It’s a hot debate topic in the tech industry and has the potential to be more divisive than any other recent trend. We are, of course, referring to the metaverse.
Let’s separate what corporations are selling from the idea of the metaverse itself before you start imagining avatars without legs. You might mistake Facebook’s new name, Meta, for “the metaverse,” but it’s just one of many company-driven products that should be viewed as a channel.
To get started on this path, brands should consider “the metaverse” as an expanded environment in which they immerse their customers and encourage them to interact with the brand in novel ways.
The most compelling use cases give customers something they couldn’t get elsewhere. Meta (the company) is one example of a virtual reality platform that currently necessitates a headset to experience. It could be less ethereal and more concrete, like the experiment Triumph Motorcycles is conducting to reach customers who cannot travel to one of its stores. Microsoft, Sitecore, Touchcast, and Annata contributed to the following demo.
I’m Ashok Kumar—playing the role of a CMO with a boss mindset. As a digital marketing strategist, I’m here to provide consistent insights on technology and valuable business advice. Feel free to follow or connect with me on LinkedIn for business advice. Bookmark us; this is the best place for you to learn about Metaverse and Web3.
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Follow the 11 Steps to Start A Metaverse Marketing Business
- Discover the wonders of the Metaverse: Explore the fascinating world of VR, AR, and immersive technologies.
- Market Research: Discover the target audience, analyze competitors, and uncover niche opportunities.
- Describe the services you offer: We provide a range of services, including virtual events, VR advertising, metaverse branding, and immersive content creation.
- Developing Industry Expertise: Stay up-to-date, participate in conferences, and connect with others to establish a strong knowledge base.
- Let’s create a business plan that covers your goals, target market, revenue streams, and financial projections.
- Legal Considerations: It’s important to register your business, make sure you’re following all the necessary rules and regulations, and think about protecting your brand with a trademark.
- Create a Team: Gather a talented team with knowledge in VR, AR, marketing, and design.
- Build Partnerships: Work together with technology providers, platforms, influencers, and industry experts.
- Build an Impressive Online Presence: Craft a polished website, harness the power of social media, and proudly display your work.
- Marketing and Branding: Showcase your agency’s distinctive value proposition using a variety of marketing channels.
- Embrace agility and innovation: Be open to adapting strategies, exploring new technologies, and staying ahead of emerging trends.
What Is Metaverse Marketing?
To reach potential clients, businesses can engage in “metaverse marketing,” which uses virtual worlds. It creates a dynamic setting for interaction between companies and their customers on a whole new level.
The metaverse is a digital space where people can communicate and collaborate in many ways. As a marketing tool, it can forge bonds with consumers and spread the word about brands and products.
Compared to more conventional forms of advertising, metaverse marketing provides a more interactive and immersive experience for the target audience.
Customers can learn more about products and engage with brands in a way impossible in the real world by venturing into the metaverse. Because of this, businesses can develop deeper relationships with their customers and win their loyalty.
Also Read: Top 10 Chinese Chinese Metaverse Companies
Examples Of How Companies Are Using The Metaverse
Although businesses are beginning to enter the metaverse, the gaming industry has been at the forefront of its adoption. Those who dive headfirst into the metaverse will reap the greatest benefits.
In the metaverse, you can build anything. Anything you can imagine can be created. In the words of Griffin LaFleur, Chief Operating Officer, Marketing and Sales at Swing Education,
If you can imagine it, you can create it in the metaverse.
- Gucci is one company that uses the online marketplace aspect of the metaverse. In March of 2021, Gucci debuted the Gucci Virtual 25, a limited edition pair of high-tech sneakers. To take things to the next level, Gucci built a virtual version of the Gucci Garden Archetypes in Florence, Italy, called the Gucci Garden in Roblox. Roblox users can mingle and shop for virtual items at the same time.
- Microsoft’s Mesh for Teams is another company instance using the metaverse. The new meeting method uses augmented and virtual reality to allow remote participants to feel together in the same room. Using holographic 3D images for sharing and visualization, workers worldwide can train together with minimal travel costs. There is a limited-time free preview of Mesh for Teams available now.
- Concerts in Fortnite are another form of immersive entertainment, as are Warner Bros.’ block party games, dance lessons, and scavenger hunts to promote “In the Heights” and Nike’s digital NFT collection of new digital, one-of-a-kind products.
How To Start a Metaverse Marketing Agency?
The time has come to learn how to put your newfound understanding of metaverse marketing and how it can help your business to good use.
Some may find this unnecessary, but if you ask people, “What is the metaverse?” you’ll likely get a wide range of responses.’ It is important to lock in your company’s definition to keep teams on track, prevent scope creep, and improve the design of new experiences.
