A Marketer’s Guide to the Metaverse

Marketing is also changing as a result of technological advancements. The metaverse’s emergence is a relatively new technological development that will significantly impact the human experience as we know it. While there have been significant advancements in digital marketing over the previous few decades, many businesses and marketers have been baffled by the metaverse. How can they make the most of the metaverse, so they don’t get locked in the dark ages?

In this post, I’ll introduce the metaverse. This will include a breakdown of what it means and a look at its current and future states. I’ll then introduce the various ways marketers can expect to use the metaverse in the years to come and how they can get their foot in the door.

What Is the Metaverse?

According to Matthew Ball, a venture capitalist and writer, and subsequently Zuckerburg, the metaverse is “an extensive network of persistent, real-time rendered 3D environments and simulations,” as Ball and later Zuckerburg envisioned.

Simply put, the metaverse is a fictitious version of the internet that allows users to create 3-D virtual worlds on the internet. Personal computers (a contemporary example is an online game called Second Life), virtual reality headsets, and augmented reality headsets are all used to accomplish this.

Second Life for Metaverse

That’s not to say that elements of the metaverse don’t exist currently. Many people believe that games like Roblox and Fortnite will be the foundation for the metaverse’s future. Virtual avatars, which may interact with their virtual environment and other players, are a good example. To personalize their experience, they can also buy products in-game, such as apparel and decorative accessories.

Metaverse and NFT: How Are They Related?

An NFT, or non-fungible token, is anything digital that cannot be replaced as it doesn’t have a tangible value. The most common forms of NFT today are digital art like animations. However, within the metaverse, an NFT can become so much more.

According to Morgan Stanley, the multinational investment bank, NFTs can become a $56 billion market by 2030. How? All because of the demand that the metaverse will bring.

The demand for virtual fashion will surge as the number of virtual avatars grows. The drive to personalize oneself in the digital age is apparent, and fashion is one of the simplest ways to do so. Take a look at the success of virtual games with avatars such as Fortnite and Roblox, which have markets.

How Will the Metaverse Impact Marketing?

If you haven’t considered how the metaverse will impact marketing, then you’re already behind the curve. The metaverse isn’t an “if,” but rather a “when,” which means it’ll happen. The metaverse will influence many aspects of marketing, some of which you may start implementing right away.

Virtual Reality

Virtual reality isn’t new. It’s been around for decades in some form or another. It has, of course, improved dramatically in recent years, and it will continue to do so in the years ahead.

Virtual reality allows you to pull your customers into the fold, from product development to selling existing items or services. They can participate actively at all stages of the process. Who can say no to a free product evaluation?

Furthermore, many buyers will seek them out rather than hiding from such possibilities with internet marketing. Generations Z and Alpha, the ones who are coming of age now and in the next 15 years, will feel more at home in these places than any other generation before them.

Augmented Reality

Instead of taking over your vision, augmented reality adds features to it. Consider the popular mobile game Pokemon Go or “smart glasses.” These devices note what’s happening around you and then add visuals, animations, or statistics to it to make it more interesting.

What role does marketing play in this? Augmented reality elevates the shopping experience by allowing you to try on a pair of glasses or a dress, as well as test-drive a new car. Customers can interact with your items without having to leave their homes in an augmented environment. The metaverse, on the other hand, will boost even in-store encounters.

You may utilize augmented reality in stores to convey in-depth information, display new features and use cases, and so on because it is an overlay on the real-world environment. Consider it to be a marketing encounter that takes place in a different time zone than your normal one.

Branding in The Metaverse

Branding and advertising opportunities will increase as the metaverse expands. Virtual message boards, billboards, merchandising, and even virtual avatars’ apparel is all included.

NFTs will also play a significant role. You can build customized virtual content for your customers by personalizing avatars and areas like “homes” and storefronts. If you’re interested in merchandising, you’ll be able to work in areas where you don’t normally work, such as virtual clothes and digital art.

