The Metaverse is expanding the capabilities of virtual environments, providing businesses with novel ways to connect with customers.
Companies like Microsoft, Apple, Nike, and Coca-Cola are just a few of the many that have adopted metaverses to communicate with their customers online. By 2024, the metaverse market, according to Bloomberg’s estimates, will be worth nearly $800 billion.
As the Metaverse develops, businesses must learn how to interact with customers.
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Understanding the Metaverse
Since the concept of the Metaverse is still developing, there has yet to be an agreed-upon definition. Virtually represented users can interact with one another and shop for goods in a fully realized virtual environment.
Expert on the Metaverse, Matthew Ball identifies the following as typical features:
- The existence of the Metaverse is infinite.
- Exists consistently in real-time
- It gives people a physical presence and control over their lives in a digital world.
- It provides a fully functional space where users can create, own, invest, and trade.
- Embraces both the real and the virtual.
- Allows platforms to share information, products, and content.
- Facilitates the development of user-generated content and experiences.
Why Should You Market in the Metaverse?
Consumer habits have shifted in this digital age. Due to the coronavirus pandemic, more people are doing things like shopping, working, playing, and learning online. A “phygital” (physical and digital) answer is promised in the Metaverse. It hopes to alter our perception of the world by erasing distinctions between real and simulated environments.
This could allow businesses to expand their customer base, boost consumer confidence, and test a new revenue stream. For example, in the second quarter of 2020 alone, Roblox’s 200 million monthly active users spent $319 million on virtual goods. Interestingly, 67% of the online gaming platform’s users are under 16.
We can’t overstate the importance of Gen Z as shoppers now that they’ve taken over the virtual world. Experts estimate that by 2030, their purchasing power in the United States will have surpassed that of millennials and baby boomers by $143 billion.
To sum up, there are countless commercial possibilities in the Metaverse. Famous companies have experimented with it; you should, too. Here are some of the most effective ways to advertise a business in the Metaverse.
Top Metaverse Store Promotion Ideas
1. Keep Up with the Metaverse
You should prepare for any eventualities if you use the Metaverse for promotional purposes. Let’s round out your vocabulary with two new terms: centralized and decentralized systems.
Take, as an illustration, the case of your participation in a social media service such as Facebook or YouTube. A centralized system is one in which all data is managed by one organization.
For instance, if you want to send a friend a post, Facebook will verify the information and then send it to your friend.
That’s why platforms like Facebook have all the power in a globalized world.
What About a Decentralized World?
Once Bitcoin was released in 2009, the concept of a decentralized global economy entered our lives.
Blockchain technology means that sending bitcoin to a friend doesn’t require the same steps as it would in a centralized system.
A blockchain is a distributed, immutable ledger that can keep track of financial transactions and assets in a business network.
Thus, we have only scratched the surface of metaverse jargon. If you want your metaverse marketing strategies to be successful, staying abreast of all the latest updates and news in the Metaverse is essential.
2. Incorporate Gaming into Your Strategy
The Metaverse is a virtual reality game at its core. The thrill that video games provide is unparalleled and can be infused into your metaverse advertising campaign.
Making metaverse-based minigames is a great way to attract users and increase brand awareness. You can use a series of metaverse games if you’re trying to get people interested in your brand, whether it’s a clothing line, sports team, or something else.
Examples could be anything from football, fashion shows, cooking competitions, and beyond. It’s like a minigame within the main game.
Points, gaming cards, or other brand assets can be used as incentives to keep users engaged and coming back for more.
3. Immerse The Brand Within The Metaverse
In the Metaverse, advertisers can interact with their target demographic in a natural setting and subtly promote their products. That way, they can keep playing uninterrupted and are more likely to have a favourable impression of the company. If brands want to reach consumers in the Metaverse, in-game advertising is the way. In-game and Metaverse billboards feature advertisements for popular brands like Samsung, Coca-Cola, and Volkswagen. It’s a nice touch that makes the game feel even more realistic.
The brands, their products, and their target audiences all play a role in determining the best metaverse marketing approach. Brands need to do their homework on the people they hope to reach and the goods they think they’ll like to develop a successful marketing strategy in the Metaverse by utilizing in-metaverse assets. Gamers can be classified as “casual,” “average,” or “hardcore”, depending on how seriously they take the game.
