With increasing awareness and interest in the metaverse, and several big companies turning to build their version of the metaverse, the use of metaverse as a solid marketing tool is beginning to become a more mainstream method of marketing.
The metaverse includes immersive environments with virtual and augmented reality. It is always-on and exists parallelly in real-time with the real world. The metaverse extends into the physical world and is powered by decentralization with digital assets and NFTs. The metaverse gives users the access to exist virtually, with the liberty to create their own online personas.
Marketing in the Metaverse
With digital marketing being a vital tool to all marketers, the newest trend is marketing with metaverse. With more and more Millennials and Gen-Zers being active users of the metaverse, it becomes an essential tool for the next generation of marketing.
Real and virtual world marketing can go hand in hand, with cheaper or more immersive events in the virtual sphere. With virtual advertising and virtual billboards, audiences are greater and the experience is more personalized. Installations and events can be conducted with personalization and try-ons that would not be possible in the real world. Visits to the Gucci Garden or a Lil Nas X concert on Roblox have already been done successfully, showcasing how metaverse is an essential tool for outreach. Brands have realized that this revenue stream is a flourishing one.
Collectibles are a good avenue to include in metaverse marketing. The Gucci Garden experience offers The Collector’s Room where people can collect limited edition items in the metaverse. This is sold with virtual currency as digital assets. Creating the sense of luxury and exclusivity allows users to experience in the virtual world what they aren’t able to in the real world.
Partnerships and Experimentation
Partnerships with existing gaming platforms and metaverse spaces is a good way to explore marketing in metaverse. Since metaverse is a relatively new sphere for marketing, there is room for experimentation and exploration, with no existing frameworks or guides in place.
Levels of innovation and consumer uptake will undoubtedly increase regardless of how the metaverse develops. Brands will clearly have incentives to continue trying and learning given how quickly platforms are growing and new use cases are emerging. Additionally, it will be crucial for marketers to find the expertise they need to stay up with the quick-moving innovations in fields like social commerce, customer journey analytics, and augmented and virtual reality. The metaverse offers enormous future potential.