Marketing in The Metaverse


AR Courtesy: At Van Gogh, you can physically experience the paintings with the help of augmented reality.

It is estimated that VR revenue will increase to $6.71 billion by 2022. By 2024, that amount will double to $12.19 billion. Marketing professionals have waited for years for VR and AR technology to gain traction, and now it has.


As we adapt to new ways of reaching consumers through virtual reality, augmented reality, and mixed reality, marketing will be a wild ride. By placing the consumer right in the middle of our message, these technologies bring us closer to the consumer than ever before.

Marketing will never be the same. Let's move on to the metaverse.

The word "Metaverse" was first coined by the American speculative fiction writer, Neal Stephenson, in his 1992 science fiction novel “Snow Crash”.


Metaverse is like the blockchain for marketing. Metaverse doesn't require servers or administrators since it is decentralized. In this new advertising strategy, you can reach out to your customers in ways not previously possible. Digital marketing will be rethought completely with Metaverse Marketing.


Are You Ready for the Metaverse?

Those of you reading this blog post are interested in learning more about metaverses and metaverse marketing. Lastly, you probably heard that Facebook's CEO Mark Zuckerberg introduced Meta, a new brand that brings together apps and technologies.

Image Courtesy: Photo by Dima Solomin on Unsplash

Adjust the Brand Strategy:

The Metaverse will be brought to life and will help people connect, find communities, and grow businesses. However, Facebook is a centralized platform, and they don't seem to be planning on becoming fully decentralized. The centralized model would have to be adjusted if they want to be fully decentralized.


However, unlike Fortnite, the Metaverse does not have to be decentralized. As a result, if you want a successful metaverse marketing plan, they'll need to adjust their business models and aims in tandem with Metaverse.


Mindset Adjustment:

Your business and its employees need to have the perspective that the Metaverse and virtual environments are locations where consumers may pay attention and shop. It isn't a fad. Instead of short-term executions with low brand equity, businesses should develop the mentality that allows their organizations to build highly relevant and long-term positions.


Hire tech scouts:

Your brand should also have people who determine what may be better in their business and incorporate new technology. Then, using immersive technology, those brands will define the future.


NFTs should be launched:

The worldwide gaming market is expected to be worth approximately $61 billion in 2021. By 2025, the market value of in-game purchases is expected to reach $74.4 billion. It is safe to assume that as a society, we are spending a lot of money online, and we value digital goods more than ever.


For example, The Gucci Dionysus, a logo enveloped bag with a distinctive tiger closure, was sold on gaming platform Roblox for 4,115 dollars compared to its store price of 3,400 dollars.

Image Courtesy: Gucci x Roblox

There are non-fungible tokens in the Metaverse that allow for virtual asset ownership. As a result, manufacturers may need to release NFT variants of their products, such as NBA Top Shot, where you may collect and trade officially.


Create virtual shows/ vStores:

Your brand may create virtual exhibits, showcases, events, and more. You can also collaborate with an established virtual platform, such as Decentraland, Oculus, or Facebook Horizon.

In the Decentraland metaverse, Coca-Cola launched virtual wearable NFTs such as a wearable jacket. This was Coca-first Cola's NFT collection.

Make 3D models:

3D models are essential for generating immersive content. With the rise of virtual reality, 3D models have become an indispensable tool for developing engaging interactive experiences. As more sectors adopt VR as a standard, the demand for 3D models that can be used to construct these immersive settings will increase.


There are numerous approaches you can take to adapt your business and brand to the Metaverse. And keep in mind that this is only the beginning; there will be additional ways to get in. As a marketer, you must be ready for the changes that will occur.


Advertising and the Metaverse:

We are currently transitioning from digital advertising to metaverse marketing, similar to how we transitioned from television, radio, and banner advertising to social media, search engines, and others. Businesses in display advertising that we can find on Google or other search engines today use text and supporting graphics. However, as the business shifts, these visuals will become 3D, making the work more difficult.


Furthermore, virtual reality (VR) and augmented reality (AR) will be popular ways, necessitating considerably more innovative labor than is already required. This, however, will provide digital marketers with more leeway in how they advertise and sell things.


Search Engine Optimization and the Metaverse:

With the rise of the Metaverse, search engine optimization may undergo significant changes. Unfortunately, we cannot predict what will happen to SEO. Google may take a more immersive approach, offering a search engine that allows you to visit websites through VR. Brands will need to reimagine their storylines in three dimensions, and marketers will need to embrace developing technology at a faster pace.


According to Cathy Hackl, a globally recognized metaverse/ web 3.0 strategist, tech futurist, sought-after business executive, speaker, and media personality with deep expertise working in metaverse-related fields with companies like HTC VIVE, Magic Leap, and Amazon Web Services,

"In the Metaverse, everyone is a world builder, including brands."

The Metaverse and Social Media Marketing

In the Metaverse, what will happen to social media?


We may imagine social media systems similar to Roblox or Fortnite, where you have a 3D character in AR and browse websites similar to visiting game areas in a game. The options are limitless. AR and VR will have an impact on the consumer journey from the first to the last step.


The Metaverse and Content Marketing

Only 3% of the content on the internet is referred to as "interactive." This implies that everything else on the internet is passive—photos, videos, and so on.


The images in interactive graphics alter in response to the user's activities. Similar to metaverse qualities such as user-driven characteristics, interactive material enables exploration and discovery.


Brand experiences that link to real-world experiences or mimic what your brand already does in real life can help you engage with customers.


Conclusion:

The Metaverse is still a fresh concept for all marketers, allowing for experimentation and creative methods. It is an engaging environment in which users can build, explore, and share new realities. Therefore, this is the future of marketing.


So, it is critical to begin preparing your brand's road to Metaverse success as soon as possible.

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