The following was previously published in an earlier edition of Marketing Insider.
Remember how social media forever changed marketing? The next iteration of the internet (called the metaverse) is next. In the metaverse, the virtual and physical collide, creating a network of 3D worlds. This lets brands connect with consumers on a previously impossible, and entirely new, level.
For instance, consider Roblox, a platform with metaverse-esque capabilities and over 49 million daily active users, according to Statista. Brands like Chipotle, Warner Bros., and Gucci partnered with Roblox to create digital worlds that advertise their products.
Another example: Louis Vuitton created a signature collection of skins for the game “League of Legends,” establishing its brand in a space with 180 million monthly users.
Companies that use metaverse experiences are harnessing the power of new technology to engage consumers.
It’s important to consider your strategy while the metaverse is still developing. Brands on the breaking edge of virtual experiences can reap extra benefits. Ready to become an early adopter? Here’s how you can redefine your brand in a new space.
1. Deploy one unique metaverse experience. Don’t wait for your competition to move. According to Vantage Market Research projections, the metaverse will be worth $814.2 billion by 2028. Cement your brand’s future credibility by becoming an early adopter.
Try creating a non-fungible token like Charmin’s cryptocurrency digital art (which sold at auction to raise funds for Direct Relief, according to a Procter & Gamble press release), or design and hold a metaverse convention like Hyundai did. Use your imagination and lean into digital trends popularized by millennials and Gen Z-ers.
2. Figure out where the metaverse falls into your marketing plans now. There’s a lot of momentum around metaverse marketing right now: A 2022 Tint report reveals that 49% of marketers believe it will impact their strategies.
Capitalize on this interest and urgency early to establish yourself as a leader in the space. There’s also a lot of confusion around what the metaverse is, so having a finger on the pulse now is invaluable.
Just remember to be mindful about your presence in the metaverse. It might be a virtual world, but consumers have very real interactions in the metaverse that can impact brand perception. Treat it like any other place where you engage with consumers.
3. Evaluate the pros and cons of becoming an early adopter. Analyzing the pros and cons can help you figure out what your next step should be when it comes to metaverse marketing. If you understand the opportunities and limitations first, you’ll be able to navigate the space better and stand out from the competition.
• Gain credibility from being an early adopter.
• Interact and test how people interact with your brand in virtual space.
• Learn what people are looking for and how they prefer to engage.
• The metaverse is still growing and changing.
• Technology features might still be glitchy or difficult to work with.
• Privacy concerns persist in this new space.
The metaverse is here. Establishing your brand in unique virtual spaces today will ensure you become a prominent trendsetter in the near future.