All You Need to Know about Metaverse and Marketing
“Marketing’s job is never done. It’s about perpetual motion. We must continue to innovate every day.”
Marketing is not static. It succumbs to change and innovation. The world knew traditional marketing (and succeeded at it). Then digital marketing came along and it seemed like we were never going to hear the end of it. The average marketer you met claimed they knew the A-Z about digital marketing (it’s still in vogue, by the way).
But the metaverse: now this is new – quite new that you’ve probably never googled anything about the metaverse in relation to marketing. But digital marketing? Now you’ve probably googled that a hundred times (figuratively or literally) already.
In that case, you’re currently reading a piece written to give you all the essential details about the metaverse and why it’s becoming – or would soon become – the problem of (digital and traditional) marketing.
A breakdown of The Metaverse
At this point you are curious. What is the metaverse made of? It’s simple: augmented reality, virtual worlds and the internet. Basically, the metaverse is a virtual shared sphere initiated by virtually enhanced physical reality. And in this virtual reality, we are all avatars that play, explore, create or socialise in a virtual 3D experience.
When you hear “metaverse”, you probably think it’s a newly-coined word. No, it’s not. Neal Stephenson first used the word in his 1992 science-fiction novel, Snow Crash to describe an imaginary world with humans as avatars interacting in a 3D environment to escape a dystopian reality.
Somewhere in the future, you’ll likely find the Metaverse waiting for us. The digital shift – 5G, artificial intelligence, cryptocurrencies – has been rapid throughout the last decade.
Tim Sweeney, Epic Games Inc. CEO, has also reckoned that the Metaverse has the potential to become a multitrillion-dollar part of the global economy in the following decades, open to all businesses and brands.
How brands come to play in the Metaverse
It’s important to know that virtual reality will be used as a medium to create, explore, identify, express, connect, and socialize, transforming business and marketing mindset.
In 2021, the world saw brands globally test virtual and augmented marketing campaigns – from digital clothes, and concerts to showrooms and collectables.
Big brands like Walmart, Nike, Disney, Microsoft, and Facebook are creating virtual communities, content, assets, fashion, art, experiences, and worlds. Our physical world and virtual realms may co-exist within a new economy, environment, currency, and behaviours.
How can brands use the Metaverse to their advantage?
The burning question that needs to be answered at this point is: is the metaverse for all brands?
The first to enter the virtual realm will be brands and industries built on meaningful lifestyle connections.
Automobiles, luxury, food and beverage, travel, hospitality, real estate, and airlines, for example, are all likely to change. Before entering the Metaverse, brands should think about a few of the following essential factors:
- Brands with solid digital foundations or familiarity with audience work, data, social, and eCommerce apps will be the first to shift.
- With Gen Z and millennials in mind, use AR and VR commercials to engage the visual generation.
- Solid community: Because the virtual world is community-driven, it is optimal for brands that have an engaged, passionate, close-knit, and recurring audience.
- Learn from artists and top NFTs: they’re paving the road into the Metaverse with unique techniques that traditional brands can’t match.
- Cross-brand collaborations or influencer alliances are examples of partnerships.
What should brands keep in mind as they enter the Metaverse?
When a company engages in Metaverse marketing, there are several considerations to make. The brand’s image and reputation must be safeguarded.
Since anybody can access the Metaverse and do whatever they want, anyone can use it. When scammers or hackers come on the site, an immediate digital crisis may occur. Brands are also faced with the issue of data privacy and security.
More new security measures must be implemented and evolved as a result of the development of this new technology in the event that firm data is leaked.