Metaverse Marketing: What You Need To Know?

Technology is growing at a rapid pace, we can see advanced innovations that were unimaginable. One of those innovations is Metaverse, the virtual environment technology that offers a unique experience. 

Science fiction movies like Belle, Interstellar, The Matrix and Ready Player One already represented similar technologies. What used to be fiction is now a reality and is taking over the internet.  In fact, the entertainment industry, particularly in the realm of films, has been significantly impacted by these immersive technologies.

The Singapore film industry has also embraced innovative technologies, such as virtual production, to offer audiences a fresh and engaging cinematic journey.

We have already seen the massive implementation of augmented reality and virtual reality. According to the stats, around 90 million users will have had at least one month of experience with these technologies in 2022. Although the Metaverse doesn't fit the picture that fiction movies created, it is an important platform that produces value. 

However, the media highlights the importance of this modern innovation. Cathy Hackl is a tech futurist and metaverse strategist who started a column for Forbes. She stated that there is a dedicated investment fund for this platform. Therefore, we can conclude that the Metaverse will become significant in the near future. 

As we have seen before, modern innovations quickly find their way into various aspects. How will the Metaverse affect digital marketing, PR, and social media? In this post, we share everything that marketers need to know!

Basics of Metaverse

The metaverse topic is highly popular among consumers as well. With 677,000 search results on google for this keyword, it seems like people's interest in this topic is growing. On Instagram, the hashtag for Metaverse has over 60,000 posts. Twitter doesn't stay behind, with over 500 posts per hour on the topic. 

Metaverse is defined as an online platform that provides interaction between users. The word is derived from meta meaning "beyond" and verse meaning "universe". The virtual space uses virtual words, the internet, and augmented reality to deliver the ultimate experience for its users. 

What does this mean for the users? The online space allows them to have a realistic 3D experience with their favourite activities. Some will enjoy interactive gaming sessions, while others will prefer to go virtual shopping in their favourite store. Experiencing new things from the comfort of your own home will be easy. People can attend online trips and concerts using this technology. Also, users can trade NFTs.

Metaverse marketing

Digital marketing is a dynamic sector, influenced by the new technology changes. Therefore, marketers need to be flexible and adapt their strategy according to the updates. What should digital marketers do? Firstly, they should understand the platform and its possibilities. It is important to note that this isn't one of those trends that come and go. Metaverse is here to stay forever, changing how businesses communicate with their target audience. 

Integration with real-life marketing

Marketers are aware that Gen Z and millennials are valuable target audiences. These consumers rely on technology and already use some forms of Metaverse, such as virtual reality. 

Marketers should create unique experiences similar to those they provide in the real world. For example, Stella Artois is a top-rated product at sporting events. Making an online trading place related to horse racing would seem like an excellent starting point. 

Virtual advertising

The Metaverse offers endless opportunities for advertisement. One of them is displaying ads on virtual billboards that grab users' attention. Bidstack is a business that works with video game ads, a clear example of Metaverse implementation. They switched from physical billboards to virtual ones to keep up with the changing consumer needs.

While the billboards are a clear example of Metaverse implementation, marketers shouldn't limit their options. Moreover, they should take advantage of this technology's interactive and highly engaging nature.

These benefits allow an immersive experience for users, so events and branded installations would work perfectly. Instead of the plain and straightforward ads, these options should provide interactive activities.

Many brands have already implemented the Roblox or other metaverses to provide a unique experience for their customers. Lil Nas X had a concert in Roblox, one of the early movers. The virtual Gucci Garden visits provided a realistic experience with interactive options. Brands have recognized the possibilities for profiting using the Metaverse, so they started implementing this technology in their marketing efforts.

Collectibles

Marketers know that people like to collect unique things. Therefore, the Metaverse would allow them to collect limited edition assets only available through the virtual space. The pandemic boosted this online trend, urging users to purchase alternative assets. However, the users have more options than just buying. They can showcase their grand collection to others and express their interests. 

An excellent example of this is Gucci and its limited virtual collection. The Gucci Garden experience provided by Roblox had a unique feature called the Collector's room, allowing users to purchase limited edition items in the virtual space. The brand earned a stunning 286,000,000 Robux with this feature. 

With this being said, it is clear why Roblox motivates its partners to provide merchandise and assets in the virtual space. The brand partnership director stated that this practice is an excellent way for companies to promote their products.

In addition, businesses can feature their collections on the market and test new ideas before launching. The online universe provides plenty of opportunities to experiment with product development and user engagement. 

New approach to advertising

Brands are aware that advertising might look too pushy and annoying to people. When companies try to take place in the Metaverse, they should do their best to gain a positive perception. This means abandoning the old marketing tactics and adopting new ones that fit the modern approach.

Marketers should think of this as organizing influencer campaigns. The strategy highlights user-generated content and the influence of essential community members. 

Markets should mind the new format when entering the virtual online space. For Roblox, it works the best when brands partner with the developer communities to create engaging experiences. Similarly, O2 partnered with experts on the Fortnite platform to create a concert. 

Interaction

The Metaverse provides endless opportunities for experimenting. Some companies introduced pop-up events and branded installations as part of their strategy. The option for interaction is the thing that provides an immense experience. The customers will stay loyal to a brand that promises interactive options.

Since social media offers a passive experience, users will appreciate the engagement opportunities provided by the Metaverse. Building a loyal customer base means that brands should serve engaging content and provide users with an interactive online space.

Metaverse SEO

Marketers take search engines as an excellent opportunity for organic growth. Businesses should adopt a similar approach to metaverse implementation, where brands should participate in discussions. This means that you should use the keyword metaverse strategically to attract the target audience.

Google implemented augmented reality and virtual reality technologies for a convenient user experience. The local businesses and restaurants can provide a 3D overview of the services and products. 

Visual search will gain immense importance as Google improves this feature for the Metaverse. The digital marketing strategies will be prone to changes since the algorithms will work similarly to the classical link building.

We will see more integration of social media and the Metaverse in the near future. Although the virtual space provides entertainment opportunities, the business will recognize the popularity and use technology to grow. The most popular networks, Snap and Facebook, have already been involved in the trend.

The future

Many businesses invest in virtual spaces, which clearly indicates that this is the next global trend. Mark Zuckerberg sees Facebook as part of the metaverse community in the future. He is investing in sophisticated technologies such as VR and AR, with a focus on building a social metaverse. 

Zuckerberg introduced Oculus, an interactive platform that allows employees to work together and communicate. Released in August 2021, this tool was meant to provide real interaction as if they were in the office. Since many businesses implemented the work from home approach as a response to the pandemic, this was the perfect timing for launching the platform. 

Many companies are finding ways to adopt the new technology to their process. Silicon Valley sees virtual space as the internet's next generation. Also, many video games have already implemented the metaverse elements. However, not all aspects relate to entertainment. HTC is creating VR technology that caters to businesses. 

On top of that, many people are now buying real estate virtually on Earth 2. This fact is enough to convince you that this new technology is in its initial phases but is meant to stay. 

Conclusion

Every marketer should be aware that Metaverse is here to stay. What we witness are the initial beginnings of modern technology that will change the world. Brands will experiment and find new ways to engage their audience and stimulate interactions, building a loyal network of consumers.

The audience is ready to accept the changes and explore new possibilities in the online world. Therefore, businesses should soon develop their metaverse marketing strategies and create a new vision for their future.

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