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Marketing In The Metaverse
The metaverse has got marketers both excited and confused, and they have begun readying their plans for reaching out to their digital-first prospects who will be more active inside the metaverse than outside.
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Technology is playing a big role in transforming marketing and altering the landscapes used by marketers for engaging their prospects. One such defining development is the evolution of the metaverse, which will deeply impact the human interaction experience. The metaverse has got marketers both excited and confused, and they have begun readying their plans for reaching out to their digital-first prospects who will be more active inside the metaverse than outside.
The metaverse provides an excellent opportunity to marketers for engaging their target audience in a new and exciting dimension. In the metaverse, customers will indulge in new interactions and behaviour, for which brands will have to extensively customise their product and service offerings
In this white paper, we will familiarise you with the metaverse and how marketing in this three dimensional world will look like. We will explain how marketers can leverage this unique virtual marketing opportunity to their advantage.
What Is the Metaverse?
The metaverse is an extensive network of constant, 3D simulations of human beings and non-living objects, rendered in real-time. In simple terms, it is an imaginary interpretation of the internet which facilitates interactions in 3-D virtual environments. This is made possible through headsets that enable VR, or virtual reality, and AR, or augmented reality, experiences.
Of course, virtual online games like Fortnite and Roblox do offer us a peek into the metaverse. In these games, gamers can create their virtual avatars and play the game in real-time with avatars of other players. They can also personalise their gaming experience by purchasing virtual merchandise such as fancy accessories and stylish clothing, while playing.
NFT and Metaverse - The Unique Relationship
A Non-Fungible Token, or NFT, is a non-interchangeable and unique data unit stored on blockchain, and includes digital files of image, video and audio. Imagine all the files across formats being replaced with NFTs in the metaverse! This 3-D revolution will catapult the value of the NFT market to a whopping $56 billion by 2030. Brands across diverse categories are creating digital collectibles which can be owed and sold in the metaverse by their customers.
With every user creating their virtual avatar for personalising their presence in the metaverse, the demand for virtual accessories and fashion wear is all set to explode. Brands across these categories will keep creating virtual wear which users can buy and flaunt to their virtual contacts.
We share below, some of the ways in which the metaverse will impact marketing.
Brands will create 3-D versions of their products so that their customers in the metaverse can seamlessly experience them and even buy their favourite products with virtual currency. Brands can also conduct virtual market and product research by offering the sample size virtual freebies.
The metaverse will be the home of choice for the coming generations and it is this marketplace which holds tremendous potential for marketers wanting to take their business to the next level of growth.
By leveraging the power of the metaverse, you can take the shopping experience of your customers to the next level.
Right from trying out a pair of denims or glasses, to closely interacting with the virtual store sales person, customers are expecting brands to enable all this and more in the metaverse
Branding in The Metaverse
The metaverse will offer marketers next-level branding opportunities like virtual billboards, message boards, pop-ups, merchandise and apparel. Your customers can enjoy a touch and feel experience with both, your products and branding collateral.
You can personalise branding messages by name and other customer details, enabled by the instant capture of login information like name, city and any other data which the user has shared for accessing to the metaverse.
Virtual Training or Classes
Educational and training videos will soon take a back seat in the metaverse, as marketers in these business categories will upgrade to creating avatars of their instructors, for offering a an interactive and virtual learning experience in a dynamic 3-D environment.
Companies will also deploy this technique for conducting internal training workshops and orientation sessions for new employees.
Want to entertain and empower your prospects with engaging events in a virtual environment, without having them leave their home?
The metaverse will be the perfect place to conceptualise and implement high concept 3-D events and give the participants a larger-than-life experience.
How can marketers prepare for marketing in the metaverse?
Marketers have to be prepared to invest heavily in both, virtual reality and augmented reality, for branding their products and services and also transforming their advertising by suitably aligning it with the challenging dynamics of a 3-D environment.
If you’re selling products online, then start preparing to build a dynamic 3-D store and operate it in an environment which will well and truly become a second home for your customers.
So, 2022 is the time to begin moving towards the big shift. Brands, Digital marketing experts and marketers all need to put their learning caps on and prepare for the next big shift in gear.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.