Marketing in Metaverse: 5 Strategies to Get Started with Marketing in Metaverse
by Naveed A. WriterEvery 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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Created on Apr 22nd 2022 01:16. Viewed 499 times.