As an emerging digital space, the Metaverse is expected to revolutionize the way we interact with digital content and each other. It presents a new frontier for marketers to engage with consumers in immersive ways.
Metaverse marketing can take many forms – virtual experiences, immersive advertising, and partnering with Metaverse platforms and communities to reach audiences. There are several early adapters: Nike launched a virtual sneaker collection where they can be worn by avatars. Gucci launched ‘The Gucci Virtual 25’ sneakers and customers can make purchases using Robux, the platform’s virtual currency.
Coca-Cola created a virtual vending machine that dispenses virtual Coke bottles, which users can exchange for real-world prizes.
More companies will explore the potential and create innovative marketing campaigns. Planning a marketing strategy for the Metaverse requires an understanding of the unique characteristics of this space.
Start with what types of experiences it can offer. This will help to identify opportunities and create a strategy that resonates. Next, determine who the target audience is – are they gamers, social media users, or tech enthusiasts? This will help to tailor the marketing messages.
Take baby steps to establish a presence within the Metaverse – create a virtual space or avatar that represents your brand. This could be a virtual storefront, a branded item, or a sponsored event. You can also collaborate with existing Metaverse influencers to increase reach.
Then, build content that is engaging and immersive unlike in 2D social media. Just like in the real world, content is king here too. Make it engaging and immersive to showcase your brand personality. Consider using interactive experiences such as games, quizzes, or challenges to keep your audiences engaged.
Use AR, VR and AI to enhance the campaigns, but keep a close eye on the performance of campaigns to modify as needed. One way to increase the RoI is to partner other brands that complement yours, and with similar audiences. This is almost similar to cooperative marketing.
Is it right for your business?
Most marketing managers are unsure of embracing Metaverse in a big way. At the moment it may not be appropriate for all types of businesses. Here’s how you can figure out if Metaverse marketing is right for you:
If your target audience is already active there, you have a good fit.
If your brand’s values- creativity, innovation, and immersive experiences - are aligned with those of the Metaverse, jump in.
If you have the necessary resources to invest in this emerging space (not just money but the expertise and personnel), get in.
If your business objectives are about expanding reach and engagement with new audiences, the Metaverse is for you.
There are some types of companies that may benefit more from embracing it right away: Gaming companies are already familiar with the AR/VR environment, while the entertainment industry can create interactive experiences that promote their content and engage their fans.
Real estate and retail companies that can create virtual storefronts or apartment tour experiences. For example, a clothing retailer could create a virtual dressing room to allow customers to try on clothes and buy with a click.
The tourism industry can create virtual travel experiences that allow customers to explore destinations or properties before making a booking. Tech companies can showcase their offerings in a unique way by making use of tools like WowMeet.