Marketing in Metaverse: Why & How Should You Market in the Virtual World?
The Trend: 2021 has increased the focus on a parallel virtual world called METAVERSE. From luxury goods and special editions to digital concerts, various businesses are exploring the next iteration of the internet. Although the metaverse is still young, it will undoubtedly impact commercial and marketing activities.
Technology has been rapidly developing and changing. We're seeing developments that were previously unimaginable and metaverse - a unique, immersive virtual environment that is quickly gaining traction on the internet is one of these innovations.
How should digital marketers make their move in 2022? Continue reading below five metaverse marketing strategies the brands must follow.
Existing Marketing in the Virtual Environment
One way for companies to approach the metaverse is by applying their existing real-life marketing strategies to it. This includes building an avatar, setting up a virtual store, and attaining rights to sell goods. It's not only a natural approach to get into the metaverse, but it's also a simple method for customers to recognize your brand.
You also need to focus on your target audience when employing such a strategy. Not everyone is interested in your product in the metaverse, so make sure to focus on your niche and know who you are trying to reach. For example, if you are a digital marketing company, finding your target audience in the metaverse might be difficult. However, if you sell virtual furniture or accessories, this could be a possibility.
Try to Engage Without Interruption
Advertising is inherently disruptive, as it interrupts the flow of a user's experience. While a five-second advertisement at the start of a YouTube video might stop people in their tracks, it may also be annoying. On the other hand, inserting yourself naturally into the platform allows you to interact with consumers without interrupting their enjoyment of the game.
This requires a deep understanding of the community and how it works. Your presence has to be natural and not forced, which can be difficult when you are very much an outsider. If you get it right, though, your brand will benefit from engagement with people who view themselves as part of said community.
Advertising Using Billboards
If you decide to advertise your product in the metaverse via virtual billboards, there are many different ways to do it. Depending on what you're advertising for, you can place them as an in-game advertisement, a virtual object, or even create something that will become part of the game itself.
Virtual advertising can be done through in-game advertisements. Coca-Cola, Volkswagen, and Samsung have virtual billboards in video games like Hyper Scape and Football Manager. According to Bidstack, these ads increased gameplay realism for 95% of players and boosted purchase intent by 12%.
Virtual Shopping Malls and Events
Besides advertising space, you can also consider selling your products and services within the metaverse. Virtual shopping malls and events are also good ways to do that. If you're attending a virtual event, it will benefit the brand if you run a stall and sell products related to the event's theme.
Not only can virtual events and shopping malls provide an interactive way for you to advertise, but it gives customers the chance to explore the products. It's also a more personalized experience that allows them to engage in conversation with company representatives.
Try to Create an Immersive Experience
Another effective strategy is to create a presence in the metaverse without seeking direct conversions. Instead, focus on creating an immersive branding experience for customers to leave an impression on them. Experiential marketing is one of the most important components of customer loyalty.
According to studies, companies that focus on creating experiences get 25% more brand loyalty than those that don't. Offering a unique experience that takes people out of their comfort zone and outside their normal routine can change how consumers perceive your company, allowing you to form strong connections.
Virtual reality will play an important role in shaping how brands advertise their products and how people interact with these advertisements. It's a new medium that opens up a lot of possibilities for brands to explore. From virtual shopping malls, advertising space or events, the metaverse offers numerous opportunities to get your brand noticed by consumers.