Firstly, what is the metaverse?
The metaverse is seen as a parallel to the physical world and is an immersive, 3D digital world where people are able to interact on multiple different levels with each other. It’s said that humans are able to experience life differently than in the physical world. As the metaverse is virtual, it’s continuously developing and active, so its characteristics are always changing. The gaming world has been using the term metaverse for a while, but in reality, the metaverse is much more complicated and expansive than a video game. It’s essentially a 3D version of the internet that will develop into a world where everything will be possible, from buying land to getting married through digital avatars.
What Is Marketing?
Put simply, marketing is the process of exploring and researching what you need to do to get your target audience interested in your product or service and then implementing these strategies through high-quality messaging. The main purpose is to analyse your consumer’s actions and engage a wider audience with your brand. Once you’ve found out how your audience prefers to communicate with your business, for example, via email marketing or through a social media channel, you can optimise your content for this platform. Your marketing can be executed in-house, or you can employ the help of a marketing agency for your needs.
What Are The Differences Between Metaverse Marketing And Traditional Marketing?
Traditional marketing engages its audience on platforms where other businesses will also be advertising their products. However, in the metaverse, brands will be able to create their own immersive world for their brand. It decentralises marketing, and instead of brands using a platform owned by another company, they can create a whole world. This can be more beneficial for marketing as it means you’re able to see the product’s life-size, so for companies such as IKEA, their consumers are able to see the products without visiting the store.
What Are The Key Characteristics Of Metaverse Marketing?
Virtual influencers are an adaptation of the traditional marketing technique of using influencers to create User Generated Content to promote their product authentically. In-person influencers are generally quite expensive, and brands are unable to own the content unless a pre-arranged contract is in place. Puma has used a virtual influencer for their campaigns in South Asia. This virtual reality technology can also be used to create avatars based on real people. An example of this would be digital replicas of Naomi Campbell and Kendall Jenner.
Virtual Real Estate
Prolific entertainment companies are buying real estate in the metaverse and using it to create virtual venues. One example of this is Warner Music Group is partnering to create the first music-themed world in a gaming metaverse. This will also feature concerts from WMG artists!
Examples of virtual events have been popular in the media already. Travis Scott’s Fortnite concert was attended by 2.3 million people, and 33 million people watched the Lil Nas X concert on Roblox. These were all attended by larger audiences than the artist’s in-person concerts. No venues allow for this size of audience, so the metaverse is providing a platform for people to attend concerts from their own homes.
The metaverse is a powerful new tool to be used for marketing; forward-thinking brands should incorporate the metaverse into their long-term marketing strategies. Having a strong presence in a virtual world will appeal to a younger audience and ensure your brand stands out as unique. However, if your target audience is slightly older, you will need to adjust your strategy accordingly, as it will be a long while until the metaverse is widely used across all generations. For now, we’ll enjoy watching our virtual concerts online!