A boon of being a part of the Information and Technology industry is that the upgradation never stops. Every year we find ourselves googling the new term we read on the internet or heard our colleagues talk about during lunch. This year’s term is Metaverse. I am sure each one of us has come across this terminology ever since Facebook changed its name to Meta. The hype around the new dimension of the internet space has caught my attention and made me wonder how the future of marketing looks with this advancement as brands are eager to enter the domain. In this article, let’s explore Metaverse Marketing – the new reality of digital space and brand promotion.
What is metaverse?
As some say, this is the next step of evolution for the internet also known as Web3.0. Metaverse is a 3D virtual stimulation that focuses on connecting people and creating a digital world very similar to our real one using augmented reality and VR. Although the term holds a bigger meaning and depth to it, as of now describing it as gameplay can be the simplest of explanations. Apart from that, it gives you the options to create, buy and sell items in virtual reality.
Metaverse gives the users an alternate reality experience. The concept was shown in the movie Ready Player One. The gaming industry has taken advantage of the potential of the metaverse and banked on giving the players an out-of-the-world experience.
This also opens up a space for brands to cater to their audience better.
How is metaverse opening doors for brand marketing?
When technological advancement is introduced to the world, every industry comes up with different applications to benefit from the product or service. Metaverse opens up newer possibilities for many sectors including marketing. With brands discovering a new space to promote amongst and keep the Gen X excited, the metaverse is paving way for a more experiential marketing experience.
Big brands are jumping on this opportunity to create a more user-friendly experience with the excitement of augmented virtual reality. For example, Balenciaga’s new online game – Afterworld, gives users the ultimate virtual experience of a Balenciaga store and the fall collection. Similarly, Vans launched a virtual skate park to give skateboarders a space to try new tricks and earn points to customise their avatars in the virtual stores. Not only this, the virtual reality now has an Earth 2.0 which allows you to buy land in the metaverse.
Marketing in the metaverse will work as a blockchain. Brands will be able to connect with their customers and potential buyers like never before with the offerings of a metaverse. Apart from building awareness around them, brands will also look at better conversion rates depending upon the kind of experience that a metaverse avatar has.
Strategies that can get a brand in the game
With the changing times, we are pushing towards changing the old marketing strategies as well, although, most of these can be upgraded a little and would perfectly work towards serving a virtual audience.
1. Choosing the right platform and naturally blending yourself is a must.
Just imagine you are the last standing defendant of your team. You just took out the opponents and your avatar is sweating profusely. In the corner of the wrecked mall, you see a vending machine containing coca-cola. Your avatar goes ahead to quench their thirst with a cold beverage. In actual reality, the next time you are thirsty after a stroll or any activity, you turn to coca-cola for a refreshing start. The form of advertising has enhanced in-game realism for 95% of the players, according to Bidstack, and increased the purchase rate by 12%.
2. Virtual retailing is in.
Display your products to be purchased and used by digital avatars of people. Customisation is a top priority while creating a persona in a digital world. Gucci sold a $4000 virtual bag on Roblox. Brands can even look at creating NFTs and putting them up for purchase.
3. Don’t be afraid to set shop.
Just like Balenciaga, creating your own virtual shop can give your audience a great experience and insight into the products. Brands can make the experience as interactive as possible on their chosen domains to increase the competitive spirit in the virtual reality.
4. Interactive experiences can bring you into the limelight.
Creating immersive experiences for your users can help you stand apart from the crowd. Lil Nas X Concert on Roblox is one of the examples of creating virtual events to attract audiences.
5. Collectibles are priced-possessions even in virtual reality.
Create remarkable collectibles that your users can appreciate. Limited-edition items instantly become a huge hit in the virtual reality as well.
The future of marketing
Games such as Fortnight and Animal Crossing are allowing concerts in their games. This means that you do not have to move from your at-home set-up to experience your favourite artists. With the pandemic pushing the world to become digitally functional, the metaverse is opening up doors for marketers to experience and revel in this newfound reality.
If you have a target audience that is interested in the metaverse and spends time online, you should rush to invest in this new experience. As the concept is still fresh amongst most people, the rates of running your brand campaigns will still be lower than when the idea takes off.
Engaging your audience and moving higher than the regular ads can give you an edge. Thinking big can give an edge to your brand. But do keep in mind to establish yourself in the setting first. Since the metaverse is still unexplored territory, getting lost in the newness of it can be quiet easy. Finding what suits for you and your brand, choosing the right platform, integrating your placements naturally, and keeping a check on your representation is very important.