In essence, Metaverse is a combination of two words: Meta means beyond in Greek, and Verse is drawn from the word universe, and ultimately, it means Beyond Universe. Companies are coming up with new ideas to leverage the Metaverse as a first-mover advantage as they work on it and develop new technologies. Even simple moves on this platform are proving to be a huge success. Leading companies nowadays are developing ways to make the metaverse accessible to their customers. To understand what Metaverse can offer in digital marketing, first learn what it is.
What is Metaverse?
Some people find metaverse complicated to understand but it can simply be described as hypothetical interactions between individuals in a three-dimension virtual world created over the internet. The Internet has become an essential component of metaverses, along with general-purpose computers, smartphones, augmented reality (AR), mixed reality, virtual reality (VR), and virtual world technologies. It will create a platform for virtual parties, shopping, meeting, working, and earning. In 1992, a science fiction novel called Snow Crash gave rise to this word. There was then developed a gaming application called Second Life, which allows users to socialize in a virtual world. Recently this term came into the hype when Facebook substituted its name with meta with the same vision of creating a platform for people to socialize but in a 3D, immersive metaverse. CEO of Meta, Mark Zuckerberg described it as a “Total interactive reality that connects humanity”.
How it will become the future of Digital Marketing?
Metaverse is an upcoming platform for Digital Marketing creating an artificial universe with maximum creativity where customers can experience being in-store by being on a virtual platform, which creates enormous potential for brands. Brands can create an environment that meets their targets and inspires creativity. Integration between virtual and physical worlds and virtual economies are some examples of metaverse interactions. Due to the increased demand for immersion, metaverse development is often linked to the advancement of virtual reality technology. Throughout history, marketing has always been about creativity, engagement, and interaction. Today, digital marketing has become an innovative two-dimensional platform for customer engagement where customers make purchases and transactions online rather than visiting a physical store, whereas metaverse is an extension of marketing because it is a 3D virtual world where buyers can feel as if they are in the store with each other, which can be used for marketing and facilitating transactions. Transactional mediums in the online marketing landscape will include NFTs, cryptocurrency, and blockchain. Reputed brands have already begun making moves on the metaverse, for instance, RTFKT is a virtual shoe company that is bought by Nike that makes sneakers in the metaverse and makes NFTs which sold 600 shoes in 6 minutes worth $3.1 million and Gucci sold their digital bags on Roblox worth more than their real bags to the NFTs owners.
Let’s get an idea of what the brands can do when they step into the upcoming future after digital marketing
- Plan their audience and design scenes
Marketers can target their audience based on how much time they spend on such platforms, how many demographics they are aiming at, whether the target audience has high-speed internet access, and whether the target audience has the luxury of sitting for a long period on the internet with the help of Artificial Intelligence(AI). Taking these factors into account, brands can design their virtual landscapes and scenes accordingly. And after keenly watching the audience behavior and emerging trends the brand should plan its entrance into the market.
- Create a Virtual meeting space:
With a virtual space, brands will be able to hold virtual meetings and conferences. Workrooms App, developed by Facebook, allows meeting participants to join meetings with their virtual reality avatars with virtual reality(VR) and augmented reality(AR) headsets. By creating a personalized environment, brands could customize the space according to the purposes of their meetings with their respective marketer, clients, communication professionals, and even managers.
- Shop and Sell on a Virtual platform:
A brand can attractively interact with its audience by being on a metaverse platform. Through NFTs and cryptocurrency, customers can purchase real and virtual products. Once the customer enters the virtual store, they can shop, walk, and even try out products. In the game, avatars can attend shows, fairs, and art galleries, and buy products based on the metaverse. It gives the customer a real sense of the world, which keeps their strong bond with the company.
- Promote and Advertise in a real-like world:
Advertising on applications with great illusions in which the brand makes its customer feel the product and generates curiosity, which will work as a boost to brand recognition in the future marketing world. This will allow the brand to focus more on engagement marketing. In the recent metaverse-based games, as an example, brands are promoting their products virtually.
Technology is always evolving, and with the accelerating pace at which it is being adopted by people, it is not long until they begin to use the Metaverse. In order for a company to be noticeable and available to its customers, it needs to be located where its customers are. Brands not yet in control of the metaverse should be cautious and balanced concerning risk and return. It will be an early mover opportunity for the brands if they will able to get a grab of the metaverse. This will be the future of Digital Marketing where people will take business from the real world to the virtual world.