The digital marketing space is on a great leap and Metaverse technology is making this happen by giving a whole new look by creating a virtual world of opportunities for marketing. Due to the rapid advancement of the digital sphere, it makes sense to embrace the latest method of marketing. By utilising the technology, companies will be able to connect with their customers in a new and decentralized manner. The global market’s growth is predicted to be driven by increased investment in virtual world experiences that use blockchain technology.
Marketing Possibilities Are Endless With Metaverse
Consumer behavior has changed as a result of the age of digital dependence. More people are doing their shopping, working, playing, and learning online, in part due to the coronavirus pandemic. Metaverse is thus a blessing for digital marketers by altering our worldview and blur the line between real and virtual reality.
Several marketing analysts are seeing metaverse as the future. Based on the Marketing Dive and Digiday – two digital marketing web portals couldn’t stop talking about the magic Metaverse can do in the future in digital marketing.
According to Matt Maher in Marketing Dive, Metaverse creates “massive opportunities for advertising.”
Citing survey data from TINT, Digiday says, “49% of marketers believe the metaverse will impact their strategies” this year. Here’s some of the current buzz about how the metaverse will change marketing:
- “Marketers will become world builders. We need to take [experiential marketing] a step further and think of ourselves as full virtual world creators.” (SOURCE: Quiet Valor’s Sarah Malcolm in Forbes’ “Get ready to market in the metaverse”)
- A move “beyond e-commerce into i-commerce, or immersive commerce—transactions based on users’ deeper interactions in this new digital environment.” (SOURCE: Fast Company’s “Building a brand in the metaverse”)
So a deep dive into the Metaverse is necessary to get hold of their operations by identifying the target audience who all can come under a potential clients list. On a deep research into the scope for metaverse we can notice that, from Video Games to Movie promotions we can find the use of metaverse. Based on which we can identify the target audience who are frequently interacting with Metaverse.
The importance of millennials and Gen Zers as a target demographic is the first thing that marketers can find as those who are more likely to become the main target group for Metaverse marketing. These generations are also ardent consumers of several types of metaverses, including VR and games like Roblox.
As part of Warner Bros.’ promotion of the movie In the Heights, early movers offered immersive experiences to their users, such as a Lil Nas X concert on Roblox, visits to the Gucci Garden, and a virtual representation of the Washington Heights neighborhood. Through partnerships with other metaverses as well as the Roblox metaverse, brands have recently discovered new revenue streams.
In the metaverse, you can offer virtual advertising. For instance, Bidstack, a computer game promotion tech organization, progressed from working off in genuine open air publicizing to putting advertisements on virtual bulletins.
The Metaverse opens a lot of possibilities for Cryptocurrency trading as a virtual world that is always active, self-sustaining and offering incredible business opportunities.
The metaverse is yet another venue for people who enjoy collecting things to show off their passions. By providing assets or limited-edition items that they can only collect in the metaverse, you can provide the same experience to them.
It is best to take advantage of the experiential and immersive nature of metaverses by providing the same immersive experience in your advertising and marketing campaigns.
When you enter the metaverse, you don’t necessarily have to act in a different way. In the parallel virtual world, replicating what you offer in real life is a good place to start. It’s not just a characteristic strategy to enter the metaverse yet additionally a true way for clients to see your image.
Deliveroo’s Animal Crossing-themed advertising campaign is one illustration of this. In the game, the online food delivery company used virtual riders to make several island-wide deliveries. Not only did players get a surprise package on their virtual island, but they also got a promo code that they could use in real life. Deliveroo’s advertising campaign attracted three million in-game users in the first hour alone.
Facebook, Microsoft, and NVIDIA Corporation are all leaning toward Metaverse, indicating a strong market for the future. The same goes for the users of VR-based services and 3D immersive experience platforms provided by leaders in the field.
According to a report, the metaverse market will grow at a CAGR of 47.6% from $100.27 billion in 2022 to $1,527.55 billion by 2029. During the COVID-19 pandemic outbreak, the demand for the sector was higher than expected, and the market moved up 0.7% in 2020 over 2019.
However there are certain concerns experts are putting forward with regard to digital marketing through Metaverse like:
- The metaverse will face issues related to cybersecurity, privacy, and hate speech, just like the internet and social media.
- Equal access and representation are still a concern, despite claims made by Meta and other metaverse companies about actively fostering diversity and inclusion.
- Experts assert that brands will also need to be concerned about ownership, identity, and intellectual property.
- According to Business Insider, there is currently no standardization in the metaverse.
These are all the issues any new technology face during their early stages and as the scientific world advances we can hope for a better solution that can put a closure for these limitations in the future.
To conclude, Metaverse is a relatively new concept, particularly for marketers and brands. However, this technology can be beneficial to a wide variety of businesses, allowing them to experiment with new methods of advertising and to try new things without limitations. By creating new realities using Metaverse that brands can share with their target audiences creating a new era of marketing.