visual and audio cues to bring attention to the right location. Give time to explore the surroundings, especially before narrative elements; the pacing is often going to be a little slower than film. If you can add a 4-D element like actual smell or wind because the experience is being delivered at a kiosk or particular location, that can have a powerful impact.
It's a brave exciting new world when it comes to VR for content creators, brands, and marketers alike.