The metaverse hasn’t ruled the industry yet. But the hype still matters!
Google the word ‘Metaverse.’ Your screen will be flooded with around 55 million search results. Headlines like ‘China’s Metaverse industry admits 17 new firms’ will pop up too. Following that, Google’s description as ‘Fictional world’ will also appear on the right.
However, the algorithm is correct. The metaverse hasn’t reached its full potential yet, beyond elementary versions in movies and games. But that hasn’t changed the minds of big shots like Google itself, from betting big on the grand influence of metaverse in the marketing world.
A big problem – you cannot manifest metaverse with just wishful thinking. While our lives have been massively disturbed because of COVID-19, making these experiences truly immersive at an extensive scale is a knotty challenge. At present, the metaverse is stalled by a shortage of apt technology (the software and hardware are not ready yet). However, with the ongoing hype and constant evolution, it’s safe to say that the world of metaverse marketing is coming soon.
So, let’s break down the metaverse and how business owners can utilize it to keep their brands thriving.
Marketing Has Never Stopped Progressing
The digital world has been advancing unimaginably fast since its inception.
- In April 1993, World Wide Web went public
- Introduction of LinkedIn in 2002, Myspace in 2003, Facebook in 2004, and Twitter in 2007
- In 2007, iPhones were launched
- Development of technologies like Artificial Intelligence, Robotic Process Automation (RPA), Quantum Computing, etc.
Technology and marketing have transformed at every step. Marketers found out the necessity of websites and online presence shortly after the birth of the Internet. Social media marketing became crucial to drive audiences and boost ROIs. Mobile-first development becomes imperative because consumers engage more through mobiles than computers and laptops.
Of course, the next in line is virtual reality (VR) and augmented reality (AR). They have set foot in various industries like education, space exploration, eCommerce & shopping, travel & tourism, healthcare, and the list is extensive.
Moving forward to an immersive platform, the metaverse is the next big thing that can shake the marketing industry.
What Is The Metaverse?
The metaverse is basically a virtual platform shared with VR/AR and the internet. Users are displayed as virtual avatars. They can interact and make decisions within the immersive environment (metaverse). They can buy, sell, or lend items and run investments through the metaverse.
Essentially, this technology has enormous potential and will keep evolving as more users jump into it.
The Metaverse & Marketing
Remember when Mark Zuckerberg publicized that Facebook, a social media giant, is now Meta and transforming into a metaverse company?
For some, the announcement was a laughing stock. So, the point is, Mark Zuckerberg is not entirely off-beam; the Metaverse revolution will happen, and some mogul is going to lead it.
Marketing In Metaverse Will Require A Specific Skill-Set
Now that you have an idea about what a metaverse really is, let’s understand what marketers should do to keep up with the technology. For now, you don’t have to do anything huge, just stick to the basic things available, such as gaming community, discord community, NFT, etc.
Marketers Will Become World Builders
We need to step up the game to bridge the gap between virtual and real-world interactions with experiential marketing. We need to think of ourselves as complete virtual world creators. So, how can we create a completely realized Metaverse community utilizing the skills we have learnt in experiential marketing?
Can Identify Changing Consumer Behaviors
It will be exciting to watch how people interact in the new spaces. Virtual worlds inside the Metaverse might have their own currencies and economies. Some Metaverse worlds might have non-fungible tokens to trade goods and services. All in all, how consumers adapt to these new spaces will result in new distinctive behaviours.
Can Parallel All Marketing Spaces
Your branding and messaging must be aligned and cohesive between the real and immersive worlds. Whatever occurs in the metaverse should indicate what is happening in the outside universe.
How To Prepare For Metaverse Marketing?
Start Using Augmented Reality Applications
If you are not familiar with augmented reality, it’s time to start experimenting. Consider AR a modus operandi to building content for the metaverse. So, find applications that are based on AR like Roblox or Pokémon Go and understand how their digital reality combines with their physical reality.
You can also install Discord and join any server. Although Discord is similar to Slack, the bots and automata can enhance your server to connect with different available features.
So, if you are passionate enough about metaverse, set up a meta mask wallet, buy non-fungible tokens (NFT), and see what you are getting yourself into.
Link Up With Other Metaverse Enthusiasts
Today, marketers are overwhelmed with marketing messages. Developing a subconscious ad filter to block the messages is the critical element. So, having a positive approach towards metaverse marketing helps create a strong relationship and gain acceptance.
How can you step into the competition and target a potential audience without annoying the marketers who are already in metaverse marketing? Connect with other metaverse influencers to gain traction. So, this relationship will get your foot deep in the technology and help you experiment with it.
Repurpose Your Ideas
You don’t have to start everything from scratch or go out on a limb. Picture what your brand will do in a real environment inside the metaverse. For example, if your company sponsors athletic events, figure out ways to continue it in the metaverse.
Start Using Virtual Reality Applications
If you haven’t tried virtual reality yet, give it a try. You won’t regret it! Start attending virtual reality programs and events on social media giants like Facebook and ALTspaceVR and learn all the miraculous things this technology can bring to your business. Once you are familiar with the technology, why not try hosting a virtual reality event for your brand?
Keep Yourself Updated
Keeping abreast of the updates regarding metaverse and how it is evolving with time is very necessary. Be That Early Bird! Keep yourself updated and experiment with how your brand responds to the changing trends of the metaverse.
Conclusion: The Metaverse Is Coming
Today, the metaverse is developing its roots, but soon it will be one gigantic shark in the marketing industry. Sitting on the sidelines and waiting for a miracle to happen is a “BIG NAY-NAY.” Learning and preparing yourself for metaverse implementation in your brand will be an avenue for success in the future. So, waste no time, hop on the bandwagon with everyone else and embrace what’s coming at your doorstep.
Frequently asked Questions on Metaverse
Metaverse technology will allow marketers to reach their potential customers in an entirely different dimension. It will expand the digital footprints of your audience so as to provide a completely new look into their actions and behaviours.
Jumping forward to the future era, it is anticipated that a massive group of 160+ companies will participate and contribute towards the success of metaverse marketing. However, today a few companies are in the metaverse, namely Facebook, Apple, Niantic, and Epic Games.
Your business can monetize with the metaverse in a number of ways just like your real-world counterparts – from new opportunities to digital merchandize to delivering virtual classes and events, and so much more.