Everyone’s talking about the metaverse, but do you know how to use it to your benefit? Read to find out more about the metaverse and the future of marketing.
Throughout the years, the rapid progress of technology has brought about many new opportunities in marketing. The recent years have introduced the biggest new platform that has gotten the entire world talking – The Metaverse. With the Facebook rebranding to Meta, other large tech such as Google, Apple, and Microsoft are also in the race to introduce their own versions of the concept.
So what exactly is a Metaverse? It is introduced as an immersive, digital environment, where people are represented by virtual avatars. What characterises a Metaverse is that it is always active, exists in real-time, and players have individual agency. It’s a self-contained and fully functioning universe and contains user-generated content. A fully realized Metaverse is a combination of multiple technologies, such as augmented and virtual reality, videos, and 3D avatars. We can see examples of the Metaverse through online game universes, such as Fortnite, Roblox, Animal Crossing, and Minecraft.
With the Metaverse, there comes a shift in business mindset from looking at virtual reality as a predominantly gaming tool, to a valuable asset in creating, exploring, collaborating and socializing.
Why people are switching to the Metaverse
The age of digital dependency has transformed consumer behavior. Ever since the Covid-19 pandemic, more people have been shopping, working, playing, and learning online. The Metaverse promises the best of both worlds, with a combination of physical and digital solutions. As the Metaverse is gaining more hype, marketers are leveraging this concept to build bigger, better and more engaging strategies. In current times, the Metaverse makes it easier to target and keep Millennials and Gen X up-to-date and engaged with products and technologies while keeping on trend with Gen Z.
Advertisers and their agencies are racing to benefit from the Metaverse, whether that means people exploring virtual worlds, engaging in gaming, or buying NFTs using crypto. In 2021, brands launched several initiatives to stake their claim in the Metaverse, such as the trend of minting NFTs, exploring smart contracts, and building Metaverse and Web 3.0 experiences.
Digital marketing now has brand new opportunities to utilize new technologies, by wrapping virtual reality around augmented reality, and artificial intelligence as part of the digital marketing strategy. Brands are now offered previously unattainable opportunities with the switch towards the digital world. For example, virtual events are now incorporating these ideas, where attendees can essentially attend an event in the Metaverse, and they can now visit exhibitions without leaving the comfort of their home or office. This is beneficial towards brands as a virtual experience offers a larger audience reach, borderless access and allows more room for creativity.
Marketing opportunities in the Metaverse
There’s no better time to start than now. Marketers can now begin thinking about the best ways to engage with the Metaverse as part of their digital marketing strategy. The good news is, you can always think big, as the only limit is your imagination.
Turning physical products into digital goods
Virtual avatars are also gaining popularity, where people are focused on building their online identities and being represented by avatars. People in the 3D environment are now spending more on self-expression. This has brought on the emergence of the direct-to-avatar (D2A) economy. Companies are allowed to sell and retail their virtual products directly to avatars.
Partner with in-platform creators
An example of creating virtual goods is by partnering with online game platforms to create virtual possessions that can fit into the gaming experience. You can also use 3D and AR platforms with open marketplaces to create wearable and tradeable digital garments.
Utilize Augmented Reality
Augmented reality can be used to revolutionize shopping experiences by allowing users to visualize the product without needing to have them physically. This has been useful for clothing products, where Gucci has made headlines by selling digital shoes to avatars, and letting buyers try them on with AR.
Sell your goods as NFTs
The growing trend now is selling NFTs, which can represent real-world items like artwork and real estate. By tokenizing these real-world tangible assets, buying, selling, and trading them becomes more efficient while reducing the probability of fraud. In terms of virtual apparel, NFTs can trace the production and distribution, providing authenticity and helping to build consumer confidence. For example, an NFT art marketplace can help you turn your virtual goods into an NFT, put it up for sale, and even send royalties to your digital wallet.
Bringing real-life into the virtual space
A good starting point to transitioning into the Metaverse is to replicate what you offer in real life in the virtual world. It’s an authentic way for users to notice your brand and will provide an easier and more natural transition. For example, you can take your services such as food delivery, and deploy virtual riders into virtual games and events. To connect this with real life, attendees and players can get promo codes that can be used to order food. You can also introduce real-life causes to increase brand engagement. An example is when Hellmann’s, a mayonnaise brand, introduced its commitment to reducing food waste in Animal Crossing. Players were invited to donate their virtual spoiled turnips, which helped them donate 50,000 meals to FareShare.
Create immersive experiences
Experiential marketing is one of the most important drivers of customer engagement. Offering an immersive experience takes audiences out of their comfort zone. This can give your audience a lasting impression and help you to stand out from your competition. Among some immersive experience campaigns are live concert performances, where audiences can engage and interact with your brand. For example, The Weeknd performed as a digital avatar on TikTok, with real-time comments appearing as flashing lights and fireworks in the background. Ever since the pandemic, virtual events have gained popularity with more and more brands creating unique and creative virtual experiences. With virtual reality, the possibilities are almost endless – you can put on some virtual reality glasses, visit an exhibition in outer space, or “sit” and try on a new car without actually leaving your home.
Overall, the Metaverse is full of opportunities for business and marketing. With the Metaverse poised for rapid growth, it is now time to take your marketing and business strategies to newer heights.
This article is brought to you by Virtualtech Frontier, your leading end-to-end virtual partner.
For more info on how you can bring your events and business into the Metaverse, visit us NOW!
