The Metaverse has been the talk of the town since Mark Zuckerberg, CEO of Facebook, announced the company’s name change to Meta and its plans to create its own part of the global Metaverse.
What is the Metaverse?
The Metaverse is a virtual space without borders, where people can experience various digital environments, meet other people, go shopping, attend music concerts, and encounter marketing activities conducted by companies.
While Zuckerberg claims that the Metaverse is still 8-10 years away, there are already several Metaverse platforms created by game studios, VR developers, and other enthusiasts.
It is similar to a massively multiplayer online game (MMO) in many ways but with a focus on social interaction and user-generated content.
The concept was popularized by science-fiction writers, but the term has gained popularity in recent years due to advancements in technology and the increasing popularity of virtual reality (VR) and augmented reality (AR).
The Potential of Marketing in the Metaverse
Marketing in the metaverse has tremendous potential for businesses. With the ability to interact with customers in a virtual environment, brands can create a more immersive and engaging experience for their customers.
In the metaverse, businesses can provide customers with a unique experience that cannot be replicated in the physical world. It can also be a cost-effective way to reach a global audience as users from around the world can participate in the same virtual experience.
Why Marketers Should Care About the Metaverse
Marketing teams need to be where their target audience is, or they can create their own branded places for audiences to enter. The Metaverse provides the opportunity for both scenarios. Brands can build their own experiences within the Metaverse, and people can visit to meet others and explore.
Moreover, the Metaverse is going to blend virtual life with our physical world existence, allowing consumers to switch between the two dimensions seamlessly. This provides an excellent opportunity for marketers to extend their brand communications and make them more immersive.
Although some experts are divided on how successful and appealing the Metaverse is going to be, it is still a vast domain for marketing opportunities. Especially for marketers interested in young consumers who are growing up with technology and are more interested in virtual experiences.
Marketing in the Metaverse
Virtual Branded Spaces and Experiences
Brands can create their virtual branded spaces and experiences in the Metaverse. For instance, Wendy’s has launched its VR restaurant on Meta’s Horizon Worlds video game platform, complete with a Fanta fountain and flying burgers.
Utility NFTs are unique digital tokens that are frequently linked to tangible benefits in the physical world. Businesses can connect special event invitations or discount vouchers to utility NFTs and distribute them to customers as a gesture of appreciation for their loyalty or as rewards in branded video games.
Digital products are an effective marketing tool, particularly in the fashion industry. A pair of digital sneakers may cost cheaper than real ones, but if many user avatars wear them in the Metaverse, the more sales there can be in the real world.
This strategy is effective for building brand recognition because, regardless of whether it is virtual or not, your logo remains the same.
Targeted advertising is a crucial part of social media experience, and it will be in the Metaverse as well. The Metaverse is a virtual space where people can build their worlds, and for the most part, these worlds are going to be reminiscent of the real world, so there will be places for ads, such as digital billboards.
In fact, video games already use this to sell advertising space. But since the Metaverse is the Internet without borders, it will be possible to use the same tools as for in-game advertising.
How to Market in the Metaverse
Create a Virtual Presence
The first step to marketing in the metaverse is to create a virtual presence. This can be achieved through creating a custom avatar or virtual storefront that represents your brand.
Businesses can also create virtual events such as conferences, product launches, or pop-up stores.
Partner with Metaverse Influencers
Partnering with metaverse influencers can help businesses reach a larger audience. Influencers have a following and can help promote products or services to their fans.
Businesses can partner with influencers by providing them with products or services to review or by paying them to promote their brand.
Create Engaging Content
Creating engaging content is key to marketing in the metaverse. Brands can create virtual experiences such as games, challenges, or treasure hunts to engage with customers.
Creating content that is interactive and fun can help customers build an emotional connection with the brand.
Offer Virtual Products and Services
Offering virtual products and services is a great way to monetize the metaverse. Businesses can create virtual versions of their products or services, such as virtual real estate, digital fashion items, or virtual event tickets.
Leverage Metaverse Advertising
Metaverse advertising is a form of advertising that is specific to the metaverse. Brands can advertise in virtual environments or on virtual billboards.
Metaverse advertising can be more targeted than traditional advertising as brands can advertise in environments that are relevant to their target audience.
Although the Metaverse may still be in the distant future, brands can start exploring the possibilities and opportunities it is creating now and will create in the future. Virtual branded spaces and experiences, utility NFTs, digital products, and targeted advertising are some of the marketing tools available in the Metaverse.
The Metaverse is attracting people and money right now, and it provides an excellent opportunity for marketers to extend their brand communications and make them more immersive.
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