Category:Social Media Marketing

A Marketer's Guide: Metaverse-Focused Marketing

30th November 2022
“What new technology does is create new opportunities to do a job that customers want done.” – Tim O’Reilly
Ever-evolving technology is reaching new heights each day! One of the most interesting and promising aspects of the digital landscape today is the Metaverse. It will transform and shape how people interact with individuals and communities, on the internet. Metaverse is like a revolution for the new-age businesses, products, brands, advertising, and marketing of the future.
While social media has been the medium for real-time communication and interactions online, Metaverse is taking it a level higher! The world shall witness the development of Metaverse and its gradual expansion into people’s lives.

What Is the Metaverse?

  • Metaverse is a 3D virtual environment wherein individuals can make use of their digital avatars to play, shop, work, attend events, and do more.
  • It is not a single world but a platform where many worlds will exist. Just like the internet is for everyone and any individual can create a social media profile or a website, Metaverse is a platform for all.
  • People are allowed to buy their space, rent space in someone’s world, and build their homes or offices on that property, all this in a virtual world!
  • In simple words, it is a virtual universe where internet users can create an entire world. It is a meeting platform for the members of virtual reality.
"A report published by PwC/Cointelegraph predicts that the Metaverse market will grow by over $1,544 billion within the next 10 years."

How Does Metaverse Work?

  • We still need more clarity on how the Metaverse works or how it will work. What we know is that by using augmented reality, Metaverse creates a digital overlay of the real world.
  • It will probably provide the users with a single avatar/digital identity that gives them access to the Metaverse. One can experience this virtual world with the help of augmented glasses, contact lenses, or special contacts.
  • Just like in the real world people can rent or buy their land and construct a business, a home, or a property they desire.
  • Within the Metaverse, people will be able to execute all online tasks spread across different digital apps, websites and more.

Marketing in the Metaverse

  • Marketers will inevitably make their way into the Metaverse. Marketing in this virtual world is a way to offer consumers something only they can access inside their VR headsets. In the Metaverse, marketing will include promotion, branding, and sales of products and services.
  • Marketers will get a deeper insight into their target audience’s preferences by observing their interactions in the Metaverse. The audience is interested in content designed especially for them and the features of Metaverse will enable marketers to focus on personalisation.
  • Just like marketers work to optimise and increase their presence on search engines, they will now start analysing how their brands can get visibility in the Metaverse. The intent data gathered on the Metaverse will also help marketers to customize their marketing campaigns according to the preferences of their audience.
" McKinsey’s estimates, the metaverse spending will total $5 trillion in 2030."

How Can Marketers Use Metaverse for Their Brands?

  • Virtual reality and augmented reality are the latest focus of digital marketing. In the Metaverse, brands can build virtual stores that allow users to experience in-store settings. Consumers can engage with 3D products such as cars, jewellery, clothes, accessories, and various digital assets.
  • One of the most attractive things for consumers will be the virtual try-on feature. For products such as apparel, accessories, cosmetics, and even home furniture this is a great way to allow consumers to engage with brands, try on, and make their best buying decisions.
  • With the expansion of Metaverse, the potential for advertising and branding will increase simultaneously. Virtual messages, goods, billboards, merchandise and more such things will play a vital role in marketing in the Metaverse.
  • A non-fungible token (NFT) is a digital object which can’t be replaced as it has no monetary value. Any digital art such as animation is a popular form of NFT today. These NFTs will also play a significant role in the Metaverse. The demand for virtual fashion will increase immensely as the number of users rises.

What are the Benefits of Metaverse Marketing?

  • Improved engagement: Metaverse allows consumers to engage with brands
  • Helps brand Innovation: Brands get to explore their creativity with fewer boundaries in the Metaverse
  • Advance social media marketing: Virtual influencers can be created with a persona that supports the brand
  • Improved storytelling: Metaverse offers a better experience of storytelling for brands that make a huge impact on consumers
  • Create own virtual venue: Creating a virtual venue for the brand with help of AR/VR platforms and designers
  • Leverage NFTs: Brands can turn their virtual goods into NFTs

Key Takeaways

  • Metaverse is a 3D virtual environment where people can use their digital identity to engage with others on the internet.
  • Metaverse is a platform open to all therefore, marketers are indeed going to make the best use of this platform to get more brand visibility.
  • Metaverse broadens the horizon for brands to offer personalized services and products to consumers with help of deeper insights into consumer preferences.
  • Activities such as promotion, branding, and sales of products and services will be a part of Metaverse marketing.
  • NFTs will play an important role in the expansion of Metaverse.
  • Virtual influencers are a way for marketers to create personas that promote their brand.
  • Brands can experiment with endless possibilities in the Metaverse and so much is yet to be explored.

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