The future of marketing in the metaverse
Earlier this year it was announced that a new digital sphere is being worked on, the Metaverse. This new platform is another avenue for marketers to explore. Metaverse will require a different strategy for campaigns. Within this blog, we will cover what is the metaverse, what it will mean for marketing, and what a potential strategy could be.
What is the Metaverse?
According to Meta (formerly Facebook) ‘The metaverse is the next evolution in social connection and the successor to the mobile internet.’ The metaverse is designed around digital spaces that you can move quickly between and will help you connect with people when you can’t physically be in the same place. It will provide you with that feeling of being together in person.
Meta has said that ‘no one company can build the metaverse alone, but we’re excited to help bring this vision to life.’ The metaverse is augmented reality and virtual reality. ‘It involves a shared virtual space in which digital avatars represent users. The worlds in the metaverse continue to expand and evolve based on users’ actions and interactions therein. This means that the Metaverse has no true ‘end’. It carries on growing as more users join it,’ according to How the Metaverse Will Change Digital Marketing.
The key parts of the metaverse are that it is a fully functioning online world that exists in real-time, is always active, and allows users have individual agencies.
What does the metaverse mean for marketing?
The metaverse are digital locations; in these locations, consumers can gain information, make purchase decisions, and spend money. ‘Gen Z consumers spend twice as much time socially interacting in the metaverse as they do in real life. Although many users may be young, their influence and purchasing power are only set to grow over time,’ according to Is the Metaverse the Future of Digital Marketing?.
There are challenges of marketing in the metaverse ‘Technology is still catching up—VR and AR technology still have a way to go before they can provide a frictionless customer experience. Investing heavily in metaverse marketing could be a risky bet at its current stage. Security issues—as with any new medium, there are still some security risks in the metaverse that could put your brand at risk. Measuring ROI—the usual methods of measuring and tracking digital marketing campaigns don’t always apply. It could be a while before we can accurately measure the impact of digital marketing in the metaverse,’ as mentioned in How The Metaverse Will Impact Your Digital Marketing Strategies.
Examples of marketing strategies for the metaverse?
Using the metaverse allows brands to create virtual experiences. This means you can host events to do a product demonstration, and consumers can buy the product directly while in that space. Brands could offer in-world purchases where the items could be for both the real and/or virtual world. Host virtual events that could bring fans together with celebrities without leaving their own home.
In 2021 Hubspot Inbound Conference was held and can be classified as a metaverse. This event showed how the events in the metaverse could work. For example, the metaverse would allow businesses to have networking and influencer marketing events using avatars. However, just like events in real-life, events in the metaverse will need sponsors.
T-shirts used for campaigns won’t only be for real life, in the metaverse, branded shirts can be added to consumers’ avatars. Promoters can still work on campaigns, except they would be handing out digital leaflets.
‘The in-game purchase market is set to be worth $74.4billion by 2025,’ according to Is the Metaverse the Future of Digital Marketing?. Brands will have to develop the goods or services they offer to exist in both the real world and the virtual world.
The metaverse will allow you to go beyond virtual billboards. ‘Since metaverses are experiential and immersive in nature, it’s best to take advantage of this by offering the same immersive experience with your ads and marketing initiatives. ‘Offer branded installations and events that users can interact with, instead of just placing simple ads,’ as mentioned in A Deep Dive into Metaverse Marketing. It will be imperative that events like sampling are considered on multiple levels to provide consumers with the ultimate immersive sampling experience.
Brands will need some collectable products that can only be collected in the metaverse. A benefit of the metaverse is that it is another space where consumers can share their interests. Marketers must start by partnering with creators who already use the platform. ‘Think of this as influencer campaigns. User-generated content is important, so community members become integral parts of the execution of the campaigns’ said Geri Mileva in A Deep Dive into Metaverse Marketing.
At GottaBe! marketing, we are a product demonstration agency and work on live events for campaigns as one piece of our agency. For some of our clients, consumers being able to sample the product is essential, and we are intrigued to see how campaigns will do in the metaverse.