According to the Chief Metaverse Officer of Futures Intelligence Group, Cathy Hackl, it’s not so easy as going “direct-to-avatar.” That is, breaking onto the scene isn’t so simple as creating a virtual version of your merchandise. This is especially true for brands that don’t sell apparel, art, or other easy to digitize. Brands have done it, though.

Just look at Chipotle and even Gucci.

Virtual Popups

For businesses of all sizes, popup stores are a typical occurrence. A virtual popup allows you the option to share your brand on a broader scale, whether it’s products or services you’re marketing. Allows you to network, advertise, and sell your products and services like an in-person popup.

A virtual popup also helps you reach a bigger audience than a traditional popup, which may limit attendance due to space and travel requirements.

Not only will the virtual location increase attendance, but it will also have a smaller financial impact.

With a decreased need for employee travel and lodgings, and no need to rent out physical space, you can cut costs and perhaps even reduce the end price for users.

Virtual Training or Classes

With so many live streaming and pre-recorded video platforms, virtual training and classes are already a big part of the corporate world. While many virtual pieces of training and courses will likely continue in their current form, the metaverse creates a space for them to expand.

Bringing real-world classes to virtual headsets worldwide, the growth opportunities are endless. Just imagine a virtual reality training course on your product or a use case walkthrough for your services. You can even use it for product demonstrations with potential customers or troubleshooting sessions with your current clientele.

Beyond marketing efforts, you can even use virtual classes for in-house onboarding and training: emergency preparedness, diversity and inclusion, new employee orientation, and more.

Metaverse Events

In this post-COVID world, it’s easy to imagine the continued need for virtual meeting spaces. From family get-togethers to concerts to non-profit galas, the metaverse has no limits on whom you can meet up with and when.

A recent example of such an event was the Lil Nas X concert within the virtual world of Roblox.

Metaverse events will no longer be a tool to use but a need as they become more popular, especially with Generations Z and Alpha. Your marketing efforts will alter as your target audience evolves. In this case, the metaverse will play a significant role.

Rather than waiting till these types of activities become famous, you should get on the bandwagon as soon as possible. Soon, you should think about holding your virtual event, whether it’s in the form of virtual reality or augmented reality. There are even companies that can assist you in putting on such events.

Metaverse in Marketing: Frequently Asked Questions

What is the Metaverse?

The Metaverse is a digital universe where users interact with the computer-generated reality and other users. It’s a digital life that includes virtual reality and personal computing components.

Why should marketers care about the metaverse?

An interactive digital environment in which users engage with the computer-generated world and other users. It’s a digital life encompassing virtual reality, personal computers, and other elements.

How could businesses monetize the metaverse?

Businesses can monetize the metaverse in the same manner that they can monetize their real-world equivalents, from branded digital items to virtual lectures and pop-up events.

What companies are in the metaverse?

While we speak of the metaverse in its future state, some companies contribute to its existence both now and in the future. A few companies currently “in” the metaverse are Facebook (Meta), Niantic, Epic Games, and Apple.

How can my company prepare for the future of marketing in the metaverse?

In its most basic form, the metaverse is a virtual community. The need for connection is a requirement of the community. By establishing that relationship, businesses may prepare for the future of marketing in the metaverse. For the time being, this entails generating AR commercials and building new commerce stores on Instagram Shop and Facebook Shop.

Conclusion: Metaverse for Marketers

As imagined by the likes of Matthew Ball and Mark Zuckerberg, the metaverse is still years away. It’s not a good idea for digital marketers to stay on the sidelines until that moment comes. Instead, they should make the most of the next few years by preparing for future chances.

Investing in virtual reality and augmented reality advertising are two methods for businesses to stay ahead of the curve. E-commerce services, such as Instagram Shop and Facebook Shop, provide a glimpse into the metaverse’s future and what it has in store.

What step will you take to get your company started in the metaverse?