Technology is dynamic, and so are sales and marketing strategies. The Metaverse's emergence is a relatively new phenomenon in the realm of technology and is gradually picking up pace in recent times. As digital marketing has progressed significantly over the last two decades, the metaverse has baffled many businesses and marketers. Will they, however, use the metaverse to their advantage to avoid being in the dark?
Metaverse is gaining popularity as virtual reality (VR) and augmented reality (AR) become more prevalent on the internet. Last year, it was estimated that around 85 million consumers will be able to experience AR or VR at least once each month. While the Metaverse isn't exactly what science fiction has depicted it to be, it nevertheless offers unimaginable value as a new computing platform.
Let’s Understand Metaverse
The term 'metaverse' refers to a virtual environment where you can enter a completely different universe by using AR and VR equipment. That universe is entirely virtual, and technology is responsible for all inventions. It also allows you to test out a variety of activities, such as speaking with friends and new people, attending events, traveling to any site, and attending conferences inside the specific metaverse. You also obtain NFTs (Non-Fungible Tokens), which you may use to buy or sell your services. Once Meta transforms the currency into these NFTs, you'll work with cash. Furthermore, you will receive a reward also.
Now that you understand what the metaverse is and at what level it exists, let us look at how marketers will use this technology and trend to their advantage. Marketers are flocking to the metaverse for a variety of reasons. Its all-new, and faster connections are now available to help support the growth of the environment.
However, the most important reason is that marketers want to focus on and keep Millennials as well as Gen-X updated and involved with their products and technology. And metaverse allows them to do so in a unique way. Based on the level of engagement that companies are already receiving, it's apparent that this selling tactic is working and will continue to work.
Fortnite and Animal Crossing games offer Meta events for the gaming world.
The Coca-Cola firm successfully collected about $500,000 cash for the meta-universe in 2021.
In 2021, Gucci teamed up with Roblox, the ruler of the gaming industry, to sell their products in the metaverse. Gucci launched the Gucci Garden on Roblox, a virtual experience to complement the Gucci Garden Archetypes, a real-world project that took place in Florence, Italy.
Gucci also released exclusive digital sneakers, Gucci Virtual 25, that are worn virtually in AR or used in apps like VRChat and Roblox.
Microsoft is working on digital avatars to be launched in 2022, which will allow attending conferences and official seminars more effectively.
Nike is working on a project where gaming, fashion, and entertainment will be experienced with the use of AR equipment.
Within the meta-universe, H&M, the world's largest apparel retailer, recently opened the world's first clothing store. Customers can buy clothes and other things for real money here. However, because the public is still in the early stages of accepting this trend, the full process will take time.
Vans, the skateboarding company, has introduced a virtual skatepark in Roblox that allows players to try new tricks and earn points that they can use to customize their avatar in the virtual store. The statistics reveal that their online park has received over 48 million visitors to date.How Can the Market Adapt the Metaverse?
Creating marketing experiences that sync in with real-world events or are similar to what your entire team is already doing in the real world is a great way of keeping loyal customers and attracting a potential audience.
Within the metaverse, you can deliver virtual advertising. Metaverse is interactive and immersive in nature, therefore you should take advantage of this by providing a similarly immersive experience with your advertising and marketing efforts. Create branded installations and events that consumers will participate in, instead of placing simple adverts. (The Gucci Garden gives an immersive experience.)
People love collecting items, and the metaverse provides them with the same experience. Businesses can provide the same experience in the metaverse by providing assets or limited-edition items to be collected in the metaverse world. (The Gucci Garden provides the Collector’s Room where people collect Gucci items through NFTs.)
Individuals are against advertising. As marketers, it is important not to show up unexpectedly when customers are already there. Furthermore, since you may be attempting to connect to these users, you'll want their positive feedback. Keep in mind that you can't simply enter a new platform without taking the new format into consideration. (Brands like Gucci first connect with the Roblox developer community before creating items and experiences.)
There are guiding principles that will guide what strategies marketers can use, but metaverse is still a relatively new platform with a lot of room for experimentation. Best practices must still be adequately established, and paradigms must be created completely and exhaustively. This gives marketers a lot of leeways to be creative and innovative in their tactics.Because branding, promoting, and advertising in the metaverse is still relatively new, the costs of running a campaign are still quite minimal. It's time to give the metaverse a try if you're a business with an open mind and your target audience spends time in the virtual world. As this technology is new, the statistics and tracking records that we've followed from other marketing approaches aren't yet present, but it'll only be a matter of time before the stats catch up.
