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How Metaverse is Changing The Marketing Landscape?
Nov 22, 2022
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How Metaverse is Changing The Marketing Landscape?
Bhumika Dutta
Bhumika Dutta
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The word Metaverse, if segregated, has two terms in it- 'Meta' meaning beyond, and 'Verse' meaning universe. The Metaverse, as hinted by its name, is a virtual world on the internet that contains a variety of experiences, settings, and beings. It is the conjugation of virtual reality, augmented reality, and the internet. The Metaverse is evolving at a breakneck pace because of virtual reality technologies and tools.

Neil Stephenson, an American science fiction novelist, coined the phrase in his 1992 novel "Snow Crash". Today, Mark Zuckerberg's fantasy world, Meta, has a completely different notion. It's an open-source network that allows users to connect freely, engage, and explore in an unrestricted environment.

While mirroring our reality, Metaverse is free of earthly constraints and acts as an open platform for digital communication, information sharing, and creativity development. It's no wonder that this unique concept has gotten so much interest; in 2021, nearly 85 million people will have used AR or VR at least once a month.

Marketing with Metaverse

For years, marketers and organizations alike have been waiting for the AR/VR sectors to take off. The marketing game will evolve substantially as we continue to adapt to new ways of marketing to clients through the usage of augmented, virtual, and mixed realities. Mark Zuckerberg, the CEO of Facebook, made headlines when he announced his new startup, Meta. The new brand was created to bring people and contemporary technology together in new and intriguing ways.

Marketers that use the new metaverses in the future will be able to connect with their consumers in innovative yet centralized ways, radically altering the digital marketing landscape in the process. If we look at Facebook, it is centralized. So, it probably will never be completely decentralized. But it is also important to learn that to serve as valuable marketing tools; metaverses do not have to be decentralized.

Here is how the 'Meta' metaverse helps improve digital marketing:

The Meta Metaverse was created to make it simple for people to interact with one another, find like-minded groups, and expand their digital enterprises. It entails a shared virtual area in which digital avatars represent users. The Metaverse's worlds continue to develop and evolve as a result of users' activities and interactions. This implies that there is no genuine 'end' to the Metaverse. It continues to expand as more users join.

It is essential for marketing firms and their workers to remember that Meta's Metaverse and other virtual environments are digital environments. Consumers can get information, make purchases, and spend money at these venues. Businesses that want to make use of this technology must establish relevant, interesting, and long-term positions in the Metaverse. They will effectively reach their target audiences if they do this.

Metaverse may be a benefit to any company's digital marketing, as more than half of advertising revenue has been spent online in recent years. The Metaverse has the potential to transform marketing in a range of industries, and some of those companies are already lining up to get a foothold in this new digital territory.

Looking at the case of the fashion giant Gucci. Gucci has a paid collaboration with the popular game platform Roblox, which is a virtual reality powerhouse. Roblox's community, which has over 43 million daily active users and counting, provided the ideal setting for Gucci to test out its latest experiment in fashion digital marketing, allowing users to dress their avatars in collectible and limited-edition Gucci handbags, sunglasses, and hats for a fraction of the real-world price. Items were buried and set in a virtual Gucci Garden, emulating the real-life Gucci Garden shows in Florence and other major cities around the world. Gucci was introduced to Roblox's primary market, players aged 9 to 15, and the world of luxury products was opened out to a wider audience.

Other brands have performed similar experiments as well. Other businesses and companies have entered the Metaverse through immersive digital advertising, opting to develop entire worlds dedicated to their brands to increase brand awareness and engagement.

Some companies and organizations have experimented with inserting adverts in gaming settings that measure exposure in real-time across mobile, console, and virtual reality platforms like Roblox. While these advertisements resemble real-world advertisements, they are perfectly integrated into the gameplay; thus billboard advertisements or branded clothes might appear in-game exactly as they would in real life.

More crucially, this allows marketers to test measures such as how long users hold virtual items in their peripheral vision, how much space those things take up in users' peripheral vision, and where users glance when seeing adverts.

Key Features of Metaverse That Make It A Marketing Asset

The Metaverse has many distinctive and novel qualities that make it a valuable resource for marketers.

It operates in real-time:

It exists and functions in real-time, with a chronology that is comparable to that of the real world. With B2B SaaS software, marketers can easily contact target consumers at the correct moment.

It is always active:

Even if a user exits the Metaverse, it remains operational. Whether or not users are present, the virtual worlds that exist within it continue to exist endlessly.

It is self-contained:

The Metaverse is a self-contained realm where users may buy, sell, create, invest, study, play, and own. Users can also get praise and acknowledgment for their contributions to the Metaverse's expansion.

It allows user-generated material:

Users of the Metaverse can produce and share material that other users will like. This is comparable to the notion of user-generated content in social media marketing, which has shown to be an effective strategy to increase brand exposure in digital environments.

Bottom Line: Is Metaverse The Future of Marketing?

In the field of digital marketing, metaverse marketing is the next stage. The emergence of the Metaverse might also signal significant changes in search engine optimization. Brands will need to adapt to 3D media to tell their brand story gradually. Marketers will need to keep up with quickly changing technical advancements to keep their strategies relevant.

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