While talks of the metaverse have gripped the world with much anticipation of what it entails, it has not been easy to arrive at a consensual definition to encompass its vastness. Nevertheless, if experts are to be believed, internet searches about the metaverse process have increased by 7,200 per cent since 2021.
These searches have been fueled by big business houses and corporates imbibing the metaverse in business. One such example is Facebook's CEO Mark Zuckerberg renaming his company "Meta" with the promise of "helping to bring alive the metaverse."
Other organizations seem to have followed Zuckerberg's footsteps, with Microsoft acquiring the gaming company Activision to provide the "*building blocks for the metaverse*."
Brands like Nike, Apple, and Coca-Cola have made similar attempts. Analysts at Bloomberg have predicted that metaverse marketing will grow to be worth $800 billion by 2024
The development and reach of the metaverse have reached far and wide into businesses and have yielded both profits and private investments.
An example where the metaverse has yielded long-term investments is Epic Games, best known as the creators of Fortnite. With the talk of partnering with LEGO and creating a metaverse for kids, they were able to generate $3 billion in total as an investment.
Therefore, it is very crucial for the future of your business to know, understand, and comprehend the nuances of the metaverse and make necessary changes in your marketing strategies to tap into its potential.
As the number of stakeholders in the metaverse is constantly increasing, so is the scope of its definition. However, there are some standard features of the various definitions given by many experts.
Following are some of the common elements that define the metaverse:
The metaverse is a 3D interactive and immersive digital experience that allows people to interact with one another on different platforms.
The immersive experience is usually- but not limited- provided by virtual or augmented reality.
It exists in real-time and is "always on."
It is based on the real world, and people can interact and have relations with each other- including the purchase and sale of goods- as they do in the real world.
It is not just limited to the virtual and physical world but exists across multiple platforms.
It is governed by a virtual economy and runs on digital assets like cryptocurrency, non-fungible tokens (NFTs), and other digital goods and assets.
It allows people to have a virtual presence and create a virtual identity, including giving "agency," interacting with fellow users, conducting transactions, creating content, and building and nurturing a world.
The metaverse world is open and can be freely shared as it is decentralized.
As the metaverse is ever-evolving and expanding, it might run parallel to the physical world shortly. Thus, it becomes a haven for marketers, as they can tap into new territories and engage with customers in new and innovative ways that are highly reflective of their capabilities.
Its expansive scope enables the metaverse to change marketing on an unprecedented scale. At Growth Jockey, we help you with its possibilities and try and test the scope of the metaverse for the growth of your business.
Marketing entails the components of product, price, place, and promotion. Thus, marketing in the metaverse opens new areas for advertising, promoting, and selling the products and services of your company.
Experts like Griffin LeFleur categorize the evolution of marketing over the web into three phases. During Web 1.0, marketing was limited to the business website having their contact information.
With the coming of Web 2.0, people had the opportunity to interact with one another, and their search histories became vital in providing a more personalized experience. With Web 3.0 coming into the picture, the experience has become far more immersive.
Businesses always seek opportunities to traverse new terrain to make their brand stand out. One of the most lucrative advantages of metaverse marketing is its reach to Gen Z and the millennials.
At the same time, the metaverse allows brands to construct a world that highlights their features better than any advertisement, video, or poster.
Marketing in the metaverse will allow your organization to build a unique presence with an immersive experience for your customers. It will allow customers to view the product in 3D and see how it looks in their home, something that traditional marketing does not allow.
Marketing and advertising in the metaverse are innovative ways to eliminate competition for your business but only a few brands are familiar with the idea. Due to its decentralized nature, it also gives customers immense freedom to create a world for themselves.
Thus, it becomes imperative for your company to venture into the metaverse. However, it also calls for understanding the space and setting up some rules before diving in.
As metaverse is still experiencing its first round of customer engagement, it is necessary that your business steps with caution. Therefore, it becomes essential to look into the success stories of using the Platform while also knowing about the failures.
While some aspects of marketing in the metaverse resemble the rules governing the physical world, you should pay close attention to their application.
Here is how we, at Growth Jockey, help you strategize before venturing into the metaverse.
Why do you want to be a part of the metaverse? Do you have customers there? Do you wish to spread a positive brand image and incite loyalty? Or provide a new challenge for your marketing team to develop innovative strategies?
Thus, your first step should be to set up your goal for entering the metaverse. However, as you set the business goal, avoid vouching for higher sales through the metaverse. While the sales of virtual goods are increasing, at least at present, they cannot compete with the actual sales numbers.
As the metaverse is still taking shape, only a few platforms are available, of which Decentraland, Minecraft, Roblox, Meta’s Horizon Worlds, and Fortnite are the most famous.
All platforms have different features catering to various demographics. You can try out different platforms to see which matches your business goal.
The metaverse is known to create innovative experiences for its users. Therefore, your business needs to find the right balance between advertising and experiences like interactive games, events, and virtual stores.
One such success story is of the stake boarding retailers Vans. Recently, Vans designed a virtual stake boarding park on Roblox called "Vans World." This virtual platform allows its audience to experience and explore various staking parks, earn coins by playing games and buy virtual products.
Through "Vans World," the brand wants to spread awareness and attract new demographics to its products. They have managed to garner new customers while retaining the loyalty of the existing ones, and have generated a whopping 48 million users so far.
Several brands got the blunt end of interacting with customers online without being prepared for the risks involved. The risk increases manifold when the metaverse is involved, as these interactions happen in real-time and are far more immersive.
Therefore, before entering the metaverse, your business needs to establish specific rules of engagement that cater to a better customer experience, manage intellectual property, protect against misinformation, and ensure user safety.
Each business has a different definition of what constitutes marketing success. While digital marketing relies on the number of clicks, likes, and website traffic to gauge the success ratio of a strategy, automation, like the metaverse, needs some principles to define success.
It is so because the metaverse is a relatively new territory that engages with virtual assets like NFTs and crypto customized with their own set of rules that are unique to the thriving economy.
However, even with those, the metaverse is still emerging and involves a high-risk quotient. It is here to stay, given the number of long-term investments it receives, technological advancements, the more expansive scope of its reach, and real-time engagement with the younger demograpic.
With the metaverse, companies are availing themselves of more business automation, marketing, advertisement, and customer interaction opportunities. However, it is also crucial that the organizations tread the waters carefully and take a complete risk analysis before jumping into innovations.
At Growth Jockey, we are committed to delivering tailored marketing automation solutions that effectively address the critical challenges faced by our clients across various industries. Regardless of the scale of your business, whether you're a small-scale enterprise or a large corporation, you can now harness the benefits of advanced automation technology.
Take a proactive approach to unlock the next level of growth for your brand by reaching out to us today!