You can perceive the metaverse as a virtual world that exists in parallel to our own real world. It comprises multiple online areas where people can trade, shop, and engage with each other, and it serves as a kind of super-real alternative world. The metaverse is supported by many different technologies including augmented reality, virtual reality, 3D avatars, and video AI.
It won’t be complete for several years yet, but it is already partially in place. In the coming years, you can expect to see more and more emphasis placed on it. Given its ever-increasing popularity, it makes sense for businesses of all sorts to market there, to reach the rising numbers of individuals spending time there. Many companies are already increasing their presence in the metaverse, in an effort to reach new audiences and to gain a new source of revenue.
Generation Z’s people are the most prevalent generation of customers in the metaverse, having total spending power of $143 billion. By the year 2030, it is expected that their buying power will exceed that of Millenials and Baby Boomers. That makes Gen Z a major target of advertisers, and it influences the marketing strategy of many companies. Here are some of the most dominant marketing strategies for the metaverse.
Establish a Native Presence on the Platform
It’s important that you insert yourself in a native fashion on the platform. This can help you engage with users without interrupting their gaming and playing experience. By creating in-game advertising segments, you can prove that you have consideration for your target audience and that you’re trying to avoid significant disruptions.
At the same time, you need to know what kinds of things motivate your audience. If you can categorize them as casual gamers, mid-level, or hardcore gamers, it will impact your in-game advertising campaign. Of course, you’ll need to choose the right video gaming platform to market on, because it’ll be important to focus on mobile platforms, PCs, or streaming events. Typically, mobile gamers get targeted as casual gamers, while mid-level gamers tend to prefer PC and console games. Game apps generally include music and video, so you’ll have to choose a format that is ideal for your product.
If you do your metaverse marketing correctly, you can count on receiving increased views and engagement, an enhanced user experience, and better control of your campaign.
Real-life Marketing in the Virtual World
You don’t have to do everything differently when transitioning into metaverse marketing. A good place to begin is to offer the same things in the parallel world that you do in real life. This will provide an authentic way for users to recognize and be aware of your brand. Introducing your real-life marketing into the metaverse can definitely increase customer engagement.
A successful introduction of real-life marketing can reduce your supply chain cost, lower the risk to your company, and it can bring about increased recognition and brand engagement. It can also provide a more immersive user experience for your target audience.
Selling Goods to “Avatars”
In the metaverse, avatars represent people, and online identities are very important in this environment. A study showed that 92% of all people considered customizing their avatars. This is one of the more enjoyable and important experiences in the metaverse. The reason this is so is that people in the 3D environment have great enjoyment for self-expression like they do in the real world. This being the case, the direct-to-avatar (D2A) economy is quickly emerging as a real force in e-commerce.
It permits companies to retail their virtual products to many of those avatars. Fashion brands are some of the first companies to take advantage of this tremendous opportunity. To penetrate the market, you need to collaborate with platform creators so that you can customize your advertising to fit in with the typical gaming experience. You can also use 3D platforms and augmented reality to create digital and wearable garments.
Augmented reality is set to impact shopping experiences tremendously, because it can help users visualize how they will look in certain clothing, right in real-time. An augmented reality report has shown that 61% of all users prefer to patronize stores that offer augmented reality as a feature. Benefits of using D2A include making use of a faster supply chain, long-term loyalty, and a very unique shopping experience that users can enjoy.
Establish your Virtual Venue
Just because you’re going digital, it should not prevent you from opening up your own shop. You can establish a presence in the metaverse by opening up a museum, an island, or your own 3D store. The idea is to start to build emotional connections with your target audience. You can provide tours, virtual try-ons, and some interactive 3D exhibits of your products.
In order to create your own virtual venue, you’ll need to collaborate with designers skilled in augmented reality and virtual reality. You need to determine the quantity and size of your 3D venue, how to make it interactive so that you’ll have increased engagement. Then, you’ll need to launch it on your chosen social media channel.
When you establish your own online venue, you will have increased your audience reach, you’ll gain more engagement and brand exposure. Also, you’ll provide an immersive customer experience for your target audience.
Create Immersive Experiences
Studies have shown that brands focusing on providing immersive experiences for their customers achieve 25% more brand loyalty than companies that do not. Immersive experiences remove audiences from their comfort zone, and they tend to create long-lasting loyalty. Some ways that you can create these kinds of immersive experiences include providing live concerts or theater performances, arranging huge interactive live events like job fairs, and creating advertising in the form of a game.
All these will generate a lot more interest in your brand, and you’ll have audiences discussing your products. Some of the great things about providing an immersive experience for your customers are that you’ll enjoy improved loyalty and referrals from customers. It produces long-term results, and it’s suitable for all types of businesses. Best of all, it will expand your reach and allow for much greater engagement between your brand and your audience.