Over the past year, the word “metaverse” has been more and more popular as well-known IT corporations pour millions of dollars towards the creation and advancement of this cutting-edge technology. What exactly is the metaverse, though? And what does it mean for the future of digital marketing?
The metaverse is an immersive, digital landscape populated by virtual avatars that stand in for actual people. It’s a self-contained, fully-functional universe that is always active, has user-generated material, and exists in real-time. The metaverse builds an integrated network of 3D worlds using a combination of virtual reality (VR) and augmented reality (AR); it is a location parallel to the actual world where you can live your digital life.
Marketing in the Metaverse
Although the metaverse may still be a mystery to some, more and more businesses are realising that it offers an opportunity to connect with customers in creative and intriguing ways and develop memorable brand experiences.
Online role-playing games Fortnite and Roblox have already held live music concerts with millions of people attending them. Among prominent brands, Louis Vuitton and Nike are among the top players in Metaverse marketing.
With a market of $800 billion predicted by 2024 and seemingly endless opportunities offered by metaverse technology, the metaverse isn’t going anywhere any time soon.
Naturally, as marketers, we start to envision what digital marketing may look like in this brand-new virtual setting.
Examples of Metaverse Marketing Strategies:
- Create Virtual Experiences: More and more brands are utilizing metaverse technology to increase brand recognition and provide consumers with a fun and engaging experience.
- Vans, a shoe and skateboard company, worked with Roblox to develop a virtual skate park where users could practice their skateboarding abilities and purchase Vans products.
- Make Purchases In-World: The lines between real-world and virtual transactions are merging more and more, with 65 percent of Gen Z customers having paid money on a virtual commodity that only exists online. The market for in-game purchases is anticipated to reach $74.4 billion in value by 2025.
- Balenciaga, a high-end fashion label, has collaborated with Fortnite to produce virtual clothes and accessories for gamers’ avatars. For instance, a digital Gucci bag recently sold on Roblox for more than $4,100, far more than the item was actually worth.
- Host Virtual Events: Virtual events and concerts have become increasingly popular since they let fans interact with superstars from the comfort of their own homes.
SEO and the Metaverse
It’s time to start thinking about how to be found in the metaverse, just as marketers made the switch to optimising for visibility in search engines like Google, YouTube, and Bing. Brands can accomplish this by staking their claim in a universe, community, or platform that corresponds to their target audience.
Will search engines serve as a portal to the metaverse? Anyone looking for that kind of engagement will be more likely to find your brand, item, or headline if it contains the keyword “metaverse.”
Images are an extremely powerful form of content. This will become more important as Google continues to improve its ability to recognise the quality and content of photographs. Examine your current content strategy and consider how AR, VR, and 3D experiences might be included in your marketing strategies.
Target Audience: Gen Z
You have a fantastic opportunity to reach and interact with Millennials and members of Generation Z in a new, interesting way thanks to the metaverse. Gen Z is more likely to be aware of current technological developments than the older generations. They are surrounded by digital and social media as they grow up.
It’s critical for brands and marketers to keep in mind the worth of Gen Z and millennials. Think about what occurs in a person’s life from the ages of 13 to 34. They first leave the house, acquire their first apartment, credit card, and vehicle… and then begin purchasing the everyday items that they will use throughout the remainder of their lives.
With a global spending power of over $4.4 trillion and a significant impact on household purchasing (over 80% of Gen Z parents say this generation has a great impact on household spending), Gen Z is a powerful force.
The much-anticipated Metaverse is still a relatively fresh and unique concept, especially for marketers and companies. However, a wide range of enterprises can profit from this technology because it gives them the freedom to experiment without restrictions and test out new advertising strategies. When businesses learn to construct new realities that they can share with their target markets, a new era of marketing will emerge.