Once a specific demographic has been identified, marketers can formulate a plan for deciding which gaming platform to prioritize. Currently, there are four main gaming platforms: mobile, PC, console, and online streaming. The right platform can exponentially grow brand awareness and attract new customers. For instance, brands should focus on mobile gamers if their intended audience is casual gamers. In contrast, brands aiming for mediocre and hardcore gamers should target players playing games on PC and console. Metaverse billboards are just one form of advertising; other mediums like video, music, and banner ads are also available.
4. Building a Tokenized Market for Your Content
Focus on tokenizing your community rather than spending money on clicks and ads. Tokenization refers to utilizing digital tokens to connect producers and consumers. For instance, you can make NFTs to give away, offer as bounties, or sell to your audience in your metaverse space.
The most important thing to remember is that your NFTs should accurately depict your project and be useful to your intended audience. By doing so, not only can you reach a massive audience, but you can also build a trustworthy and credible tokenized community.
5. Make Collectibles Available
Non-fungible Tokens are digital collectables issued using blockchain technology (NFTs). The distribution and exchange of these digital collectables are made possible because each item is unique, and only a certain number will ever be produced. You can sell digital collectables that can’t be duplicated but can be traded from owner to owner, like video clips, digital artwork, and digital trading cards bearing your brand.
6. Parallel Metaverse Marketing Within Real-Life Marketing
Rather than replacing traditional advertising methods, the Metaverse presents a new channel for reaching consumers. Massive marketing success can be achieved by developing metaverse marketing campaigns that include or mirror the real-world activities of the brand in question.
Also Read: Top Web3 & Metaverse Social Media Apps
7. AR Content Strategies, Local SEO, and More
The advent of metaverse technologies like Virtual Reality (VR) and Augmented Reality (AR) has many major tech companies searching for ways to cash in. Augmented reality (AR) strategies may be viable for boosting your brand’s visibility in online search results. For instance, Google’s AR and VR can superimpose 3D digital objects onto the real world.
8. Virtual Influencers
When it comes to the evolution of the Metaverse, the tech sector is way out in front. It makes sense that tech companies would use virtual influencers to capture the essence of cutting-edge products. Samsung is one of the pioneering companies to use this method.
To promote the new Samsung Galaxy Z Flip and the Samsung Galaxy Series, Samsung collaborated with virtual influencers Shudu and Miquela for social media marketing campaigns. Considering that Shudu is the world’s first digital supermodel, Samsung’s partnership makes perfect sense, as the Galaxy Z Flip is one of the first touchscreen flip phones on the market.
9. Virtual Billboards
Some promotional methods are effective in both online and offline settings. Putting up billboards in highly trafficked areas is a common form of advertising in the real world. This tactic is also used in the Metaverse, especially at live events and in other locations frequented by avatars.
British clothing company Boohoo used this method. Two large billboards featuring the Boohoo logo were placed at the event’s entrance during Paris Hilton’s Roblox-hosted virtual fashion week. Every person who went to New York for fashion week saw Boohoo’s billboards. Paris Hilton thinks billboards should be allowed in the Metaverse because they are a regular part of our real-world experience.
Also Read: Metaverse Users Worldwide
10. Virtual Events in the Metaverse
In early 2019, Marshmello performed a concert in Fortnite, and over 10 million people tuned in to watch it live. This demonstrates the potential for organizing events in a digital setting. Spreading the word and raising your project’s profile can be accomplished through metaverse-based keynotes, Ask Me Anything (AMA) sessions, interviews, debates, discussions, etc.
If you involve a well-known person or influencer, your exposure will skyrocket. Online events are a wonderful method of attracting a large audience to your project.
Future of Marketing in the Metaverse
McKinsey suggests the Metaverse may have far-reaching effects on businesses and individuals alike. Over $120 billion was spent on the Metaverse in 2022, and experts predict it will generate $5 trillion by 2030.
Fortnite, Minecraft, Illuvium, and Axie Infinity are just a few games that incorporate metaverse elements and give players a truly immersive experience. Brands like Nike, Samsung, and Coca-Cola actively engage customers in the Metaverse. It’s safe to say that digital marketing has eclipsed traditional methods, and with the advent of the Metaverse, this trend is only expected to accelerate.
