Metaverse Marketing- Here’s How You Can Get Started

The year 2022 was undeniably the Year of the Metaverse. And although things did not go as planned for many (yes, we are hinting at Meta), the term “Metaverse” became quite common among netizens. As a matter of fact, the number of active users of the Metaverse reached 400 million, and this number is expected to rise significantly in the coming years.

Being an amalgamation of the physical and digital world, Metaverse breathes life into the virtual world and provides unique opportunities for interconnected virtual communities. The Metaverse offers consumers an elevated sense of ownership, where they can control and claim their data, identity, assets, etc. This attribute of the Metaverse encourages consumers to produce incredible value in this ever-growing virtual space.

Metaverse users are not the only ones to enjoy these opportunities; brands and businesses have also jumped on the bandwagon to serve their target audience. Major brands like Microsoft, Samsung, Apple, Coca-Cola, Gucci and Nike have already put their best foot forward in order to create a remarkable customer journey and give their audience an immersive experience in the Metaverse. According to the predictions made by McKinney & Co., the opportunities in the Metaverse will be worth US $5 trillion by 2030, and 95% of business leaders believe that Metaverse will positively impact their industries. Needless to say, the Metaverse is offering countless innovative ways for brands and businesses to reach their customers and build a loyal customer base by providing more personalized experiences.

What does marketing in the Metaverse look like?

Metaverse is a budding replica of the real world. Users interact with each other through their virtual avatars, play games, hangout with friends and kin, attend and organize parties and even weddings and perform every other activity which they do in the real world. This compels brands and businesses to serve their customers in the Metaverse as they cater to their needs in the real world. Metaverse Marketing is an attempt to reach the customers in the Metaverse by using various advertising strategies. The Metaverse provides an interactive environment for brands and businesses to engage with their customers through virtual stores, virtual billboards and even exclusive merchandise that only exist in the Metaverse.

Metaverse Marketing is a golden opportunity for brands to stand out in this space. It enables them to create a world of their own where the customers and other target audiences can shop from or just come for a daily stroll (talk about brand recall!). The brands can also attract customers through various means such as NFTs, games, augmented reality, limited digital collectibles and many other immersive tools. Brands can devise new and innovative strategies to build relationships, promote themselves and their products, increase sales and ultimately boost their revenue.

How can you get started with Metaverse Marketing?

Experts state that the Metaverse is currently in its early stage, due to which it has only been able to garner attention from well-established brands. Smaller brands are yet to understand it and the potential it brings in terms of marketing products and services. But being the next big thing after social media, it is imperative for brands and businesses of all sizes to explore and experiment with this budding, powerful technology.

Let’s have a look at how Metaverse Marketing can be done.

1. Embrace Technology: The Metaverse is a mix of multiple technologies, the core ones being virtual reality (VR) and augmented reality (AR). A brand can make use of these two technologies to introduce its products and services. Not so long ago, Indian jewellery brand Tanishq launched its new collection in a metaverse-based virtual event. People who attended the event got a chance to try on the jewellery, without even touching the actual pieces. This was made possible through the use of augmented reality. Similarly, brands can offer immersive experiences by allowing customers to try their products in the comfort of their homes by using virtual reality and augmented reality.
2. Create Digital Assets & Collectibles: Metaverse enthusiasts have a strong zest for NFTs and digital collectibles and are constantly searching for something unique that helps them stand out in this virtual world. Offering exclusive virtual assets and other digital collectibles can be a great marketing move to earn a name in the Metaverse. These assets and digital collectibles can be incorporated into games and challenges to create a buzz around the brand. Almost every major brand on the Metaverse has blended this strategy into its marketing plans and is currently offering unique NFTs and other exclusive digital assets.
3. Socialize with Communities: The era of social media has proved that communities can be an essential factor when it comes to the promotion and, ultimately, success of any brand. Therefore, before building a community of their own, brands should engage with the ones that have already been on the platform and are familiar with it. Just like social media, campaigns can be planned around creating more user-generated content or by collaborating with significant people who are present on the Metaverse. This will definitely help brands reach a broader audience and build trust among prospective customers.
4. Offer Virtual Version of Products: Users of the Metaverse want their avatars to look and feel as good as they do in the real world; after all, their avatars are what represent them in the Metaverse. People look forward to decorating their avatars with the most stylish clothes, accessories and shoes. This presents an opportunity for the brands to offer virtual versions of their products for these avatars. Nike, for example, sold a pair of sneakers for $ 186,000; the fun part is that they did not even exist in the real world. So trust us when we say that people would go to any extent to decorate their virtual selves.
5. Shift to Immersive Experiences: Metaverse is all about providing immersive experiences that help in making brands more memorable. A brand can start by taking its advertising initiatives to a new level by making them as innovative and immersive as possible. Instead of placing a simple ad in the Metaverse, brands can experiment with placing interactive 3D billboards on virtual streets. The Metaverse also offers an ample number of event sponsorship opportunities that brands can utilize to provide captivating experiences.

It goes without saying that Metaverse Marketing is an excellent opportunity for brands and businesses of all sizes. The Metaverse being a new phenomenon, offer plenty of room for experimentation. The brands can start slow by devising basic strategies and then work their way up by experimenting with these marketing strategies. All they have to do is to be as creative as possible in their approaches.