The marketing landscape is ever-changing, and the rapid advances in technology are only accelerating these shifts. The evolution of tech is impacting nearly every industry, and as a result, is providing opportunities for brands to adapt their strategies to appeal to these new consumers in new spaces.
The accelerated adoption of augmented reality and virtual reality are two such tech innovations being used by brands to reach and engage with their target audiences like never before. With the metaverse becoming more accessible and mainstream, marketers are looking at ways to leverage the power of these virtual worlds.
Although its definition is still open for debate, the metaverse is generally defined as a shared online world combining augmented reality, virtual reality, and 3D graphics. These worlds are intended to be highly socially interactive, allowing user-generated content, immersive experiences, and integration with physical services. Users can enter the world with virtual identities and are able to have a sense of ownership over certain world attributes, such as clothing or land. The metaverse is still very much in its infancy stages, but we are already seeing the potential for brands to revolutionize the way they sell and market products and services.
Companies and marketing agencies are using the metaverse as a new strategic tool to connect with their target audiences while creating a more engaging brand experience.
Here are just some of the benefits and results brands can expect when marketing in the metaverse:
- Increased audience engagement: Simply by creating virtual worlds, companies see increased levels of engagement with their target audiences, as customers are able to interact with brands in a unique way. This level of brand access and connection can lead to higher customer satisfaction and brand loyalty.
- Increased reach: The metaverse is an online world, which allows organizations to reach a global audience (eg. Barbados’ Virtual Embassy). These virtual worlds may reach consumers in locations without a physical presence, helping them increase awareness, test out new markets, and extend and grow their services.
- A cost-effective strategy: Marketing in the metaverse can be more cost-effective than some traditional marketing methods. For instance, brands can build evergreen approaches, integrate comprehensive financial models, use automation to reduce maintenance, and more.
- Increased personalization: The Metaverse allows companies to customize their virtual worlds and tailor them to the needs of their target audiences. Furthermore, the vanguard perception of the metaverse gives brands the opportunity to push the frontiers of their image and explore forward-thinking creative expressions beyond the “business as usual.” They can also cater to the ever-growing surge of Gen Z and Millennials’ desire for distinctive experiences. Personalizing brand experiences often leads to engaged audiences and a more positive customer experience.
For brands looking to explore the metaverse as a marketing tactic, there are several considerations that should be kept in mind.
- Understand your audience first. It is important to conduct the necessary research about your intended audience to better understand how they are currently using digital tools and what their expectations are for the metaverse.
- Think about the customer experience. The metaverse is an inherently engaging platform, and brands that seek to make an impact must provide consumers with an experience they want to spend time in. This can look like a fashion brand putting on a virtual fashion show or a travel destination immersing audiences in their cities and cultures before booking a flight. Use these worlds to take your extended target audiences to destinations and events where budgets may be limited within the physical world.
- Learn from the competition. With new technology, there will be more and more brands entering the space. Assess their strategies, see what works, and learn from early adopters’ mistakes to minimize risk before committing to the metaverse for your own brand.
- Develop a comprehensive strategy. Understand where the metaverse fits within the larger scope of your marketing strategy. Strategies that work holistically will create the biggest impact. Understand your objectives in the metaverse and make sure you can measure your success.
- Use the metaverse to your advantage in the development stages. Products and services can be bought and sold in virtual worlds as well, which can help encourage purchases in the physical world. Within these worlds, brands can beta-test products and encourage focus group participation through voting or purchase power to determine the next release. This provides consumers with a voice, ensures the products respond to current consumer needs, and provides brands with valuable insights.
- Be patient and test the waters. We are still in the learning phase. As brands test the limits and uncover the marketing potential of the metaverse, those who stay nimble and adjust their strategies over time along with audience needs and technological advances will make a lasting impact.
We’re just beginning to scratch the surface of the potential the metaverse holds for all industries and consumers, but brands should not wait to discover the opportunities it holds. By taking the time to learn about the metaverse, understand the audience’s expectations, and explore effective strategies, brands can begin to harness the power that exists within the metaverse and take their brand marketing to a new level.
Reach out to Orchid if you would like to understand how your brand can best leverage and incorporate the metaverse into your marketing strategy.
