Metaverse Marketing: How Brands Can Capitalize on This Emerging Platform

A sound marketing strategy will ensure that the organization is connected to and keeps pace with its target audience. In the era of digital transformations, the adoption of metaverse marketing strategies can offer companies a competitive advantage and global thrust.

The web 3 era has dawned and as in its impact, the adoption of metaverse technology is promising. Gartner estimates that by 2026, 25% of people will be visiting various metaverse worlds and will spend a minimum of one hour daily in the metaverse for education or shopping, or work.

The metaverse adoption is promising and Gartner advises product managers to take heed of it and invest time to know more about the metaverse to stay competitive and plan their metaverse strategy. 

Read on to know more about what is metaverse and how brands can harness it as a marketing channel to expand and scale their operations. 

Key Characteristics of the Metaverse

The metaverse is simply put a digitally simulated 3D-created space that blends the physical and virtual worlds. The most beneficial feature of the metaverse is that it offers highly immersive experiences and interactivity.

Its other features include:

• Metaverse is infinite
• Virtually exists in real-time 
• Blends the physical and digital worlds
• Users access the metaverse as avatars
• Has a robust and dynamic economy based on digital currency, NFTs, or cryptocurrency.
• Creator-led economy 
• Offers interoperability
• Decentralized and open platforms

Why should Brands Consider Metaverse Marketing?

Metaverse trends will be one of the dominating technology trends in 2023 as per a report by Forbes and the year will define its charter for the next decade.

The metaverse is instilling new social and economic systems where users can immerse themselves in a variety of contexts and virtual worlds. It offers continuous access and interoperability allowing users to traverse different virtual worlds seamlessly.

Accenture highlights that the metaverse revenues will touch $1 trillion as corporates expect that 4.2% of their revenues will be generated in the metaverse.

The financial implications are too huge to be ignored. Moreover, the metaverse offers brilliant marketing consumer engagement.

Take the example of the gaming platform Roblox. It has become one of the loudest success stories of the metaverse.

The platform registered an active user base of 56 mn per day by the end of 2022.  It registered a 16% year-on-year growth when it generated a revenue of $2.2 billion in 2022. Link .

The 3D exploratory features offered by the metaverse enable brands to build their own virtual worlds to offer immersive and consumer-driven experiences. Consumers can visit these worlds as avatars and shop, meet, work, and learn in the metaverse. Metaverse marketing offers companies’ unique ways to expand their consumer base, build on consumer confidence, and influence purchases through newer revenue streams.

Tips for Effective Metaverse Marketing

Outline Your Marketing Goals

Before brands deliberate upon how to access metaverse, it will be good to assess the reasons for entering the metaverse. What is the core objective that you want to achieve? Is your target audience available in the metaverse?

Do you wish to connect with them or do you seek newer audiences? Is your product or service metaverse ready? Are you seeking a new business source or do you seek to spread awareness and enhance brand loyalty?

As of now, virtual sales are still limited as compared to physical ones but the scope is increasing day by day. Also as Roblox proved that the metaverse would appeal to the current generation. The marketing objective should be formulated keeping these goals and demographics in mind. 

Offer Immersive and Unique Experiences

Metaverse marketing strategies will require much foresight and analysis to ensure the right mix. Since brands can build virtual worlds for any product or service, it is essential to get all the dynamics right.

The nuts and bolts of the entire experience should be aligned with the brand objective and target audience preferences. The uniqueness of the campaign will lie in the immersive, and engaging brand content. 

Choose the Right Platform

Choose the platform that is the right fit for your brand and can reach the desired target audience. It is extremely crucial to the success of your metaverse marketing campaign. 

 For example, Gucci launched its virtual world Gucci Garden on Roblox in 2020 and captivated a crowd of 19.9 mn visitors within two weeks.  Link. The objective was to bond with Gen-Z, during its centenary year and tell them its story, and expand its virtual clothing line.

With experts agreeing that the value of the metaverse would be better appreciated by Gen –Z, their value as consumers is enormous. 

Consider New Engagement Metrics

The metaverse will require a new set of metrics to determine the success of a marketing campaign and measure the ROI on spending. Digital marketing would typically consider the engagement levels through the number of likes, shares, and comments on a post and assess the cost of customer acquisition.

The metaverse economy is run on digital currency, NFTs, and other digital collectibles. Availability or scarcity of NFTs and other digital collectibles of collectibles through assets or limited edition items can help drive engagement models. 

Holistic Marketing Campaign

Metaverse Marketing should augment other marketing strategies and not be the sole focus for brands. Marketing managers should also consider SEO best practices for optimum organic positioning. A holistic campaign plan will be more effective and reinforce the brand message and inspire loyalty.

Wrapping Up 

The metaverse is slowly but steadily making inroads into all sectors. Metaverse marketing strategies are evolving along with technology adoption. The tips outlined above should be good to start with.

Brands should invest in outlining the objectives, identifying and connecting with the target audience on the right platform, experimenting and innovating, and working on a holistic marketing plan. 

If you are keen on adopting the right metaverse marketing strategy that can spearhead your growth in the right direction, connect with Edverse. Edverse is a pioneering and exceptional metaverse development company offering consultation, strategy, and development solutions tailor-made to your requirements.