The metaverse’s immense growth and limitless possibilities have sparked people’s creativity and encouraged businesses to explore new horizons of digital experiences.
Brands now have a unique unprecedented opportunity to connect with their audiences in more immersive and meaningful ways than ever before and build brand identity in new, innovative ways.
They can introduce products to trade with digital assets, create amazing works of art and design, and engage with others in new and exciting ways.
But businesses need to have a well-defined marketing strategy that considers the immersive potential of this environment and adapts to the evolving digital behaviour of their customers. Research suggests that global metaverse will rise to $82 billion in 2023, underscoring the substantial potential of the metaverse as it transitions from a ‘futuristic concept’ to our new normal.
The metaverse also offers unique opportunities for product launches, events and experiential marketing. A business can create a virtual event that takes place in the metaverse, where customers can interact with the brand and each other in real-time. This creates a sense of community and engagement that is difficult to achieve through traditional marketing channels.
Another benefit is the ability to reach a global audience. The metaverse is accessible from anywhere in the world, meaning that businesses can connect with customers in new markets without the need for physical infrastructure.
‘‘A METAVERSE MARKETING STRATEGY REQUIRES A DEEP UNDERSTANDING OF TECHNOLOGY AND ITS POTENTIAL’’
Building a metaverse marketing strategy requires a deep understanding of the technology and its potential. It also requires a willingness to experiment and try new things. Here are a few strategic tactics:
DEVELOP A UNIQUE BRAND PRESENCE
The metaverse offers businesses the opportunity to create a unique brand presence that stands out in a crowded marketplace. Brands should focus on creating immersive experiences that align with their brand identity and values.
Nowadays, customers crave unique and innovative experiences that are unconventional. When given a choice between a brand that uses traditional marketing techniques and one that provides virtual experiences, most consumers tend to choose the latter.
According to the Future of Marketing Institute, the majority of consumers (62 per cent) feel more connected with brands that sponsor virtual reality experiences. One of the easiest ways to do so is by creating custom avatars, virtual storefronts, and branded content.
FOCUS ON USER EXPERIENCE:
The metaverse is a new and unfamiliar environment for many users, so it is essential to prioritise user experience in any metaverse marketing strategy.
Collecting and analysing user data within the metaverse is crucial for brands to understand customer behaviour, and engagement patterns. Brands should focus on creating intuitive and easy-to-use experiences that engage users and encourage them to explore.
The metaverse is all about interactivity, and brands should embrace this to build engagement and connection with users. According to a June 2022 survey by McKinsey & Company, nearly 60 per cent of consumers using the metaverse are interested in transitioning to the virtual world to connect with other and explore digital realms.
Also, a February 2022 global survey by the Capgemini Research Institute, found that Gen Z and Millennials are typically the most interested in metaverse for gaming and entertainment purposes, such as virtual concerts.
This information is valuable for brands to tailor their metaverse presence to meet their target audience’s needs and expectations and maximise engagement. This can be easily done by launching interactive games, product demos, and social experiences that allow users to connect with each other and the brand.
Influencers can be a powerful tool for brands looking to build a metaverse strategy. By partnering with influential users in the metaverse, brands can reach new audiences and build credibility in the space. For example, retailers can offer more personalized and adaptive experiences to fashion influencers, thanks to increased 3D definition and immersive interfaces.
Similarly, businesses in the tourism and hospitality sectors can promote their offerings through travel influencers virtually walking through famous destinations and hotspots, enabling customers to plan their journey from the comfort of home.
As with any marketing strategy, it is essential to measure the results of metaverse campaigns. Brands should track key metrics such as engagement, conversion rates, and ROI to optimize their metaverse strategy over time.
Ultimately, there are limitless possibilities that brands can explore to stay ahead of their rivals and grow with the metaverse. According to estimates, the global market size for the metaverse is projected to reach $5 trillion by 2030, indicating significant potential for metaverse-based activities.
Rightly said, the metaverse is a new frontier for businesses to explore, and it offers endless possibilities for building brand identity and engagement.
By Alfred Manasseh, Co-Fo under and Chief Metaverse Officer of Shaffra