For the sake of simplicity, we’d say that the term “metaverse” describes any situation in which a user is immersed in a setting that allows them to perform a task they couldn’t before. At the moment, it is a patchwork of unconnected channels that includes branded products like Meta and Decentraland. Your digital experience platform is likely how you distribute these.
Consider Where Your Brand Fits In
Explain how entering the metaverse will help you achieve your branding goals. Consider what it would mean for your brand if consumers saw you as a pioneer in a new market and whether the benefits would outweigh the drawbacks.
Key Questions to Consider:
- What dangers might a company face if it chooses not to enter the metaverse?
- Would it significantly impact your marketing goals if your company engaged customers more in the metaverse?
- If you ventured into the virtual world of the metaverse, how would you add value to the community, and how might that community add value to your product or service?
- How prepared would you say you are to jump into the metaverse?
Find the Gaps in Your Customers’ Needs
If you look at your customer’s journey, there will be several friction points where a rich, immersive experience would be welcome, especially if it doesn’t require any extra hardware.
It provides the customer with something they didn’t know before (education) and lessens any hesitancy they might have had about buying a product.
It’s important to think about whether or not your typical customer would enjoy a foray into the metaverse. According to new data from Sitecore, millennials and members of Generation Z are the demographic most interested in participating in metaverse experiences. The most common applications involve:
- Simulating real-world stores.
- Enhancing remote collaboration.
- Allowing customers to try out products before making a purchase.
Get Active and Have Fun
Create an account on The Sandbox, Cryptovoxels, Decentraland, Somnium Space, Roblox, and Fortnite, among other metaverse platforms. Go in all directions. Do everything you can. Consider improving upon existing brand activations, and consider releasing improved iterations.
More than 200 companies, including Warner Music Group, Adidas, and Atari, already partner with The Sandbox.
Fund it (modestly)
We have faith in the potential of the metaverse and metaverse-inspired experiences to help brands evolve to meet the rising standards of today’s discerning consumers. Virtually every sector could be affected by these experiences, from how large purchases are made to how governments interact with their citizens.
However, the development of these immersive experiences is still in its infancy.
Make modest investments in testing, learning, and optimizing today to help you keep your brand on a strategy without introducing major and unwanted distractions.
Create Interactions, Not Just Transactions
Keep the greater good in mind. People don’t idly wander the web and metaverse. To them, virtual reality is about actively participating in an immersive, entertaining, and two-way experience. Think about using some of these strategies:
- Employ gamification strategies
- Provide rare NFTs that can only be purchased in the metaverse.
- Create engaging environments, like virtual malls, for customers to browse.
- Incorporate real-world product discounts and NFTs into daily challenges.
- Hold online events that cannot be replicated in the physical world.
- Nearly $41 billion was the market cap for NFTs by the end of 2021.
- Seventy percent of online shoppers have made a purchase.
Ways to Use Metaverse for Marketing
Make Collectibles Available: Many people enjoy starting new collections, and the metaverse gives them a unique chance. Users can buy, sell, and trade digital collectibles with one another. To prove ownership of their digital products, Nike uses NFTs, which are created using blockchain technology and are both unique and secure.
Engage with existing communities: By engaging current members in producing user-generated content (such as videos, text, images, and audio), the latter can more easily assist in the campaign’s execution.
Use native advertising: There will be a need for native advertising in the metaverse, such as billboards on a virtual street or product placement, as more people use the platform. Opportunities to advertise through the support of metaverse-based events are also available. Video games like Football Manager feature simulated billboards for brands like Coca-Cola and Samsung. In addition, Nas promoted his new album with in-game audio ads that played during racing games and Fortnite.
Create a specific metaverse platform: Making your customized metaverse environment may be the largest and most costly way to put money into the metaverse. It may take considerable time, research, and money to find the best fit with the target audience and create a game or world specific to a company’s product or service.
Allow customers to try products: Let people try things before they buy them. Businesses now have the opportunity to experience effects in 3D via virtual and augmented reality. Porsche and Hyundai, among others, have created virtual viewing rooms and events where customers can take a virtual tour of their vehicles. Using augmented reality, businesses can show customers how furniture or clothing will look in their actual space, saving them the hassle of traveling to a store. Create dynamic, real-time experiences: Metaverse events are interactive and may be experienced in three dimensions. Remote workers will be able to interact with others in a physical sense in the metaverse. The metaverse has the potential to be more cost-effective and adaptable, making it a great place for people to work together and socialize. This is accomplished by avoiding the 2D restrictions of conventional virtual meetings through 3D visualization and problem-solving.