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Marketing in Metaverse: 5 Strategies to Get Started with Marketing in Metaverse

by Naveed A. Writer

Every decade is shaped by a new wave in the world of technology that transforms the marketing industry.

 

The digital world has been rapidly evolving since its inception. It was only thirty years ago that the internet became publicly available, and twenty years ago that many businesses realized that a website was a necessity for marketing.

 

Pretty soon social media networks caught on with the inception of Facebook ads in 2004 and several other social media channels following suit.

 

Now, the next big revolution in marketing is here with an immersive digital environment populated by virtual avatars known as the Metaverse.

 

At a conceptual level, the metaverse can be thought of as the future iteration of the Internet supporting persistent online 3D virtual environments using augmented and virtual reality technologies.

 

Metaverse is all set to become the new virtual medium of advertising for marketers. In fact, Gartner believes that 25% of individuals will spend at least one hour per day in the Metaverse by 2026.

 

What is Metaverse?

 

In its full form, the metaverse, which means 'beyond universe' when reviewing its etymology, seeks to blur the lines between the physical and virtual world.  It consists of multiple interoperable digital spaces, where people as avatars can teleport themselves from one experience to another and facilitate everything from social interactions to entertainment, shopping, travel and work.

 

Metaverse is defined as "shared virtual worlds that seamlessly blend applied game mechanics, massive interactive live events (MILE), blockchain-enabled digital goods, and virtual commerce".

 

The rise of Metaverse was partly fueled by the Covid-19 pandemic as more people took to the virtual world, shopping, working, playing and learning online.

 

While the promise of Metaverse and its immersive digital experience may sound like it’s too good to be true, it is brimming with opportunities for businesses. For companies, this presents an opportunity to reach new audiences, improve consumer confidence, and explore a potential revenue stream.

 

Although Metaverse is still in its infancy, here are some exciting opportunities marketers can explore in this virtual realm of intrigue:

 

1. Master In-Game Native Advertising

 

Gaming and Metaverse go hand-in-hand. The gaming industry is already equipped with a scalable, immersive adtech infrastructure that can be the stepping stone for brands to drive the right audience-building and engagement opportunities in the metaverse.

 

However, brands must refrain from interruptive advertising and opt for native advertising by inserting ads naturally in the gaming platforms. Marketers can consider programmatically inserting their ads anywhere within the gaming environment – from billboards along with virtual cityscapes, or even enabling users to design their avatars with advertised brand apparel. There’s a whole universe or rather metaverse of creative muscle for brands to flex within games.

 

2. Create Real and Authentic 3D Models

 

It’s not necessary for companies to adopt a differentiated strategy to transition into the metaverse. A good starting point is to begin with what you already have and replicating it in the parallel virtual world.  This is not only a natural way to foray into the virtual marketing medium but it will also uphold your brand image and persona.

 

For instance, Gucci opened a Gucci Garden on one of the biggest Metaverse Roblox which is a virtual complement to the real-world experience that they had earlier created in Florence, Italy.

 

3. Offer Digital Collectibles

 

In the Metaverse, there are non-fungible tokens (NFTs) that enable virtual ownership of assets. Although they don’t carry a tangible value, NFTs provide an attractive marketing opportunity. The current trends and statistics revealed that buyers today have increased knowledge and affinity towards the management of digital currencies. Brands can use NFTs as a reward or incentive to raise brand awareness, drive customer loyalty and repeat purchases.

 

4. Penetrate into Direct-to-Avatar Market

 

Consumers in the virtual world consider their digital avatars as an extension of themselves and seek exclusive customization options when creating their avatars. Particularly, fashion brands can capitalize on this trend and sell their virtual products directly to avatars or digital identities of consumers and bypass dropshipping or logistics of any kind.

 

Influencers can also play an important role in D2A marketing by creating virtual content such as NFTs and other digital items and market them on behalf of brands through virtual worlds. As the metaverse expands and interconnects, the D2A industry will evolve past just gaming into every industry and is estimated to be worth over $50 billion by 2022.

Here’s a free download of a list of Influencers in the United States that will aid you in finding the right brand advocate to promote your offerings

 

5. Build Virtual Storefronts

 

Several brands have ventured into establishing virtual showrooms that enable customers to take a tour, interact with customer service avatars, try on merchandise or visualize products in their homes. Listed below are the steps to create your own virtual establishment:

 

  • Partner with AR/VR platforms to define your virtual environment
  • Determine the size of your 3D shop and decide whether you want to create more than one virtual stops for your brand
  • Make it interactive and experiential
  • Launch on your own channel or team-up with already established Metaverse spaces like Roblox, Fortnite, Animal Crossing, etc

 

The growing disinclination towards social media has been accompanied by an increasing indifference towards advertising due to data privacy concerns. It is not surprising to note that 84% of smartphone users skipped advertisements while on the go.

 

In order to infiltrate the minds of customers, the tactile stimulation of virtual reality and AR technology may be the best way to go forward. This can be a strategic way to drive customer engagement by simulating an authentic presence rather than an otherwise impersonal technological exchange. It’s time to start testing the metaverse waters and be future-ready.

 

So, are you ready for the advertising potential of Metaverse? Drop your comments below or write to us at marketingfolks@xerago.com.


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About Naveed A. Freshman   Writer

9 connections, 0 recommendations, 32 honor points.
Joined APSense since, February 6th, 2020, From SFO, United States.

Created on Apr 22nd 2022 01:16. Viewed 530 times.

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