When internet and computing technologies first emerged, all interactions were mainly text-based (usernames, messages, email addresses, etc.). Then they became more media-based (livestreams, photos, videos, etc.). The next elevation of user experience and the user interface is 3D. Typically, a 3D version of the Internet and computing is known as the metaverse.
Why should businesses evolve their marketing strategy for a new B2A (business-to-avatar) world?
Avatars exist because customers like having a digital representation of themselves. As a result, they are drawn to customizable content. Therefore, brands have a fantastic opportunity to help customers personalize their avatars through branded content. This type of customizable content has been utilized by brands successfully for several years. Nike and Louis Vuitton are excellent examples of how customers are drawn to personalized products, and this model’s growth is continuing to elevate into the digital age through avatars.
Furthermore, marketers must try to live where the potential audience is spending more time, and when it comes to generation-Z, that includes gaming and virtual worlds. Therefore, for brands and marketers, hyper-realistic avatars are everything. The future avatars will enable businesses to empower customers to make better purchasing decisions by being able to review their avatars trying on products. This transition will essentially be a ‘try before you buy’ business model – ultimately adopting a less ‘forced sales’ approach.
How should brands prepare to market in the metaverse?
To stay ahead of the competition, it’s crucial to know what your potential audience is doing in the metaverse. This means studying the type of experiences other businesses are offering and how they’re interacting with customers. Would something similar work for you?
There are several ways for brands to utilize the metaverse to interact with customers. A few of the easiest ways to start getting involved includes:
- Building virtual offices for employees
- Sponsoring events within the metaverse like music festivals or gaming tournaments
- Creating virtual stores for shopping experiences
- Creating NFTs that represent the brand
Additionally, with the metaverse being the latest evolution in marketing, brands should take an experimental, test and learn approach. Be flexible, nimble, and willing to fail to gain the data you need to succeed.
Top advertising opportunities for brands using metaverse
One excellent place to look is the video gaming industry, where marketers are already exploring different social aspects of virtual realities to enhance brand engagement and build fresh avenues of data collection. Obviously, not all video games fall into the metaverse category; however, some of the most prominent ones showcase core metaverse attributes like multi-player modes, personalized avatars, and the ability to interact with fellow gamers in real-time.
Besides that, opening virtual hubs is becoming a huge business in certain metaverse realms. For instance, platforms like Somnium Space, The Sandbox, Cryptovoxels, and Decentraland are all virtual worlds, offering users opportunities to rent or buy digital real estate with cryptocurrency. As a result, companies, celebrities, art galleries, media agencies, and numerous others are rushing to snap up parcels of land, and some of the numbers involved are mind-boggling. Opportunities can also include creating a storefront for your brand, display, sponsorship, and lead generation.
What these pricey endeavors represent is a strong commitment to an enduring virtual presence. It is evidence that some businesses don’t see the metaverse as some passing craze but as something that’s here to stay and worth investing in. Consequently, while it’s early on, consider ways your brand can become a leader in this new metaverse world.
Rolanda Gregory ©2022
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