Digital Marketing in the Metaverse
Marketing is always a very vital aspect for businesses. It is their attempt to connect and communicate with their audience and also to increase their brand awareness. Marketing professionals are always looking for new creative ways to carry out their marketing agendas.
Mark Zuckerberg re-branded Facebook to Meta in October 2021, and with this the word Metaverse made it to the list of the most trending words. Yes, since Facebook changed to Meta – Investors and tech giants from around the world are pumping in billions of dollars in this new technology. According to a recent analysis by Emergence Research – The Metaverse is predicted to be a $1,607.12 billion dollar industry by 2030. Also, in 2021 Meta’s platform revenue was recorded to be a whopping 118 billion dollars.
The Metaverse is also known as the parallel virtual universe where people can host meetings, wedding, parties, conferences, concerts etc. in a virtual set-up with gates open to people from around the world (at the comfort of their couch), no matter the geographic location. Yes, with the help of AR/VR wearables people can socialize, play games, shop, buy property etc. on the Metaverse. It is decentralized, which means that it gives more power and authority to its users as compared to Web 2.0.
If you Google the term Metaverse, there will be thousands of links that will show up. Everybody wants to know more about the Metaverse and this entire new concept of having a real life experience and carrying out daily activities and tasks on a virtual platform. Businesses around the world also want to be visible on the platform. And for the above reasons, marketing experts of top brands are aggressively strategizing a way to monetize on this new platform.
Scope of Digital Marketing in the Metaverse
The marketing landscape has seen a lot of evolutions in recent times, we can see that the world shifted from print media to email marketing and now to social media marketing – The global digital marketing market was estimated at $350 billion in 2020 and is projected to rise to $786.2 billion in 2026.
Marketing is a very important pillar for businesses, be it small or big. Marketing strategize are directly aligned with the vision and mission of businesses and they hold the potential to make or break any business. It is not wrong to say that social media platforms will soon be a thing of the past and the world will gradually move into the Metaverse as a whole.
The Metaverse is a boon for many marketers as they say, basis the fact that it will allow them to reach their brand out to their audience in a more immersive and effective way. Also, a very notable point – Marketers have completely adopted the method of data driven strategising. Every successful marketing propaganda is a result of data driven and user centric strategies. With technologies like Augmented Reality, Virtual Reality, Artificial Intelligence etc. businesses are able to derive more accurate and reliable data from their users. This will help them give their customers exactly what they want. Metaverse marketing is expected to be the next-gen digital marketing the world has ever seen. Since in the Metaverse, people will have a real and 3D experience, marketers are very proactive to build successful marketing strategies and give their users an excellent real like virtual experience. They will leave no stone unturned to make their brand presence unique and popular in the Metaverse.
Although most may not have a full-proof formula in place yet as this is a very new space, we can see marketing giants around the world doing their best to make it right in the Metaverse.
Metaverse Marketing Case Point
A very famous Sandbox game named Grand Theft Auto launched a clothing option which was similar to that of the Hong Kong protestors at that time. It helped people from Hong Kong take their grief and protest beyond borders into the Metaverse. People on the platform were very supportive too, and in return Grand Theft Auto did achieve a milestone in their marketing journey.
Top points to keep in mind for Digital Marketing in the Metaverse
1. Create In-game Advertising
Top brands like Volkswagen, Coca-Cola, Samsung etc. have inserted their virtual hoardings in games like Hyper Space and others. Increasing visibility in the Metaverse should be the primary step for any marketer.
2. Retail Virtual Goods & Services
With the NFT marketplace making millions in revenue, we can confirm that people are proactively buying digital assets. This could be either for investment purpose or for social recognition. Marketers must take advantage of this and introduce collectibles in the form of avatars, music, artwork , property etc. to promote their brand visibility and engagement.
3. Establish Virtual Venue/Space
The Metaverse is only going to expand and it is crucial for brands and marketers to define a space for themselves in it. In order to maintain discretion and uniqueness, one must set up their property and make it exclusive to their brand.
4. Make the Experience As Real As Possible
With the Metaverse, the world is shifting into Web 3.0 and Web 3.0 is all about immersive experiences. The very essence of Metaverse is that it will give people a very real experience through AR/VR wearables. Marketers must make the mental switch from Web 2.0 strategies to Web 3.0 strategies in order cater to their customers in the best way possible.
Lastly, it is imperative for marketers to be mindful and cautious while planning any Metaverse marketing strategy because the concept of Metaverse is very open in nature, this means that brands will have to protect their image and uniqueness at all times.
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About the author:
Jay Anthony, Marketing Head, TECHVED Consulting