A Comprehensive Look into Metaverse Marketing
Technology is quickly developing and changing. We are currently witnessing advancements that were previously unthinkable. For many people, one of these innovations is the metaverse, a unique, immersive virtual space that is quickly taking over the web.
Metaverses are infiltrating the internet as virtual reality (VR) and augmented reality (AR) continue to grow. In 2021, it's predicted that 85 million consumers will engage with AR or VR at least once each month. The Metaverse continues to provide incomparably valuable value as a new computing platform, even though it isn't exactly what science fiction has imagined it to be.
Understanding the Metaverse
Today, people are represented by digital avatars in a shared virtual environment known as the metaverse. These virtual spaces keep changing and expanding as a result of user choices and interactions. In that way, the lack of an "end" is a reflection of reality. It's merely an expanding universe that draws an increasing number of consumers.
It's not just a straightforward virtual theme park with a centralizedly planned layout, nor is it just a straightforward game meant solely for kids to enjoy. It's also not a straightforward app that you can download from the app store and "play" whenever you choose. Metaverses are virtual realms that blend virtual and real worlds.
Marketing in the Metaverse
Digital marketers must stay current with new technical advancements. This entails realising the possibilities of the metaverse. Marketers need to be aware that the metaverse is more than just a passing fad; it appears to be here to stay and is vying to become the next great thing.
How should marketers change as the metaverse grows?
First, it's important for marketers to remember how valuable millennials and Gen Z consumers are as a target market. These ages are also avid users of a variety of metaverses, such as virtual reality and video games like Roblox. Let's investigate how marketing can be done in the virtual world with this in mind.
Real-world marketing conducted in parallel with metaverse marketing
Make marketing initiatives that are similar to or related to the job that your company already does in the real world. Like the Tamagotchi-meets-Kentucky Derby event that Zed Run and the beverage brand Stella Artois from AB InBev created in June. The development of an online service for the trading, racing, and production of non-fungible token (NFT) horses, therefore, looks like a sensible starting point for them.
Immersive experience is essential
In the metaverse, you can provide virtual advertising services. In one instance, the online billboard advertising company Bidstack shifted from running commercials on actual outdoor signs to doing so.
However, there are options outside of virtual billboards. It is advisable to capitalise on the sensory and immersive character of metaverses by providing the same immersive experience in your marketing and advertising campaigns. Instead of merely posting conventional ads, provide interactive brand installations and events.
Make collectibles accessible
People enjoy collecting stuff, and the metaverse offers them yet another platform to display their passions. By providing assets or limited-edition products that they can only obtain in the metaverse, you may recreate the same experience there.
For instance, The Collector's Room is available in the Roblox Gucci Garden experience. Limited Gucci products are available for collection in the metaverse. Gucci earned 286,000,000 Robux from the videogame from the initial sales of the collector products.
Participate in existing communities
In general, people dislike advertising. Therefore, it's crucial for brands attempting to enter the metaverse to avoid upsetting those who are already present. Additionally, since you'll be attempting to market to these users, you'll need their good reception.
Keep in mind that you cannot simply enter a new platform without considering the new format. When companies collaborate with users of the Roblox dev community to create products and experiences, for instance, they get more traction. Similar to O2, who collaborated with developers who were already professionals on the Fortnite platform when they held a performance on the game.
Consider these to be influencer campaigns. Because of the value of user-generated material, community members play a crucial role in how your campaigns are carried out.
Never stop experimenting
Marketers are living in an exciting moment. The metaverse is still a largely new platform that allows plenty of potential for experimentation, despite the fact that there are basic principles that could inform the types of strategies and approaches marketers can use. Best practises have not yet been defined in a proper manner, and paradigms have not yet been totally and thoroughly developed. This allows marketers lots of room to experiment and try to be different in their tactics.
Brands have a bright future ahead of them thanks to the metaverse, but there are still some obstacles to overcome. One is that, despite their rising popularity, metaverses could still use some further traction. Accessibility is a problem for metaverses because of their technological demands. The tools required to appreciate the metaverse, such as high-end computers, and VR headsets, are not available to everyone. This significantly reduces the potential market for brands and thwarts mass marketing initiatives.